Assessing risk and navigating hazards are two crucial elements of guiding your organization toward its goals. This is especially true for expanding your digital footprint. Whether you’re rolling out new online services or growing your user base, you must consider your vulnerability to new account fraud and the dangers it can pose.
Hopefully, your organization employs robust, modern fraud detection tools to catch bad actors at the point of attack. The threat from fraud rings, bot attacks, and other digital dangers is simply too great to ignore. If you’ve noticed a few signs that make you question your organization’s defenses, it might be worth taking a closer look before you’re caught off-guard.
Whether the task takes minutes or hours, inspecting your fraud detection systems is time well spent. Start with this list of three dead giveaways that your organization could be doing more to spot the bad guys before they have a chance to strike.
Your Systems Use PII to Authenticate New Users
Let’s be honest—it’s been a long time since PII was a reliable means of performing identity verification. There’s simply too much compromised PII available on the dark web. With caches of stolen or leaked PII at their disposal, fraudsters have everything they need to assume a stranger’s identity or create synthetic identities to defeat PII-based authentication systems.
If your organization uses PII to determine which users are real and which aren’t, you’re an easy target for fraudsters. Thanks to cutting-edge technology, it’s easy to equip your business with superior ID verification capabilities. Partner with a company that offers innovative behavioral analytics tools. Behavioral analytics software looks at how users interact with your site forms, rather than the PII they fill in, to assess risk.
Your Identity Orchestration Requires Manual Review
Your fraud detection systems should empower you with speed and precision, which is why tools that require you to manually review identity orchestration fall short. Not only does manual review consume your valuable time, but it also creates the opportunity for unintentional errors in which your organization incorrectly authenticates fraudsters.
With the wide availability of next-level fraud detection software, there’s simply no good reason to utilize outdated systems that leave your organization exposed. Behavioral analytics tools provide unrivaled identity orchestration with clear, session-level insights to enhance your fraud detection measures. That means you can leave manual review in the past.
You Can’t Monitor Digital Identity at Scale
Capable, well-organized fraud rings are one of the most severe threats to organizations operating in the digital space. Regardless of your industry, these groups can take advantage of unsuspecting businesses and wreak absolute havoc. If you want to spot them before they can execute their schemes, you need to use the power of the crowd.
The leading fraud detection tools use the power of behavioral analytics to visualize and analyze crowd-level behavior. When risky activity spikes, this software can alert you with early warnings. The best behavioral analytics tools include every related user session ID with each fraud alert, enabling your systems to carry out a targeted response without delay.
If your organization is missing any of the features on this list, it’s time to consult an expert—or, if you are the expert, reach out to your leadership team—about enhancing your fraud detection systems with behavioral analytics software.
About NeuroID
Expanding your user base in the face of online threats can be intimidating. Still, you can’t afford to be deterred by bad actors. NeuroID offers groundbreaking technology and innovative tools to help you get the job done. With NeuroID, you can secure growth in the digital space without falling victim to fraudsters. Using the power of behavioral analytics, NeuroID reads a user’s digital body language as they interact with forms on your site to spot signs of fraud. ID Crowd Alert™ from NeuroID allows you to monitor digital identity at scale. It visualizes crowd-level behavior and provides alerts about fraud ring activity, bot attacks, and more. NeuroID also offers their ID Orchestrator™ tool for rapid, accurate identity orchestration. With NeuroID, you can navigate the digital identity crisis and stop would-be fraudsters at the point of attack.
Give your organization the fraud detection it deserves with NeuroID at https://www.neuro-id.com/
Original Source: https://bityl.co/GuLh
