SpyCloud, a leader in account takeover and fraud prevention, launched its new product, SpyCloud Identity Risk Engine, which offers actionable, predictive risk assessments for e-commerce and financial services companies. The assessments are driven by SpyCloud’s unmatched collection of risk indicators and reason codes, which are based on data retrieved from breaches, malware infections, and other underground sources.
Pattie Dillon, Product Manager of Anti-Fraud Solutions at SpyCloud, said, “During the development of this product, we found that traditional types of identity verification left businesses lacking visibility into the key risk indicators found within breached information that enable criminals to evade detection and perpetrate account takeovers, identity theft, and new account fraud, or construct synthetic identities. We designed this solution to create an anti-fraud category of its own, offering an underground data risk score to complement an organization’s existing solutions to protect against aggressive modern fraud tactics. The ultimate goals are to save time, increase revenue, and preserve profitability by weeding out bad actors and reducing friction for legitimate consumers.”
SpyCloud enhances existing identity verification and fraud prevention solutions to illuminate which customers are at the highest risk of fraud involving stolen data, such as account takeover and identity fraud, to maximize profits while minimizing risk. To maximize profits while minimizing risk, organizations must detect fraud signals early to flag dangerous transactions.
Trace Fooshee, a Strategic Advisor in Aite-Novarica’s Fraud & AML practice, said, “Online fraud is not just becoming more prevalent; it’s becoming harder to detect. SpyCloud’s solution provides a robust assessment of identity risk derived from a wide variety of sophisticated attack patterns of account takeover and synthetic identity fraud. It is also notable in its capacity to incorporate its proprietary data sources of exposed credentials and identities into its risk models. This enables their customers to have a more complete and reliable perspective on the risk of a given identity and that gets them one step closer to a true 360-degree view of identity risk.”
With more than 145 billion assets in SpyCloud’s database, criminals have access to valuable information for identity fraud. Even though the criminal underground has exposed personal information to the majority of users, not every user is equally at risk, exposures varying widely depending on the type of data exposed, the date detected, and the method used to compromise the data.