The digital landscape has changed business forever—there’s no denying it. But this innovation has also brought about a change in criminal behavior. With the rise of internet businesses and eCommerce websites, there is a gap between you and your customers, which can make it much more challenging to detect their identity and intent on your own. But what if you could detect criminal and fraud ring activity on your business’ website before any major fraud losses occur? Stay prepared by learning everything you can about the digital identity crisis and how to protect your business and your customers from fraudulent activity.
Let’s Talk About the Digital Identity Crisis
The internet has made business transactions possible without face-to-face or even over-the-phone interaction. While this is convenient for everyone involved, it can also create a large gap between the business and the customers using it. Because you cannot see your customers face-to-face, it is easier for criminals or bots to use fraudulent personally identifiable information to open accounts en masse. Account opening fraud is much more common than you might think. But that doesn’t mean there aren’t strategies you can use to help protect your business and your customers.
How Behavioral Analytics Help Your Business
Anytime a customer or applicant visits your website and clicks, scrolls, swipes, or enters information, this is all behavioral data that can be detected and used to detect fraudulent activity. With top-of-the-line fraud prevention software, fraud detection starts with the smallest details. The best fraud software can detect seemingly fraudulent activity on your website in real-time and notify you before any losses happen. While not every fraudulent activity warning will turn out to be accurate, it is always better to be safe than sorry when it comes to protecting your online business and your customers.
Detecting Fraudulent Activity Before Documents are Submitted
With behavioral analytics, you can analyze identity verification before the user submits the form. When a website user fills out information or applications, your fraud prevention software can analyze how long it takes the user to input basic information and whether or not that information has been copied and pasted. These are clear signs of new account opening fraud because a legitimate user would more than likely not need to copy and paste personal information they are familiar with. Therefore, your prevention software should be able to notify you before the application has even been submitted.
How Digital Fraud Prevention Can Help Your Business Grow
Over half of all businesses have had a security breach in just the last year alone. You can potentially save millions of dollars that would be lost to fraudulent behavior with an excellent fraud prevention software system. Understanding fraudulent behavior and being notified beforehand gives you the power to be proactive and take measures to guard your business against fraud rings. Giving your business the ability to take well-informed actions against fraudsters is one of the best ways to ensure your company’s overall success in the digital age.
About NeuroID
NeuroID wants to help guide the secure growth of your company. It aims to solve the Digital Identity Crisis by evolving how businesses detect and monitor fraud, fraud rings, and bot activity. The company’s flagship behavioral detection products offer you a new level of visibility into the identity and intent of customers, bots, fraud rings, and prospects. Securing growth means securing the future, and NeuroID recognizes that every opportunity for digital growth starts with human interaction. Their advanced technology leverages nearly a decade of scientific research and real-time behavioral metrics to translate digital body language into actionable intelligence that tell you if an applicant or customer is risky or safe. Are your website’s visitors who they say they are? NeuroID can help you determine the answer to this all-important question.
Understand the digital identity crisis and protect yourself from fraud rings at https://www.neuro-id.com/
Original Source: https://bit.ly/3vjwGKw
