Transmit Security leads in account takeover prevention

Transmit Security has been ranked as a leader in preventing account takeover (ATO) fraud by Liminal Research.

The Liminal 2024 Link Index for Account Takeover Prevention in Banking reveals a growing market for ATO prevention solutions, predicting an increase from $954.8 million in 2024 to $1.5 billion by 2028, with a projected compound annual growth rate (CAGR) of 9.3%.

With increasingly complex phishing attacks, mobile vulnerabilities, and fraudsters using generative AI, banks are seeking solutions that integrate biometric authentication, passwordless access, and behavioural signals to curb fraud. These advanced measures can reportedly decrease successful attacks by up to 64%, reduce average fraud losses by 52%, and lower customer abandonment rates by 24%.

Transmit Security's hybrid approach, which integrates advanced biometrics and identity management solutions, has been recognised for its effectiveness in authentication and fraud prevention. Liminal highlighted Mosaic by Transmit Security as an exceptional identity-security platform, noting its strong product execution and strategic approach to combat identity-based attacks.

Cameron D'Ambrosi, Liminal Senior Principal, stated, "After reviewing a number of new and existing identity, authentication, and fraud solutions in the market, Transmit Security emerged as a leader. Their advanced platform, strategic vision, and innovative approach to integrating Gen-AI solutions set them apart in the fight against account takeover and identity-based attacks."

David Mahdi, Chief Information Officer at Transmit Security, expressed appreciation for the recognition, saying, "We are honoured to be recognised by Liminal as a leading ATO Prevention vendor. As a former Gartner analyst, research methodologies that leverage customer and market insights as their core sources are extremely valuable. What makes this accolade so special is that, unlike other market research, Liminal leveraged practitioner insights as their core source for competitive rankings."

The importance of addressing credential-based attacks, which remain the top attack method by cybercriminals, was emphasised. "Credentials have been a target, in large part because legacy IAM technologies primarily focus on productivity over critical identity-security mitigations like ATO prevention, forcing organisations to deploy complex point-products to fill the identity-security gaps," added Mahdi.

Richard Metcalfe, Vice President, Asia Pacific and Japan at Transmit Security, noted the regional implications of this distinction, stating, "This recognition by Liminal is particularly significant for the Asia Pacific region, where businesses are increasingly vulnerable to sophisticated credential-based attacks. As organisations across the region continue their digital transformation, the integration of identity security and fraud prevention into a single platform becomes essential."

Liminal's acknowledgment highlights Transmit Security's capability to address emerging security challenges effectively. By focusing on seamless and secure digital experiences, Mosaic by Transmit Security aims to redefine identity management and security, aiming to provide passwordless and frictionless authentication experiences while maintaining high security standards.

Liminal Research's recognition underscores Transmit Security's dedication to tackling the evolving threats in cybersecurity and assisting organisations worldwide in safeguarding their digital operations, the company states.