Explosive scale supports more than 15 billion transactions authenticated and 200,000 individual cyber attacks detected
BEDFORD, Mass.–(BUSINESS WIRE)–Outseer, the leader in payment authentication and monitoring solutions, announced today continued business acceleration and explosive growth for the full Fiscal Year 2022 (February 1, 2021 through January 31, 2022). Operational highlights for the year include over $195 billion in protected payment transaction volume via Outseer 3-D Secure, nearly doubling since September of 2021 when last reported. Additional milestones include 15.1 billion transactions authenticated via Outseer Fraud Manager, over 200,000 cyber attacks detected by Outseer FraudAction, significant press coverage and share of voice results, new major customers, key executive appointments, and the launch of a brand new solutions category, Outseer Emerging Payments™.
“This was a powerhouse year for Outseer,” said Reed Taussig, CEO at Outseer. “Following our successful corporate launch in June, we have driven exceedingly strong operational momentum across the business serving a global customer and partner community. Our impressive first year performance was all made possible through the leadership of our established executive team, representing the best and brightest minds in the fraud prevention, payments authentication, and digital identity space.”
Outseer Corporate Launch
In June, 2021, RSA Security announced the transition of its Fraud & Risk Intelligence business into Outseer, a new standalone company serving a worldwide customer and partner community. The new organization, defined by self-directed company management and a modern corporate identity, is the culmination of decades of science-driven innovation in anti-fraud and payments authentication solutions. The company launch was well received by the press and analyst community, with notable coverage in TechCrunch, ZDNet, MergerMarket, and over 20 additional outlets. Also in June, KuppingerCole named Outseer as an Overall Leader in their published report detailing Fraud Reduction Intelligence Platforms.
Key Executive Hires
Supporting its direction as an independent business, Outseer appointed several respected industry veterans from the fraud prevention and digital identity space to its leadership team, including Armen Najarian (CMO & Chief Identity Officer), Rick Froehlich (CRO), Dan Welch (VP of Global Client Services) and Leah Evanski (Global Head of Business Development & Strategic Alliances).
Together, these executives bring a wealth of experience and success to Outseer, positioning the company for continued profitable growth and innovation.
Since its official launch in June 2021, Outseer has captured 25% share of voice in the fraud prevention solutions space, amassing over 8 billion impressions resulting from press coverage surrounding Outseer’s various fraud-fighting initiatives. Top tier publications including CNET, ZDNet, VentureBeat, TechCrunch, Fortune and American Banker have covered Outseer, making it a one-stop shop for reporters to find fraud, payments, and digital identity industry thought leadership content and breaking news.
During the same eight month period, Outseer curated a brand new, highly engaged community of more than 1,500 followers on social media, with content engagement exceeding that of larger, more established players in the space.
In addition to building and launching a brand new company, Outseer became the official fraud-fighting partner this year for many globally recognized businesses, including:
EFTPOS: an Australian Card Network and Scheme, certified Outseer’s 3-D Secure solution to protect Card-not-Present transactions.
San Jose Earthquakes: Outseer protects the San Jose Earthquakes brand and fan experience from impersonation attacks with rapid detection and takedown services.
A UK-based card issuer that allows customers to connect and supercharge their legacy banks to the 21st century without leaving their bank or signing up to a new bank.
A US-based national financial institution with over $40 billion in assets.
Taiwan’s first internet-only bank.
France-based locations of the world’s leading global foodservice retailer.
3-D Secure Market Leadership
In October 2021, Outseer unveiled a new global research conducted by the Aite-Novarica Group focused on 3-D Secure adoption and usage. Through this largest-ever study dedicated to 3-D Secure technology, Aite-Novarica confirmed the standard is widely deployed across card issuers and merchants globally and is used as a key technology to fight card-not-present (CNP), digital payments fraud.
CNP payments fraud, including purchases made via mobile apps and devices, account for more than half of all gross fraud losses. According to the research, total global CNP fraud losses will eclipse $17.2 billion by 2023, while global eCommerce spending is expected to grow to $5.9T during the same period. This global study demonstrates that as digital commerce and new payment models scale, 3-D Secure is an effective strategy to balance managing risk while maintaining a seamless experience for customers.
In February 2022, Outseer introduced the next step in its strategic evolution with Outseer Emerging Payments™. This announcement marked Outseer’s first expansion beyond its market leading Outseer 3-D Secure™ payment authentication offering to enable growth and customer value beyond traditional CNP transactions. Buy Now, Pay Later (BNPL) Installments represents the first Outseer payments solution within the new Outseer Emerging Payments platform.
The new Buy Now, Pay Later Installments solution supports the explosion in installment payments. According to Insider Intelligence, global Buy Now, Pay Later spend is set to hit $680 billion in volume by 2025.
“Establishing a new and trusted Outseer corporate identity while emerging from the heritage of RSA Security has been no small feat,” continued Taussig. “I’m exceptionally proud of the work that’s been executed by our global team throughout the last 12 months. From continued product innovation, to serving new major customers across the globe, we have successfully positioned Outseer for a blockbuster fiscal year 2023. I have no doubt we will make significant progress serving our mission to liberate the world from transaction fraud.”
Outseer is on a mission to liberate the world from transactional fraud. Our market-leading payment and account monitoring solutions protect over $200 billion in annual payments while increasing revenue and reducing customer friction for card issuing banks, payment processors, and merchants worldwide. Leveraging billions of annual transactions from more than 6,000 institutions across the globe, our identity-based science delivers the highest fraud detection rates and lowest customer intervention in the industry. See what others can’t at outseer.com.
Join the Outseer community on LinkedIn and Twitter.