Online scams often result in significant loss of money, time, and reputation for the individuals and businesses who come under attack. Internet fraud takes on many forms and new methods and venues are being introduced by criminals at an alarming rate. Fraud detection teams are now expected to expand beyond governance and compliance to accommodate new strategies and channels where internet fraud takes place.
Award-winning solutions from SpyCloud proactively defeat fraud attempts and disrupt the criminals’ ability to profit from stolen information. SpyCloud combines world-class technology with human intelligence and the most comprehensive data repository in the world to detect and prevent online fraud in the enterprise.
According to Gartner, most online fraud attacks fall into three main categories including account takeover, new account fraud, and stolen financial accounts.
43% of Login Attempts On Most Sites Are Account Takeover Attempts
Account Takeover (ATO) attacks have become an extremely lucrative business for cybercriminals — particularly due to widespread password reuse. When passwords are compromised at one organization, typically through a data breach, they often wind up available for sale or trade on underground markets. Criminals can use stolen information to rapidly attempt access to thousands of other accounts on a massive scale.
SpyCloud helps enterprises prevent account takeover by proactively alerting security or fraud teams when consumer or employee credentials have been compromised in a breach. Our automated scanning technology and team of researchers embedded in the criminal underground continuously uncover compromised credentials and personally identifiable information (PII) before criminals have the chance to take action.
Fast and Easy for Customers Means Fast and Easy for Criminals
There is an inherent conflict between a strong consumer desire for easy, frictionless online transactions and an organization’s need to keep customers and itself safe from harm. This is especially true for financial institutions, where substantial amounts of financial and personal data are exchanged and top-notch customer service keeps them in business.
Stealing financial accounts is a common strategy used by criminals to transfer money for personal gain or to make unauthorized purchases. Like any account takeover, obtaining the correct login credentials is necessary to successfully access financial accounts and services. In many cases, additional PII or a second form of authentication is also required, but savvy criminals have many ways to track down the information they need.
The best way to prevent criminals from using stolen information to access highly sensitive accounts, like those created with financial institutions, is to be alerted that the information was compromised in the first place. That’s where SpyCloud comes in. If something pops up in reported exposed data, financial organizations can require additional steps for authentication, reset passwords, and alert customers to potential risk.
Learn More About How SpyCloud Protects High-Value Financial Accounts
Identity Theft Damages People and Businesses
New account fraud happens when criminals use stolen information to create new online accounts rather than takeover those that already exist. While the process can be more complex – often, multiple pieces of personally identifiable information (PII) are required to open a new account somewhere – the end result can be a substantial and long-lasting gain for the criminal. Individuals often go a very long time without ever knowing someone is using their identity, and when they do figure it out, the damage is done.
SpyCloud customers have access to the world’s most comprehensive and current database of breached information. This data enables:
Our Data Puts You Ahead of the Criminals
Truly actionable Recaptured Data is the backbone of everything we do at SpyCloud. We quickly recover and enrich data from third-party breaches and malware-infected device logs; it’s the same data fraudsters use, but we make it actionable to prevent account takeover and online fraud.
Our combination of human intelligence and automated scanning quickly recovers the freshest exposed data from the darkest corners of the web and returns four times the industry average of matches. Our unique cleansing and password cracking process makes the data immediately impactful for busy security teams and our solutions automate the remediation process.
At SpyCloud, we are distinctly different in our approach to online fraud. We are proud to protect more than 2 billion users’ accounts.
SpyCloud enables you to proactively protect your users’ accounts and thwart online fraud.
Stop criminals from using stolen data to create false identities and commit fraud.
Remediate exposed passwords before criminals have a chance to use them.
On-Demand Webinar: Analysis of the 15+ billion assets we recaptured in 2021 and what we can learn from patterns we’ve observed in the criminal underground over the last 12 months.
On-Demand Webinar: A detailed look at how Identity Risk Engine turns recaptured data into a clear fraud signal that complements your existing control framework.
See Gartner’s analysis of the IAM & Fraud Detection market and why SpyCloud received the Cool Vendor recognition.
Stop exposures from becoming account breaches.
