DeviceSHIELD will provide free risk intelligence to 90% of online businesses to help combat fraud and prevent the average financial losses of $200,000 from cyberattacks¹
MENLO PARK, Calif., Nov. 24, 2020 /PRNewswire/ -- SHIELD, the world's leading cybersecurity company specializing in cyber fraud and identity verification, today launched DeviceSHIELD, a cyber fraud solution specifically designed to combat the increase in fraud attacks to online businesses during the COVID-19 pandemic. It provides actionable intelligence in real time to identify fake devices and protect businesses from bad actors, reputational damage, and fraudulent transactions.
During the COVID-19 pandemic, cyber fraud has become the fastest-growing form of criminal activity, putting both businesses and consumers at heightened risk. Today, consumers are conducting more digital transactions and using an increasing number of online applications. SHIELD has identified several key industries in which cyber fraud has risen as a result of the COVID-19 pandemic, namely on-demand services like food delivery and ride-hailing, e-commerce and marketplace platforms, online gaming, e-wallets, loyalty and cashback offerings, online banking, and entertainment.
Over the past year, the tools that hackers are using have also become much more sophisticated. Fraudsters are now using emulators, app cloners, virtual private networks (VPNs), and global positioning system (GPS) spoofers from mobile devices to commit fraud.
"More online transactions means more vulnerabilities to cyber fraud, and the COVID-19 pandemic has made this more relevant than ever," said Justin Lie, CEO of SHIELD. "43% of online attacks are now aimed at small businesses, with only 14% actively prepared to defend themselves.2 We have created a technology to protect online industries we believe are worst affected by COVID-19. However, any businesses with less than 100,000 monthly active users will receive it for free, which equates to roughly 90% of all online businesses."
SHIELD is committed to fighting the economic impact of the COVID-19 pandemic. The number of fraudsters disguising their devices' online identities has grown at an unexpected rate during the pandemic, leaving small and medium-sized businesses especially vulnerable. Conventional cyber fraud solutions tend to only analyze surface-level attributes and are especially ineffective with mobile devices, failing to root out the most subtle and stealthy threats.
DeviceSHIELD is currently the only technology that uses a device's DNA to identify malicious users, enabling it to detect fraud with unparalleled accuracy and consistency. Deployed in minutes, DeviceSHIELD analyzes thousands of device attributes to identify a device no matter how many times it changes its appearance, and indicates exactly which malicious tools are being used. It has a unique feature known as SHIELD Sentinel, which enables it to continuously profile risk throughout a user session - another industry first. It also leverages SHIELD's network of over seven billion devices and 500 million users across six continents, known as the Global Intelligence Network, enabling it to proactively protect a device from new and unknown types of fraud.
SHIELD investors include GGV Capital, Tony Fadell's Future Shape, Temasek, Wavemaker Partners, and Tao Zhang. SHIELD's solutions are currently used by global companies like Razer, Alibaba, Scalefast, Yamibuy, PayMaya and Sea Group to combat cyber fraud.
About SHIELD
SHIELD is the world's leading cybersecurity company specializing in cyber fraud and identity solutions. SHIELD's solutions range from fraud prevention and network security to credit intelligence and identity verification. With offices across the globe, SHIELD is trusted by leading superapps, e-commerce platforms, and ride-hailing services around the world. Through pattern recognition and continuous risk profiling, SHIELD provides actionable device intelligence and real-time signals that enable companies to scale without risk.
For more information, visit https://shield.com/solutions/deviceshield
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1 Hiscox, "Hiscox Cyber Readiness Report 2019."
2 CNBC, "Cyberattacks now cost companies $200,000 on average, putting many out of business."
SOURCE SHIELD
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