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.
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, enabling them to automatically check whether an account is being created with compromised data and step up authentication requirements from the potential new account holder if anything is flagged. SpyCloud data also enables online fraud investigators to track down the criminals perpetuating new account fraud, linking together different personas to attribute fraud to specific threat actors.
Reliable, Clean and Current Data Keeps Us Ahead of the Criminals
Current, relevant and truly actionable data is the backbone of everything we do at SpyCloud. We quickly recover and enrich breach data so it acts as a valuable roadmap to where criminals hide and what masks they wear.
Our combination of human intelligence and automated scanning quickly recovers the most current breached 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 actionable for busy security teams to automate the remediation process.
At SpyCloud, we are distinctly different in our approach to online fraud. We are proud to protect billions of employee and consumer accounts.
Our award-winning products enable you to proactively protect your users’ accounts and thwart online fraud.
Protect your consumers from online fraud such as account takeover and stolen financial accounts by proactively resetting compromised passwords before criminals have a chance to use them.
Safeguard your enterprise data from internet fraud by detecting when employees are vulnerable to online fraud and account takeover and resetting exposed passwords quickly.
Investigate internet fraud using the largest repository of recovered breach assets in the world.
SpyCloud has analyzed breach data tied to Fortune 1000 employee credentials to understand trends in password reuse and data exposure. See what it means for the organizations that work with them.
To demonstrate how to complete a low-cost analysis using open-source threat intelligence data, we have compiled and shared a dataset of over 136,000 domains with COVID-19 themes.
Our 2020 report shows that password reuse continues to be a serious problem, leaving enterprises and their customers vulnerable to account takeover.
Stop exposures from becoming account breaches.