Page 168 - Cyber Defense eMagazine December 2022 Edition

Why “Point-In-Time” Solutions Are Losing The Battle

Against Sophisticated Fraud

By Alisdair Faulkner, CEO at Darwinium

Cybersecurity and fraud teams have been locked in a technology arms race with their adversaries for
years. Once again, they are on the back foot. Over two-thirds (68%) of businesses face the challenge of
fraudsters adapting faster than their current tooling according to our latest research. The stats speak for
themselves. US consumers reporting losing nearly $6bn to scammers in 2021 alone, a 70% increase on
the previous year. The real cost to businesses will be many times higher.

It’s time for change. Legacy fraud and risk solutions rely on incomplete, siloed intelligence extracted from
“point-in-time” interactions. They’re inflexible, unwieldy, slow to deploy and update, and add needless
customer friction—which can end up costing businesses more than potential fraud losses. Organizations
need a better way: risk-based journey orchestration that works seamlessly across the entire customer
journey for better-informed decision making.

Deep fakes and adversarial AI: an armory of innovation

There’s no doubt the offensive team holds much of the advantage today. Fraudsters are leveraging the
latest tools and techniques to emulate devices and mimic user behavior, disrupt risk models through

Cyber Defense eMagazine – December 2022 Edition 168
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