4 Signs New Accounts On Your Website Might Be Fraudulent

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Whenever a new account is created, there is the potential that it is a fraudster trying to fool the system and create an illegitimate account. This means the information may be stolen, whether it’s an individual who bought a spreadsheet of personal information or a fraud ring perpetrating large-scale identity theft. The best way to deal with this is with new account fraud detection. How does your company check to see if a new account is risky and could be fraudulent? Here are four warning signs to look for as you implement protective measures.

How Users Interact with the Form

How long does it take a user to fill in their information? If it takes more than a few seconds to add information to a box, users may be using their short-term memory to try to remember information from a spreadsheet. Typing in your name, address, and phone number, unless you’ve recently moved, shouldn’t take long since this kind of information is stored in a person’s long-term memory.

Did they flip from screen to screen? This activity can be monitored too. If users are changing between windows, they could be referencing fraudulent user information. These actions can be tracked through a behavioral analytics program, helping to flag potentially risky behaviors and accounts.

 Copied Information

Using a behavioral analytics program can help you easily see whether someone has copied and pasted information. They might initially copy both first and last names into an entry box that only needs their first name, when another box requires their last name. Internet browsers can store this information and autofill it, but this interaction is different from copying and pasting, as it fills all entry boxes at once. As previously noted, you might be able to tell if users are flipping to another window to copy and then back to the form to paste.

 Fraud Ring Tactics

A sudden spike in applications might also indicate a fraud ring is targeting your site. This may occur when there is no other explanation for the spike, such as a marketing campaign or product announcement. Instead, it could be a bot attack, using brute force to try to push through fraudulent account applications. The blunt force attack can cost your fintech company millions before the fraud is detected. It’s essential to have crowd-level digital monitoring to prevent this.

 Synthetic PII

Personally identifiable information, or PII, is the key to living online. You need to give some information to entities to make an account or buy products on the internet. The general user will be familiar with their PII because it’s their personal information. Users who are copying and pasting from a document of stolen names can be detected easily through the right programs.
However, there are also synthetic identities. These do not correspond to a real person’s PII but instead have bits and pieces of several real people. This can even be enough to get through traditional verification systems. Bot attacks from fraud rings often use synthetic identities to bypass identity and fraud verification systems. If a customer isn’t familiar with their own PII due to it being an amalgamation of identities, a strong behavioral analysis program can catch this.

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 digital fraud. 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.

 Learn how to detect fraudulent applications at https://www.neuro-id.com/

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