Growing your business requires attention to detail and the ability to handle any threat you have to face. But what about the threats that could potentially go undetected? Unfortunately, when it comes to operating in the digital space, organizations of all types face a variety of hazards that often remain invisible until it’s too late.
New account fraud is among the top dangers most companies don’t see coming, though everyone would prefer to catch fraudsters before they get into a position to strike. While many organizations rely on obsolete digital defenses, there are modern, innovative tools that can help your organization implement real-time fraud detection solutions.
If you’re on the fence about an upgrade, you’ve come to the right place. Read on to learn why an investment in cutting-edge fraud detection tools can provide outsized benefits for your growing business.
Digital Success Requires Securing Growth
Regarding fraud detection and its necessity, there exists an unfortunate and sometimes catastrophic misconception among many business leaders. It is often thought that certain industries are immune from fraud attempts. After all, why go after a retailer when targeting a financial services organization would likely prove far more lucrative for the perpetrators?
This way of thinking fails to consider the fundamental truth of contemporary digital commerce: Bad actors have a scheme for every situation. That means any business, regardless of industry, can fall victim to fraud.
Despite the threats, you need a digital presence to help your organization grow. You can’t let the threat landscape deter you from expanding your user base and improving your online offerings. Therefore, you must take the necessary steps to protect your business as you continue growing by investing in real-time fraud detection software.
Fraud Ring Attacks Can Go Deep
Unfortunately, a fraud ring’s presence is often only discovered after the scheme has been carried out. These shady operatives have the means and the know-how to evade detection as they play the long game to maximize their payday.
A financial services company using a PII-based fraud detection system may remain oblivious to the presence of a fraud ring for years as the fraudsters methodically build up credit, only to max it out and disappear before the business knows what happened.
One New York fraud ring stole $200 million during a credit card application scheme in 2017. With over 30,000 potential fraud rings estimated to be operating worldwide, your business needs to be capable of intercepting fraudsters at the point of attack.
Real-Time Tools Let You Monitor the Crowd
With real-time fraud detection tools, your systems can catch spikes in risky user activity and provide early warnings of activity associated with fraud rings. You won’t get such results with outdated PII-based tools. Instead, find a ID verification software that uses behavioral intelligence to passively read every user’s digital body language.
Behavioral intelligence tools keep an eye on crowd-level activity to detect early warning signs of fraud ring attacks. The best tools also deliver all the relevant user session IDs, giving you a clear picture of what’s happening on your site.
Identity Orchestration Can Help Stop Fraud Before It Starts
While fraudsters can use PII to mask their identities, they can’t hide their behavior when interacting with your site forms. Behavioral intelligence tools monitor user activity and spot signs of risk, such as low familiarity with PII. Risky users are flagged in real time, so your step-up verification systems can intervene at a moment’s notice, all before the user ever submits their membership application.
The leading identity orchestration tools sort users into three subgroups: risky, neutral, and genuine. That way, only the risky users are directed to your additional step-up measures, avoiding any burden on genuine customers.
About NeuroID
Securing growth in the digital space is critical for any modern organization, but you can’t reliably expand your user base and develop your platforms without robust fraud detection systems. For advanced tools powered by groundbreaking technology, turn to NeuroID. Instead of relying on compromised PII, NeuroID utilizes the strength of behavioral analytics to identify early warnings of fraud, allowing you to stop bad actors in their tracks. NeuroID passively reads a user’s digital body language as they interact with your site forms, alerting you to risky behavior and indicators of fraudulent activity. With this pre-submit data, NeuroID offers an effective solution to proactively detect fraud rings, synthetic identities, and more. Experience the NeuroID advantage for your organization today.
Detect fraud in real time with behavioral intelligence tools from NeuroID at https://www.neuro-id.com/
Original Source: https://bit.ly/3XHysBx
