If your organization operates in the digital space, you likely have a solid grasp of the threat posed by fraudsters. You’ve probably even spent some time getting acquainted with the most prominent aspects of account opening fraud detection. But if you aren’t familiar with pre-submit data, you’ll want to invest a few minutes learning about this game-changing concept.
Maintaining effective fraud detection systems is challenging because the situation is never static. The bad guys are working overtime to level up their cybercrime abilities, and the fraud detection tools that were cutting-edge six or seven years ago have quickly become obsolete.
Pre-submit data is the foundation for modern, effective fraud detection solutions. This article will help you learn about pre-submit data and its uses.
The Problems with Post-Submit Data
Before diving into the ins and outs of pre-submit data, let’s start with some context. Generally speaking, fraud detection depends on identity verification. And historically, identity verification is done using personally identifiable information, or PII. This includes your name, home address, and social security number.
PII is known as “post-submit data.” Once a user on your site uses PII to complete a form—like your membership application—fraud detection software goes to work, analyzing PII to determine whether the user is a genuine customer and should be authenticated.
However, through phishing attempts, cyberattacks, and inadvertent data breaches, an enormous amount of compromised PII is available on the darknet. Once fraudsters get ahold of illicitly obtained PII, they have everything they need to commit new account opening fraud. They can use the stolen PII to assume another person’s identity or create synthetic identities.
Pre-Submit Data and Behavioral Intelligence
With compromised PII at their disposal, the bad guys have no trouble defeating traditional fraud detection systems that rely on post-submit data for identity verification. If your company depends on a PII-based system, you’re likely an attractive target for fraud rings, bot attacks, and other digital threats.
That’s why the leading fraud detection software goes beyond PII, relying instead on pre-submit data. Rather than allowing users to mask their identities and intentions using stolen PII, modern fraud detection systems employ behavioral intelligence tools to catch early warning signs that fraudsters can’t hide.
Put simply, pre-submit data is all the behavior a user exhibits while interacting with your site form before clicking “submit.” While they may be able to use compromised PII to lie about who they are, they can’t hide how they input that PII into your form fields. This difference is key to understanding how pre-submit data contributes to far more accurate and dynamic new account fraud prevention and detection.
A Modern Approach to Fraud Detection
Behavioral intelligence tools passively read the digital body language of all site users. This software watches as users interact with your site forms. Suppose a user retypes their social security number three different ways before settling on a final answer or struggles to recall their own phone number. Behavioral intelligence identifies this as risky behavior, flagging users in real time so your step-up verification measures can intervene without delay.
With groundbreaking behavioral intelligence software at their core, cutting-edge fraud detection tools can separate users into risky, neutral, and genuine subgroups based on their behavior. This software can monitor digital identity at scale, visualize crowd-level behavior, and offer the rapid, precise identity orchestration organizations need to secure growth.
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.
Harness the power of behavioral analytics to secure growth with NeuroID at https://www.neuro-id.com/
Original Source: https://bit.ly/3YxI8is
