In order to keep ahead of the cat and mouse game, businesses are continuously assessing new and creative technology. This is due to the growing sophistication of digital attacks and scams. Also check device fingerprinting risk analysis signals
1) The speed at which fraudsters and scammers are innovating is accelerating;
2) Device fingerprinting and other once-extremely-reliable fraud detection technologies have become less effective
3) In order to consistently stay one step ahead of these criminals, it is imperative to evaluate new risk signals.
Malicious individuals are experimenting
Scammers and fraudsters have more opportunities when companies digitise their products to meet customer demand for one-click dating, shopping, banking, and other transactions. In order to capitalise on the continuously expanding total addressable market, malevolent actors are updating their methods and utilising increased automation to execute social engineering schemes, account takeovers, credential stuffing attacks, and other novel tactics worth taking advantage of.
Traditional signals are not as trustworthy
The decreasing efficacy of formerly dependable technologies is one issue that mobile-first businesses frequently face; device fingerprinting is one example. Device fingerprinting is a technique used in the fraud detection field to generate a distinct, probabilistic identifier for each individual device in order to identify known good or bad devices. They are created automatically by an analysis of numerous parameters, such as the brand of the device, the operating system it is running, and numerous others like the quantity of loaded applications, the size and resolution of the screen, the language settings, the mobile carrier, installed plugins, and more.
Over the past ten years, device finger printing’s value for preventing fraud has drastically decreased for a number of reasons. The first is the sheer quantity of gadgets the typical person utilises these days.
Vital to capitalise on fresh signals
In order to keep ahead of the cat and mouse game, businesses are continuously assessing new and creative technology. This is due to the growing sophistication of digital attacks and scams.
The majority of businesses I interact with are looking for additional “signals” that will boost the effectiveness of their fraud detection models rather than looking to completely replace their current technology stacks. One of our large customers promised to use new technology that would show a 0.5% decrease in fraud.
Emerging technologies that make use of behavioural signals are being assessed as a potential replacement for systems like device fingerprinting, which are deteriorating. Behavioural biometrics can be used, for instance, to determine whether the person on the other end of a sensitive transaction is, in fact, human or if they behave in a way consistent with the known account owner.
Businesses such as BioCatch, NeuroID, and others monitor how users interact with various gadgets when interacting online, such as the rhythm and force of their typing, their style of swiping, the way they hold their mobile devices, etc.
As traditional risk signals diminish, digital businesses are embracing emerging technologies to combat fraud effectively.
