Your organization could be a digital newcomer or an online juggernaut. Either way, new account fraud detection tools are critical to your success. Robust means of fraud detection are vital to all types of businesses with a web presence. Still, the topic is often overlooked or misunderstood.
Therefore, you should be able to debunk common myths surrounding new account opening fraud. Do you want to brush up on the latest methodologies? Maybe you’re learning about fraud detection for the first time. The following information can help you protect your organization from digital threats.
Learn about the most dangerous myths surrounding new account fraud detection and how you can secure growth for your business.
Myth #1: New Account Opening Fraud Isn’t a Big Deal
Nowadays, technological competence is an important part of everyday life. Yet plenty of people think of account fraud as merely a drop in the bucket. It’s difficult to fault them for thinking this way. After all, where’s the harm in one or two bad accounts? Especially when your organization has thousands—or even millions—of customers?
Take the time to research how digital fraudsters carry out their schemes. You can quickly understand just how sophisticated they’ve become. They’re looking to exploit any weakness in your organization’s digital defenses. Here’s the kicker: If bad actors have found a way to create one fraudulent account, that means they can create dozens more. New account opening fraud can leave you vulnerable to fraud rings, bot attacks, and other hazards.
The size of your organization doesn’t matter. You shouldn’t tolerate new account opening fraud, and it’s an issue you can take action against.
Myth #2: PII Is Key for New Account Fraud Detection
PII is no longer the reliable basis for identity verification that it once was. Over the years, a staggering amount of compromised PII has become available on the dark web. You can bet that the people buying it don’t have the best of intentions.
Fraudsters use stolen PII to dupe your digital defenses. They can even pose as a genuine customer. However, many use a mishmash of real and manufactured PII to create synthetic identities, which can be difficult to detect.
Once they’ve been verified, they can pursue a range of options. Some strike quickly, before your fraud detection systems can react. Others sit dormant for years, quietly building up their credit. Then, they max out their accounts and disappear into thin air.
Myth #3: You Can’t Spot a Fraud Ring Until It’s Too Late
The combination of sophisticated fraudsters and widely available PII can make the digital landscape look bleak. But you should know that there are new account fraud detection tools capable of catching bad actors before they strike.
Maybe you’ve heard of behavioral analytics. This groundbreaking software passively reads the digital body language of all your site’s users. It monitors their taps, swipes, and keystrokes—the things they can’t mask using compromised PII. Behavioral analytics technology can identify risky users in real time. Then, it flags them and allows your step-up verification measures to rapidly intervene.
Are you relying on outdated PII-based systems to defend against digital threats? It’s time to upgrade. Check out how behavioral analytics software helps catch new account opening fraud so you can take action.
Securing growth in the digital space is critical for any modern organization, but you can’t reliably expand your user base and develop your platforms without robust fraud detection systems. For advanced tools powered by groundbreaking technology, turn to NeuroID. Instead of relying on compromised PII, NeuroID utilizes the strength of behavioral analytics to identify early warnings of fraud, allowing you to stop bad actors in their tracks. NeuroID passively reads a user’s digital body language as they interact with your site forms, alerting you to risky behavior and indicators of fraudulent activity. With this pre-submit data, NeuroID offers an effective solution to proactively detect fraud rings, synthetic identities, and more. Experience the NeuroID advantage for your organization today.
Discover modern new account fraud detection tools from NeuroID at https://www.neuro-id.com/