Financial institutions, startups, and many other businesses are trying to make the most of the digital space. However, bad actors are working overtime to execute bot attacks, run fraud rings, and use synthetic identities. As a result, they thwart outdated ID verification systems to take advantage of vulnerable organizations. No one wants to fall victim to fraud. Your organization can rely on innovative new account fraud prevention and detection tools instead. These advanced tools offer crowd-level insights as well as ID orchestration. Here’s how your company can identify fraudsters and secure your growth.
What is New Account Fraud?
Any system that monitors user applications on your site can help detect fraud. New account fraud is a key avenue for bad actors looking to steal from your business, including fraud rings. Unfortunately, fraudsters can fool outdated new account fraud prevention and detection software. They misrepresent themselves in a first-party scheme. They also use third-party credentials or even forge synthetic identities. Backward-looking verification systems that rely on compromised PII won’t catch them. Once an account is open, the user is well on their way to carrying out their fraudulent scheme. Often, fraudsters often exhibit typical behavior for a long time before maxing out their account and disappearing.
What Can Make New Account Fraud Detection Difficult?
Bad actors implement a variety of techniques tailored to defeat PII-based verification systems that rely on post-submit data. Basically, this means fraudsters can pass themselves off as genuine customers. The fundamental flaw in post-submit systems lies in the availability of compromised PII. After all, stolen credentials are always for sale on the darknet. The highest bidder can get the information they need to defeat your PII-based systems. Don’t depend on backward-looking PII-reliant verification. These systems essentially give fraudsters an opportunity to cheat the system. Serious organizations should turn to enhanced methods of new account fraud prevention and detection.
How Do Behavioral Analytics Impact Your New Account Fraud Prevention Strategies?
Don’t give bad actors a chance to fool your systems using stolen credentials. Take the fight to them with the power of behavioral analytics. This cutting-edge software passively monitors user activity to identify risky behavior in real-time. Imagine a user hesitating over a field that should be an easy answer for any legitimate customer. Behavioral analytics software sees that and identifies the activity as risky. Once a potential fraudster is flagged, your step-up verification can intervene. The best behavioral analytics tools don’t require manual review. They also flag suspicious activity with precision. These tools can help you thwart a variety of threats, including fraud rings and bot attacks.
Which Tools Can Bolster Your New Account Fraud Prevention Strategies?
Fraud rings can cost your organization millions. Therefore, you need the ability to spot them before they strike. Find software that allows you to monitor digital identity at scale. You also want to be able to visualize crowd-level behavior. Get tools that will warn you of the presence of a fraud ring and also show every session ID associated with an alert. The best behavioral analytics tools prescreen identities. This type of identity orchestration improves your system’s existing identity verification channels. It also offers session-level insights in real-time. With powerful tools like these, you’ll never need to depend on questionable PII-based ID verification again.
The growth of your business starts with trust: the ability to conduct business confidently and securely in our ever-changing digital world. But with the Digital Identity Crisis in full effect, how do you strike the right balance between growth and security? NeuroID stands for the future of identity authentication online. They use groundbreaking technology to passively analyze behavior, discerning between genuine users and bad actors, including fraud rings and bots. These aren’t the same outdated, easily-fooled PII-based measures you may have seen before—NeuroID analyzes digital body language to offer cutting-edge fraud detection. NeuroID visualizes crowd activity at scale and makes critical judgments in real time, rapidly referring risky users to your organization’s step-up verification so you can detect fraud before it starts.
Augment your new account fraud prevention strategies with NeuroID at https://www.neuro-id.com/