We’ve been all smiles here at Terbium Labs HQ since we found out last week that our product, Matchlight, has won yet another award, this time a Gold Medal from Info Security Product Guide for Best Fraud Prevention Solution. As our trophy case fills up, we couldn’t be prouder to be awarded this honor.
Fraud is one of the most rampant crimes in the world, and payment card fraud is one of its most ubiquitous forms. Until now, efforts to combat payment card fraud have been almost entirely reactive, usually waiting until customers report fraudulent spending or internal rules engines flag suspicious transactions. But here at Terbium Labs, we’re leading the charge to change that.
Remember that, in online payment card fraud, two separate crimes are actually occurring. First, the cards are compromised in some or all of a point-of-sale or e-commerce breach. Then, those cards are bought from carding shops by fraudsters who actually make the fraudulent charges. It’s not until that second crime is committed that any financial losses occur.
Our approach gets out ahead of that. By combining our large-scale dark web collection with advanced analytics, we’re able to identify both compromised accounts and breached merchants before fraudulent transactions even occur, getting out ahead of the fraud and significantly reducing losses. And this anti-fraud evolution isn’t theoretical—we’ve demonstrated success with our partners at the Royal Bank of Canada, and we’re rolling it out in other parts of the payments industry as well.
We’re excited about this next era in the fight against payment card fraud, and not just because our approach saves our customers money by stemming losses. Payment card fraud is what some call a “platform” crime, meaning the proceeds from payment card fraud are often used to commit other types of even more pernicious kinds of crime, from terrorism to human trafficking. That’s why it’s so important that we redouble our efforts to fight it—by cutting off this multi-billion dollar source of criminal funding, we’re making the world a better and safer place.
So remember that next time you see a bogus charge on your credit card statement—it’s not just the bank that loses, it’s all of us. We’re proud of the work we do to combat fraud, and we’re excited to be recognized for it.