Organizations worldwide are looking to secure growth in the digital space. Successful organizations know a robust suite of new account fraud prevention and detection tools is essential. Unfortunately, bad actors work tirelessly to devise new ways of perpetrating cybercrime. As a result, keeping your business’ new account fraud prevention and detection systems up to date remains crucial.
The bad guys are looking for any opportunity to strike. Relying on an obsolete fraud detection system can leave your company exposed. Bot attacks, new account fraud, and more can hurt your reputation as well as your bottom line.
That’s why it’s important to become familiar with the power of behavioral analytics software. Each day, companies around the world are enhancing their fraud detection measures. They use innovative behavioral analytics tools to catch fraudsters before they can act. If you want to understand the basic concepts behind behavioral analytics and how these tools can enhance your new account fraud prevention and detection systems, keep reading.
PII-Based Systems Don’t Offer New Account Fraud Prevention and Detection
Until recently, a user setting up a new account would supply PII for sufficient ID verification. Your fraud detection software would subsequently evaluate the PII. Then, it would determine whether the user was a genuine customer. If the PII didn’t match up, the user could be intent on committing cybercrime.
However, vast troves of compromised PII are now available on the darknet. That means bad actors have every detail they need to pass themselves off as someone else. They can even forge synthetic identities to dupe PII-based ID verification systems.
Simply put, PII is no longer the reliable indicator of trustworthiness it once was. Any organization still using a PII-based system is vulnerable to fraud rings, bot attacks, and other digital threats.
Digital Body Language Doesn’t Lie
Behavioral analytics software offers next-level new account fraud prevention and detection. It doesn’t wait to examine PII on an application. These new tools perform ID verification using pre-submit data. In other words, the software examines how users interact with your site forms. It spots behavior that could indicate an intent to commit fraud.
Taps, swipes, clicks, and keystrokes: These are all elements of digital body language, and fraudsters can’t hide them. That’s why behavioral analytics tools watch as users type PII into form fields. Hesitating over a form field for too long or retyping details indicates a user’s lack of familiarity with the supplied PII. Say a user retypes their email address three times. Behavioral analytics software flags this risky activity in real time.
Identity Orchestration in Real Time
Cutting-edge behavioral analytics tools are vital to any new account fraud prevention and detection system. The leading behavioral analytics software can also perform identity orchestration immediately.
Identity orchestration involves the software sorting users into three subgroups. Users are identified as risky, neutral, or genuine. That way, your step-up verification measures can rapidly intervene and target only the risky users while avoiding any unnecessary burden for your real customers. When you’re looking for effective solutions to improve your new account fraud detection systems, behavioral analytics give you a leg up.
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.
Experience the benefits of behavioral analytics software from NeuroID at https://www.neuro-id.com/