London, UK - 20th February 2008 - The 41st Parameter Inc. (www.the41.com), the leading provider of Internet Fraud Management Services and Technology for eCommerce and financial services, announced today it is listed as a key vendor for new account fraud detection in the recently released Gartner report, 'Best Practices in New Account Fraud Detection'.
"New account fraud in the non-face-to-face (mainly online) environment is at least five times higher than it is when accounts are opened in person," states the report's author, Avivah Litan. She also states, "Businesses that depend on the Web for new customers are struggling to find ways to help them identify fraudulent applicants. Solutions that detect fraud in online account openings are also useful for eCommerce in screening out criminals."
The Gartner report also specifies how new U.S. red flags regulation will force more rigorous fraud screening in the banking industry by the close of 2009, which will then spur further adoption of Internet Fraud Management solutions in other sectors, especially eCommerce. "In the case of regulated banks," writes Avivah Litan, "meaningful attempts must be made to detect new account fraud under new red flags regulations. This is true whether the ultimate victim is a consumer whose identity has been stolen, or the business itself when an account is opened using a fictitious identity concocted by a criminal."
With its unique approach to fraud detection and prevention, The 41st Parameter is leading the way in red flags compliance and gaining significant momentum within the banking and eCommerce industries. The company's solutions are now deployed at several of the world's top-tier banks and credit card issuers. In addition, The 41st Parameter serves more than 100 well-known online merchants. For more information, visit www.the41.com/redflags.
About The 41st Parameter
As a leader in online fraud detection and prevention solutions, The 41st Parameter is instrumental in reducing online fraud for e-commerce and financial institutions through highly accurate anti-fraud capabilities. By continuously collecting new and unique parameters from end-user computers during online account access or order processing, The 41st Parameter's patent-pending technologies enable forensic identification of PCs and online devices. Such accurate client device identification is proven to prevent online fraud while improving operational efficiencies, saving time, money and protecting legitimate customers. None of the company's solutions require end-user registration, enrollment, downloads or installations. To find out how The 41st Parameter is making fraud history, visit www.the41.com or call 1.888.The.41st (1.888.843.4178).