Entrust placed in leaders quadrant for Web fraud detection

Entrust has been positioned in the leaders quadrant of Gartner’s 2010 Magic Quadrant for Web Fraud Detection.

Gartner’s Magic Quadrant for Web Fraud Detection named Entrust as a leader based on its “ability to execute” and the company’s “completeness of vision.” The study placed 11 Web fraud detection vendors into four different quadrants — leaders, visionaries, challengers and niche players. The report is an unbiased, qualitative evaluation of the 11 vendors in the specific Web fraud detection market (i.e., providers of products and services that may help detect and prevent online fraud).

“There’s never been a more important time for financial institutions to deploy online fraud detection technology alongside strong authentication solutions,” said Entrust President and CEO Bill Conner. “In my opinion, this report is further affirmation that our strategic approach to addressing online fraud — including our ability to catch the very challenging man-in-the-browser attacks — is not only effective, but attractive to real-world customers with critical security needs.”

And while large financial institutions seem to be the most likely targets, criminal groups are even targeting small- to mid-sized banks, government agencies and businesses. According to one report, the past two years have seen the FBI investigate more than 200 online fraud cases that have totaled more than $100 million in fraudulent transfers — $40 million of which is still unaccounted for. Further, there are current legal cases pending between banks and businesses that argue who is responsible for the fraud losses, making the issue top-of-mind for all involved.

Global organizations continue to defend against malicious fraud techniques that evolve at an increasingly rapid rate. These targeted groups seek methods to help stop persistent fraud attacks on invaluable information, customer identities and brand image. Comprehensive fraud detection solutions — ideally collaborating with a strong authentication platform — monitor and profile all ongoing user behavior, a critical component to detecting and defending against the latest in malware and man-in-the-browser attacks.