Saturday, 19 September 2020

Blockbid partners with LexisNexis Risk Solutions and ThreatMetrix

Every gold rush needs someone to sell picks and shovels. And in the gold rush that is the cryptocurrency boom, some of the most valuable picks and shovels are tools to help cryptocurrency exchanges remain compliant with anti-money laundering (AML) regulations, reports David Penn at Finovate.

So it is no surprise to learn that Australian digital asset exchange Blockbid is shoring up its AML safeguards by partnering with LexisNexus Risk Solutions’ ThreatMetrix. The deal will give Blockbid the ability to leverage identity verification, authentication, and KYC/AML solutions, as well as physical and digital identity data, geolocation, and threat analysis to provide its users with the most secure trading experience possible.

“Cryptocurrency exchanges, like Blockbid, that are prioritising security on their marketplace, face a complex set of challenges and cyberthreats,” comments ThreatMetrix chief product officer Alisdair Faulkner. Among these challenges is the increasingly global nature of cybercrime, Faulkner notes, which means organisations need “the power of a global shared network” to identify threats before they are able to do harm.

By leveraging data from millions of daily consumer interactions, Faulkner says, “suspicious behaviour can be detected and flagged for review and step-up authentication or rejection before a transaction is processed. This creates a low-friction experience for trusted users.”

A specialist in cloud-based digital identity and transaction authentication, ThreatMetrix was acquired by RELX at the beginning of the year in a deal worth $830 million, and was incorporated into the RELX’s Risk and Business Analytics’ LexisNexis Risk Solutions.

The company, founded in 2005 and based in San Jose, California, analyses 100 million transactions a day across 35,000 websites from 5,000 customers. This gives ThreatMetrix’s Digital Identity Network a repository of 1.4 billion unique online identities from 4.5 billion devices in 185 countries.

The company released the spring 2018 version of its ThreatMetrix ID technology in April, which represented the first product integration between ThreatMetrix and LexisNexis Risk Solution since the RELX acquisition.

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