Europe’s Leading Information Security Analyst Firm Recognizes OneSpan as an Overall Leader for Fraud Reduction Technologies
August 2021 by Marc Jacob
OneSpan™ announced that it has been named an Overall Leader in the KuppingerCole report Leadership Compass for Fraud Reduction Intelligence Platforms. The report ranks OneSpan alongside IBM, Experian and Transmit Security, and compliments OneSpan’s remote identity proofing technology and innovation in collecting and analyzing large amounts of data to reduce fraud. In addition to being named a leader for its product, innovation and market leadership, OneSpan stood out from competitors for its high-security mobile SDK with application shielding for maximum device tamper resistance, as well as its FIDO U2F and 2.0 certifications. OneSpan was highly ranked for its complete offering and strength of components, such as user behavioral analysis, behavioral biometrics and risk engine.
According to the report, the estimated cost related to cybercrime will reach up to $10.5 trillion by 2025, making Fraud Reduction Intelligence Platforms (FRIPs) increasingly sought by consumer-facing businesses. FRIP solutions aggregate multiple fraud intelligence sources and provide advanced analytics services to mitigate fraud. Supporting technologies include identity proofing and vetting, user behavioral analysis, biometrics and device intelligence.
“OneSpan has a history of providing highly effective security solutions, including authentication, e-signatures and fraud mitigation technologies to financial services,” said Lead Analyst at KuppingerCole and author of the report, John Tolbert. “With specific strengths in identity verification, behavior biometrics and device intelligence, OneSpan’s comprehensive offering is well-suited for banks and financial institutions.”
“Criminal groups continue to shift and innovate their financial fraud techniques, with Account Takeover Fraud and New Account Fraud being the two most prevalent today,” said OneSpan CEO, Steven Worth. “To help fight these and other types of attacks, organizations prefer to outsource the development of fraud mitigation solutions. Comprehensive fraud management solutions like those from OneSpan can help financial institutions reduce fraud while also improving the customer experience.”