Being able to attract new customers online has transformed how business is conducted around the world. In addition to the versatile opportunities it creates, many businesses rely on their online presence to survive. Unfortunately, it has also introduced a whole new kind of criminal threat: online fraudsters and fraud rings. As a result, your business may now find itself trying to balance opportunities for growth with the looming threat of constantly evolving fraud. It’s in that space where advanced behavioral analytics are so important. Here’s everything your business needs to know to make the most of these innovative tools.
The Evolving Threat of Fraud
Online fraud and identity theft can cost people and businesses significant sums of revenue every year. That creates an incentive for online criminals to become more sophisticated. Businesses now face financial threats from both individuals and fraud rings. New account fraud is among the most common and most costly threats. Both fraud rings and individual fraudsters can be cunning and aggressive about how they approach their targets. Therefore, many businesses have embraced new tactics designed to help them respond with countermeasures. Those countermeasures should always employ effective ID verification and behavioral analytics tools. If not, some tools could potentially do more harm than good.
The Importance of PII to Fraudsters
Personally identifiable information (PII) is the most important asset for any fraudster or fraud ring. With PII, fraudsters can steal individuals’ and businesses’ funds, create credit card accounts, steal identities, and much more. Unfortunately, the internet’s bad actors enjoy a distinct advantage—PII is not that hard to come by. There are countless ways that cybercriminals can harvest PII from both legal and illicit sources. ID verification is a major challenge when sophisticated fraudsters and fraud rings have access to that PII. Effective security responses use behavioral analytics to identify and stop criminals when they try to use falsified or stolen PII.
The Risk of False Positives
Naturally, businesses have responded to this threat with defensive tools and technology. The problem is, all too often, those responses don’t effectively use the right forms of ID verification and behavioral analytics. Those security tools often rely on blunt force responses to fraudulent applicants. This could result in detecting false positives. In other words, genuine applicants, customers, or prospects get blocked along with risky and fraudulent ones. Lost customers present a cost no business wants to incur. In fact, false positives can cost digital merchants billions of dollars every year. Many businesses simply consider false positives the cost of doing business in the digital age. However, that doesn’t have to be the case.
The Vital Role of Behavioral Analytics and ID Verification
The right ID verification and behavioral analytics tools can read fraudsters’ digital body language. Essentially, there are behavioral signals that real users tend to use online. That means you can analyze the behavior of both genuine applicants or customers and fraudulent ones and separate the real people from the risky accounts. Effective ID verification and behavioral analytics tools use real-world examples of that behavior. Search for behavioral analytics resources that are informed by over 100 billion real-time examples of behavioral metrics. Fraudsters may take too long to input information a real person would input quickly or copy and paste information when a genuine user would know it by heart. With tools that analyze these types of behaviors and more, your business can save a great deal of money and ensure more secure growth.
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 identities. 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, real-time scores 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.
Ensure that your business is safe to grow and thrive at https://www.neuro-id.com/