Open Fraud Intelligence Network launched

Entrust announced the Entrust Open Fraud Intelligence Network (OFIN), a vendor-neutral network environment that facilitates the sharing of fraud data, tactics and behavior as experienced by leading global organizations.

“The security marketplace was lacking an open, non-proprietary tool that could be leveraged to consolidate data to fight online fraud – regardless of the market environment, organization size or fraud solution in question,” said Entrust Chairman, President and Chief Executive Officer Bill Conner. “For too long the online criminal element has had the upper hand with dedicated resources, deep financial backing and a skillful, collaborative community. Now, organizations have the means to learn from each other and leverage that knowledge for use with sophisticated, fraud-monitoring security solutions.”

Working through the Internet Engineering Task Force (IETF) standards body, Entrust is focused on open collaboration with financial institutions and other security-conscious organizations on how fraud data and behaviors can be shared in an open manner, irrespective of what fraud detection solution is being used.

Part of a layered security strategy, the Entrust Open Fraud Intelligence Network delivers critical, consolidated information from a variety of sources, including the sharing of fraud patterns that have been experienced by financial institutions, global online retailers, federal agencies and healthcare groups, among others. Competing providers use fraud networks that only offer their service to specific types of organizations, which comprise just a small fraction of all online activity.

Unlike other offerings that are focused on IP-based data asthe primary method for fraud detection, OFIN provides organizations with a more effective approach by sharing patterns of behavior that can indicate fraud. Coupled with flexible fraud detection solutions, including Entrust TransactionGuard’s zero-touch approach, organizations are empowered to rapidly react and address new fraud threats based on the network’s shared knowledge. The data elements – including IP-Geolocation, anonymous and open proxy, and IP reputation – are gathered from leading data providers and consolidated through OFIN, delivering organizations a constant flow of current and relevant data.

The Entrust Open Fraud Intelligence Network works seamlessly with Entrust’s Risk-based Authentication Solution – comprised of Entrust IdentityGuard for versatile authentication and Entrust TransactionGuard for zero-touch fraud detection – and enables organizations to work with a single security provider for best-of-breed tools in the fight against fraud through 2007 and beyond.