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June 2, 2020 - DataVisor

DataVisor Is Named a Cool Vendor by Gartner

Gartner’s 2020 Cool Vendor reports are out — and we’re excited to report that DataVisor was named a Cool Vendor in Identity and Access Management and Fraud Detection.

The 2020 Gartner Cool Vendor reports are beginning to publish — and we’re excited to report that DataVisor was named a Cool Vendor in the May 2020 Cool Vendors in Identity and Access Management and Fraud Detection report. 

A closer look at the space provides good context as to why we believe our solutions stand out and how they can help organizations fight fraud in an era that is being shaped by unforeseen events and a heightened need for secure digital transactions.

Unprecedented times, unpredictable fraud

COVID-19 has left businesses across many industries reeling, and it will likely take months for most to recover. However the pandemic has also accelerated certain trends in the technology sector, such as digital transformation. People are flocking to digital channels to support all aspects of their lives — from shopping to banking to remote work. As a result, security and risk management professionals are under intense pressure to deliver a great user experience while fighting an increasing amount of digital fraud.

According to recent DataVisor research, account takeover attempts have increased by 20% and new account fraud increased by 40% since the beginning of March. Fraudsters looking to exploit the nation’s crisis are extremely active, and their methods are sophisticated and ever-evolving. 

As workloads shift to the cloud and new hybrid architectures, early detection of evolving and sophisticated fraud attacks will be essential to protecting customers and organizations. This new reality puts risk and security professionals in a quandary: How do they detect fraud early and with accuracy to protect consumers and their organizations from fraud while ensuring a frictionless user experience?

DataVisor’s Approach

To date, most solutions for detection and preventing fraud have relied on supervised machine learning, a method that uses labeled historical data to train the algorithms used to detect fraud. But as fraudsters leverage new and advanced techniques to infiltrate systems and networks, models that rely on historical data either fail to catch fraud or produce too many false positives, which impacts the customer experience. Either fraud gets through undetected and potentially causes massive financial losses, or legitimate users are mistakenly denied at the point of transaction. 

As Gartner notes in the report, “The balance between detecting and mitigating fraud and creating low-friction and seamless UX has never been as important. Clients demand low-friction and secure interactions with businesses. Otherwise, they will take their business to competitors that offer a low-friction experience.” This must be accomplished without adding risk, which isn’t easy. 

By contrast, DataVisor’s solutions leverage unsupervised machine learning techniques to uncover relationships within large amounts of unlabeled data. In this way, they detect known and unknown threats in real time — and can therefore identify fraud with higher accuracy while reducing false positives that degrade UX. 

To learn more, Gartner subscribers can access the Cool Vendors in Identity and Access Management and Fraud Detection report here

Gartner, “Cool Vendors in Identity and Access Management and Fraud Detection”, Felix Gaehtgens, Michael Kelley, Henrique Teixeira, Akif Khan, Jonathan Care, 26 May 2020.

Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

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DataVisor is the world's leading AI-Powered Fraud and Risk Platform.