Community Research and Development Information Service - CORDIS


ThreatMark Report Summary

Project ID: 735734

Periodic Reporting for period 1 - ThreatMark (Advanced Fraud Detection System - Protecting digital transactions against cyber attacks)

Reporting period: 2016-08-01 to 2016-11-30

Summary of the context and overall objectives of the project

ThreatMark vision is to secure the assets of people/companies by better protection of digital transaction systems against cyber-attacks. It dramatically improves the detection & protection capabilities of cyber-operators against threats, fraud & incidents. It allows them to increase their security by complex preparedness, rapid detection and faster response.
Advanced machine learning and unique algorithms of ThreatMark make the detection of advanced threats and behavioral anomalies more sensitive and reliable while lowering the cost of operation. We challenge the conventional methods of transaction protection by bringing usually fragmented features under one roof: (online) fraud detection systems, web fraud detection, web application firewall, malware detection, criminal and account takeover detection.
This is unique and appreciated by users, as proven by recent competitor analysis. The solution has been designed to answer the business opportunity that lays in plausible cyber-security market trends:
(1) Steady growth of online transactions & cyber attacks/ online fraud at the same time;
(2) Rise of as-a-service model providers & market (9.8%/ p.a.);
(3) Pressure to decrease high expenses for complex security.
The ultimate goal of this project is to bring to market system ThreatMark capable of improving the security of transactions and decreasing the resources needed. Four target groups were identified: on-line banks, high value transactions providers, secure apps, emerging digital services. Some strategic alliances with business partners exist.
The sub-objectives of FS include requirements analysis, detailed business plan, technology roadmap update and company development strategy based on innovation management training.

Work performed from the beginning of the project to the end of the period covered by the report and main results achieved so far

The ThreatMark ASF project Phase 1 has defined an ambition to bring to market a new complex transaction security system ThreatMark ASF and Fraud Prevention as a Service (FPaaS).

The feasibility study answers essential questions for further product/service development. Four months execution phase has enabled in-depth analysis and real market data acquired in personal meetings with global market players as well as preliminary market testing. These facts and forecasts enable a well-informed decision on the market focus, service viability, business plan and company strategy.

Main results achieved:
- market study for primary market (online banks) and definition of secondary markets (valuable transactions)
- quantitative and qualitative research with user personas (questionnaire, interviews)
- competitor analysis and testing of their products identifying the directions of product development
- technology roadmap definition in work-packages
- relations built with contractors for the product implementation
- creation of advanced product website
- innovation strategy of the company formulated

Progress beyond the state of the art and expected potential impact (including the socio-economic impact and the wider societal implications of the project so far)

The service will offer our customers new complex cyber security and fraud prevention as a service. The aim is to use the market opportunity It was proven by exact methods, that none of existing providers is able to provide the complexity of ThreatMark ASF solution.
We prevent online fraudulent transactions and negative effects associated with fraud, both on client and business. Attackers are able to adapt in hours and change their attack vector to bypass any isolated solution or weak combination. Present fraud detection & prevention solutions are having a hard time catching up with attackers as the solutions cover just one or few attackers vectors, cannot be integrated into complex security solutions to cover all possible vectors. That’s why ThreatMark AFS is the first “one box solutions that covers all possible attackers’ vectors”.

Complex Solution for Online Banking Security
• System that combines reputation scoring of users and their activities including transactions, protection against malware driven fraud, phishing, unauthorized account access and modern web application attacks
• Detection and mitigation of complex combined attacks, social engineering based attacks and inter channel attacks (mobile vs. desktop)
• Elimination of second factor authentication and even login and passwords in some cases
Proactive user centric solutions
• We know the identity users even before they enter login credentials
• We spot the attacker before he commits a crime
Client-less solution with zero negative impact on performance
• JavaScript and/or SDK component, transparent for clients
• Works with Web2.0 SPA as well as iOS and Android Applications
Remotely deployed but Hosted In-house (FPaaS)
• Installation can be performed remotely in 3 steps, system is configured and maintained remotely
• Whole system is in-house at the company, no sensitive data is transferred out
• Web management and analytics management hosted in-house

Expected impact
1. Company business development by introducing a new mass-market service to EU (and global) customers, creating a new business unit and investments to innovations.
2. New service available to customers supporting their digital security and enabling more secure online transactions.
3. Societal impact by addressing one of the top threats of society of today.

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