Successful growth in the digital space requires robust protection against a wide range of cyber threats. As these hazards evolve and bad actors concoct more devious schemes, so too must your fraud detection systems.
Every fraudster hopes to stumble across an organization that relies on outdated defenses without giving them a second thought. If your company still depends on PII-based systems for ID verification and fraud detection, odds are you’re an attractive target.
With the advent of behavioral analytics software, however, businesses are more capable than ever of catching fraudsters before they can strike, intervening at the point of attack. This article will cover the most significant differences between behavioral analytics tools and PII-based measures.
The Digital Identity Crisis
Through phishing schemes, data breaches, and identity theft, vast troves of compromised PII have been made available on the darknet, where they wait to be purchased by the highest bidder. You can bet that the folks buying up swaths of PII don’t have the best intentions.
With all those credentials floating around on the web, bad actors have everything they need to pose as genuine users or create synthetic identities designed to dupe PII-based ID verification systems. Put simply, by using PII to authenticate new users, you’re inviting the bad guys to slip past your digital defenses.
Digital Body Language Doesn’t Lie
Fraudsters use PII to mask their identities and intentions, allowing them to carry out new account opening fraud, bot attacks, and more. But one thing they can’t hide is their digital body language: how they interact with site forms such as your membership application.
Behavioral analytics technology doesn’t wait to analyze submitted PII. Instead, these groundbreaking tools passively read the digital body language of all your users as they interact with your site forms, looking for signs of low familiarity with PII that can indicate malicious intent.
For example, suppose a user seems to have trouble recalling their own name or retypes their social security number three different ways before moving on to the following field. Behavioral analytics software identifies them as risky and flags them in real-time for rapid intervention of your step-up verification measures.
Catch Fraud Rings Early with Behavioral Analytics
The leading behavioral analytics tools sort users into risky, neutral, and genuine subgroups based on their digital body language. With accurate, rapid identity orchestration, you can ensure that your step-up systems immediately confront risky users while your real customers aren’t hassled.
By monitoring digital identity at scale and visualizing crowd-level behavior, behavioral analytics tools catch spikes in risky user activity that can indicate the presence of a fraud ring. Instead of obliviously allowing a fraud ring to perpetrate new account opening fraud, strike, and then vanish, behavioral analytics tools can detect them at the point of attack. The best software even gives you fraud ring alerts with all associated user session IDs so that you can analyze all the risky identities involved.
About NeuroID
Expanding your user base in the face of online threats can be intimidating, but you can’t afford to be deterred by bad actors. NeuroID offers groundbreaking technology and innovative tools. With NeuroID, you can secure growth in the digital space without falling victim to fraudsters. Using the power of behavioral analytics, NeuroID reads digital body language to spot signs of fraud. ID Crowd Alert™ from NeuroID monitors digital identity at scale. It visualizes crowd-level behavior and provides alerts about fraud ring activity, bot attacks, and more. For rapid, accurate identity orchestration, NeuroID offers ID Orchestrator™. With NeuroID, you can navigate the digital identity crisis and stop would-be fraudsters at the point of attack.
Get modern behavioral analytics tools from NeuroID at https://www.neuro-id.com/
Original Source: https://bit.ly/3HAxscL
