Cloudflare Takes On Online Fraud Detection Market
Announces the development of a new solution – built on top of Cloudflare’s massive global network – to help businesses protect their brand from the growing risks of online fraud without sacrificing performance
SAN FRANCISCO–(BUSINESS WIRE)–Cloudflare, Inc. (NYSE: NET), the security, performance, and reliability company helping to build a better Internet, today announced it is entering the fraud detection market to help businesses quickly identify and stop online fraud – including fraudulent transactions, fake account signups, account takeover attacks, and carding attacks – before it impacts their brand or their bottom line. Powered by sophisticated machine learning models and global threat intelligence, Cloudflare is developing Cloudflare Fraud Detection to quickly stop account and payment fraud while also blocking the bots and humans behind it – automatically, and at global scale.
Digital fraud threats are ever evolving, highly targeted, and can be committed by both humans and bots. According to PWC’s Global Economic Crime and Fraud Survey, more than half of companies with at least $10 billion in revenue experienced some sort of digital fraud in the last two years – the highest level in decades. Today, businesses often employ resource-heavy teams or rely on multiple vendors to help fight fraud. However, both options can hinder the speed and experience of a customers’ transaction. What’s more, they inherently lack access to robust threat intelligence, making it harder for businesses to understand if fraud is coming from a bot or a human, and then stop it in real-time. As attacks increase in volume and attackers evolve their tactics, businesses need a faster, more comprehensive way to stop attacks the moment they are detected.
“Customers have long trusted us to help protect them online, and now we’re taking that even further by tackling online fraud,” said Matthew Prince, co-founder and CEO of Cloudflare. “With our massive global network, we can see more, and secure more. We believe we can use our network to stop online fraud faster than anyone else – so business leaders will no longer be kept up at night worrying that online fraud will hurt their brand, their customers’ experience, or their revenue.”
Cloudflare’s global network spans more than 285 cities in over 100 countries to power millions of websites, APIs, and mobile applications – including major online retailers, global financial institutions and payment providers. That will allow Cloudflare to develop real-time advanced detection models that provide greater insights into online fraud threats, and run those models in near-real time to stop threats without any impact on performance. Cloudflare Fraud Detection will first synthesize different threat activity it sees across the globe and across many different Cloudflare products. For example, Cloudflare Fraud Detection will combine insights from Cloudflare’s cloud email security – like phishing attacks – with information about emerging attacks from the Cloudforce One threat intelligence team to determine if a new user signup may be fake. Cloudflare Fraud Detection will then help businesses act immediately – such as to block fraudulent transactions in real time – because its machine learning platform runs across the entire Cloudflare network instantaneously. These architectural advantages will enable businesses to quickly and automatically block new threats that emerge – often before a single fraudulent transaction can be processed.
With Cloudflare Fraud Detection, businesses will have a consolidated fraud management solution with several threat-specific detection capabilities to:
- Stop bots at global scale: With Cloudflare’s existing expertise in bot management, businesses will be able to automatically block malicious bot traffic – no human intervention needed.
- Safeguard brand reputation and consumer trust: Brands should not have to choose between a seamless customer experience and security. Cloudflare will help prevent attackers from creating fake accounts, without adding complexity or extra steps to the customer journey.
- Protect consumers even if they’ve fallen victim to a past breach: Credential stuffing attacks take advantage of people using the same password across multiple websites by using login credentials that have been breached from one site to try to gain access to other websites’ accounts. With Cloudflare Fraud Detection, brands will be able to detect and stop these attacks.
- Prevent the use of stolen credit cards: Hackers increasingly use large bot networks to exploit stolen credit card information to commit online fraud at massive scale, making purchases before consumers can even notice. Cloudflare Fraud Detection will have built-in detection capabilities to identify and stop these botnets.
To learn more about Cloudflare Fraud Detection, please check out the Cloudflare Blog.
Cloudflare, Inc. (www.cloudflare.com / @cloudflare) is on a mission to help build a better Internet. Cloudflare’s suite of products protect and accelerate any Internet application online without adding hardware, installing software, or changing a line of code. Internet properties powered by Cloudflare have all web traffic routed through its intelligent global network, which gets smarter with every request. As a result, they see significant improvement in performance and a decrease in spam and other attacks. Cloudflare was named to Entrepreneur Magazine’s Top Company Cultures 2018 list and ranked among the World’s Most Innovative Companies by Fast Company in 2019.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which statements involve substantial risks and uncertainties. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expect,” “explore,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential,” or “continue,” or the negative of these words, or other similar terms or expressions that concern our expectations, strategy, plans, or intentions. However, not all forward-looking statements contain these identifying words. Forward-looking statements expressed or implied in this press release include, but are not limited to, statements regarding the expected capabilities and effectiveness of Cloudflare Fraud Detection and Cloudflare’s other products and technology, the potential benefits to Cloudflare customers using Cloudflare Fraud Detection and Cloudflare’s other products and technology, the timing of when Cloudflare Fraud Detection and the various features included in Cloudflare Fraud Detection will be developed and available in beta form, or generally available, to current and potential Cloudflare customers, Cloudflare’s technological development, future operations, growth, initiatives, or strategies, and comments made by Cloudflare’s CEO and others. Actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to, risks detailed in Cloudflare’s filings with the Securities and Exchange Commission (SEC), including Cloudflare’s Annual Report on Form 10-K filed on February 24, 2023, as well as other filings that Cloudflare may make from time to time with the SEC.
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Vice President, Head of Global Communications