Securing Digital Growth: How to Get Ahead of a Fraud Ring Attack
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an outdated ID verification system.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/
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