We are thrilled to share that Gartner has named SpyCloud a 2020 Cool Vendor in Identity Access Management and Fraud Detection!
While this type of recognition isn’t our primary motivator, we consider it a significant milestone for SpyCloud to be included in a short list of interesting, innovative, and unique vendors by Gartner. Being named a Cool Vendor honors our team’s innovation, but more importantly, it demonstrates that the hard work of preventing online fraud is being noticed in the broader market and is truly benefitting our customers.
Studies have shown that online scams have been increasing in frequency and damage every year, and SpyCloud is dedicated to helping enterprises defend themselves with award-winning solutions that proactively thwart fraud attempts and disrupt criminals’ ability to profit from stolen information. We are best known for preventing account takeover (ATO) by using our unmatched collection of breach data to ensure that the employees, customers and vendors logging into your systems are who they say they are, and not bad actors leveraging stolen information. Our researchers infiltrate criminal networks to collect this data, making it actionable to stop fraud before it has occurred.
We feel that Gartner named has named us a Cool Vendor because we are applying breach data to new use cases beyond ATO prevention.
Traditional fraud detection relies on commodity data or behavioral indicators that catch just a small portion of fraudulent transactions. SpyCloud prevents fraud through the full lifecycle of an account by securing customer identities from the moment an account is created. ATO is a leading cause of fraud, up 72% year over year, so enforcing good credential practices from the outset and continuously checking them for compromise are absolutely essential.
As Gartner notes:
“IAM leaders are being asked to do more with fewer resources, particularly in the consumer space. This can lead to the implicit acceptance of more risk. New solutions are required to reduce risk at sensitive points in the customer journey, including authentication and enrollment.”
Gartner Disclaimer: Gartner, Cool Vendors in Identity Access Management and Fraud Detection, 5 October 2020, Jonathan Care, Akif Khan, Tricia Phillips, Felix Gaehtgens
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