Page 52 - Cyber Defense eMagazine September 2022

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Identity Trust in New Account Creation

One of the biggest sources of cyberattacks target newly created accounts, which are attacked at as high
a rate of any other transaction type in the customer journey. According to research, fraudulent account
creations – a fraudster creating an account using someone else’s credentials and payment details –
impact one in five adults. Understanding the markers of fraud at the outset can help keep these types of
vulnerabilities properly protected. As cybercriminals use stolen, compromised or synthetic identities to
create new accounts, identity trust plays an integral role in an organization’s strong cybercrime defense.
The ability to rapidly recognize good, trusted customers and quickly determine the validity of the customer
credentials contributes to a seamless and secure account opening experience.

This includes getting to know the behavioral patterns of the customer base, which allows for the quick
identification of any aberrations in behavior. However, looking at both the physical and digital aspects of
identities is also crucial.

Combining digital and physical identity capabilities gives businesses a vast view of the consumer so they
can quickly pivot against new threats and create a better customer experience. Customer experiences
work best when there is a minimum amount of friction for the customer to make their purchases while
keeping assets safe. That is the gold standard of security.

Shore Up Unsecure Payment Points with Behavioral Biometrics

Digital commerce saw a massive uptick amid the height of the pandemic and at the same time, the risk
behind digital payment points also increased. Cybercriminals are taking the opportunity created by the
digital payment revolution to cash out and monetize stolen credentials. A strong payments defense rooted
in identity trust is essential as consumers rely on digital payments throughout omni-channel ecosystems.

One tool to help detect and block attacks is the use of behavioral biometrics, which looks at interactive
gestures, such as how an individual types on a keyboard, moves a mouse, holds a phone or taps a touch
screen, and compares those characteristics with known digital behavioral traits common to fraudsters,
bots and trusted users. The technology is proven to help detect and block automated attacks and
suspicious transactions.

Implementing solutions with behavioral biometrics strengthens payment fraud prevention since it
combines digital identity intelligence with global transaction insights simultaneously with the transaction.
Businesses can improve transaction security and refine personalization with immediate risk intelligence
that helps confidently differentiate between a trusted customer and a cyber threat.

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