Your company, like many others, is pulling out all the stops to thrive in the digital space. But if you aren’t similarly motivated to employ modern new account fraud detection systems, you could see all your hard work wiped away by a fraud ring attack.
If you want to expand your online presence, it’s time to face the facts: Fraud rings are working overtime to test for and exploit vulnerabilities. Factors like your industry and the size of your organization don’t matter. Every business with an online presence is a potential target, and you may not know you’re at risk until it’s too late.
That’s why it’s crucial to protect your company with innovative tools to help identify fraud rings at the point of attack. You need to detect risky applicant behavior in real time to ensure your step-up verification systems can intervene at a moment’s notice. Here’s everything you need to know to understand the threat landscape, evaluate your organization’s exposure, and learn about robust fraud detection solutions.
Understanding Fraud Ring Attacks
Fraud rings are dangerous because of their ability to organize. By working as a group, fraud rings are capable of more sophisticated attacks than individual bad actors. Fraud rings also tend to have greater access to the technology and money that enable them to expand their list of targets and strike more frequently.
The average organization that falls victim to a fraud ring attack is unaware of any weakness in their digital defenses until that weakness is exploited. Cunning fraud rings work quickly, often exploiting openings multiple times before disappearing into cyberspace. Furthermore, capable ringleaders know how to cover their tracks, making it difficult to hope that authorities might be able to track them down and recover your losses.
How to Know if Your Organization Is Vulnerable
When you’re ready to focus on fighting fraud, your first step is to inspect your digital operations for potential openings which could attract fraudsters. Specifically, you should be concerned with anything that enables new account fraud.
Your biggest liability may be an outdated ID verification system. It’s vital to keep in mind that a massive amount of compromised PII is available for purchase on the darknet. This means bad actors are better equipped than ever to use synthetic identities and other means to slip past your defenses. If your fraud detection systems rely on PII to authenticate new users, odds are you’re an attractive target for a fraud ring.
How Behavioral Intelligence Can Help Protect You
Modern ID verification systems and fraud detection tools aren’t beholden to PII. Instead, the leading tools use behavioral intelligence to spot risky user behavior before an application is even submitted.
Cutting-edge fraud detection tools passively monitor the digital body language of users in real time as they interact with your site forms. This software determines whether an individual is familiar with the PII they’re using to fill out their application. If a user retypes their name three times before moving on to the next field, such behavior could indicate intent to commit fraud.
Behavioral intelligence software identifies users who are unfamiliar with their PII and immediately flags their behavior as risky, enabling your step-up verification systems to rapidly intervene—all before the user even has a chance to click “submit.” If you’ve entrusted your organization’s fraud detection to an outdated system that only looks at PII instead of a user’s behavior, it’s time to step up to a superior means of fraud detection.
About NeuroID
Digital growth is about more than simply standing out. In addition to your competition, the web is also rife with bad actors who work every day to exploit vulnerable organizations. As a result, you need to employ cutting-edge software for superior new account opening fraud detection. That’s where NeuroID and its suite of sophisticated cybercrime detection tools can offer the solutions you need. Using the power of behavioral analytics, NeuroID offers identity verification software to help you combat fraud rings and other bad actors. The wide availability of compromised PII has created a digital identity crisis, so NeuroID uses pre-submit data instead to catch fraudsters early and engage your step-up verification. With crowd-level detection and identity monitoring from NeuroID, your organization can thwart digital threats and enjoy secure growth.
Get ahead of a fraud ring attacks with behavioral analytics tools NeuroID at https://www.neuro-id.com/
Original Source: https://bit.ly/3DNmI8O
