Account Protection

Account Protection

Measuring Trust in Every
Online Transaction

Keeping your organization safe from identity fraud can be daunting. As one of the fastest growing financial crimes, identity fraud is relentless, and you may struggle to prevent this from impacting your company.

To combat this, many businesses utilize a number of solutions to help prevent fraud, reduce loss and enhance the customer experience. However, juggling multiple vendors can be costly, present a fragmented risk picture, and introduce unwelcome friction for your best customers. With a constantly evolving threat landscape, it is imperative for organizations to partner with a company that provides an end-to-end solution across the entire customer journey.

Accertify’s account protection solutions
enable your company to:

Verify who is on the other end of a digital transaction.

Identify trends and behaviors indicative of account takeovers and fraudulent account openings.

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Reduce future risks and losses without impacting customer experience. 

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Strike the Right Balance

Account Creation Fraud

Account creation fraud (also known as synthetic identity fraud, first-party application fraud, fraudulent accounts, and bot accounts) is typically perpetrated by criminals obtaining PII (personally identifiable information) on the dark web, normally resulting from a data breach or obtained through social engineering tactics like phishing, smishing, and vishing. This PII data can then be used to create a synthetic identity to open a loyalty account, apply for a credit card, establish a line of credit, or more.

Perpetrators often nurture the accounts for many months or even years – paying the balance each month – to build up their credit history. At this point they can strike, typically referred to as bust-out fraud, and leave the creditor to write-off the debt and deduce what happened.

You need a machine learning-based solution that will help you identify who is truly on the other end of the transaction, leveraging user behavior analytics and cutting-edge device intelligence. A solution that puts you in control to let genuine customers proceed and do business with you and apply friction
when needed.  

Learn howAccertify Digital Identitycan help prevent account creation fraud.

Over 50% of organizations have seen an increase in account opening and account takeover attacks in the past 12 months.

– Recent webinar poll by Aite Group and Accertify

“Competition is fierce amongst online gambling and sports betters. These operators are offering incredible incentives for new customers to open accounts. Some of these incentives are so lucrative it tempts people (both good and bad actors) to open multiple accounts. Operators need to partner with someone like Accertify, who can identify if one device is trying to open many accounts.”

– Matt Para, Online Gaming and Sports Betting consultant

Multi-Accounting Fraud

Multi-accounting (also known as gaming fraud, gambling fraud, promotional abuse, smurfing and gnoming) is a fast-growing problem for many digital businesses. In its simplest form, multi-accounting is opening more than one account per individual. Multi-accounting can occur across a range of industries, and depending on the platform or service, can lead to both abuse and reputational damages. Some common methods are:

  • Promo and coupon abuse – from iGaming to retail almost every industry offers new users a discount or promotion for opening a new account.
  • Fake reviews/self-promotion – while seemingly innocent, users may do it to promote themselves or targeted products through social media or lure unsuspecting users through fake reviews and feedback.
  • Banned accounts – a user on a negative list may create a new account under a different name to continue to transact.

Growing your business is critical and offering incentives to new customers can be extremely effective. But you need a solution that can differentiate between good and bad account requests, without impacting customer experience or overwhelming your teams with reviewing every new account.  

Learn how Accertify Digital Identity can help prevent multi-accounting fraud.

Account Takeover Fraud

Account takeover fraud (also known as account compromise or ATO fraud) is where a bad actor gains unauthorized access to an account that belongs to someone else. Once a fraudster has a user’s access credentials, they typically perform malicious or criminal activities that are difficult to unravel. Some common methods by which your account may be comprised include:

  • Credential stuffing – username and password are purchased on the dark web and automated free software churns through thousands a second identifying which ones can be monetized and exploited.
  • Malware – malicious software downloaded and installed by unsuspecting users can be spread through phishing and other social engineering schemes.
  • Subscriber identity module (SIM) swap – a plastic chip, or SIM card, connects a mobile device with a cellular network. The phone number can be assigned to a new device and all SMS messages and calls can be intercepted.
  • Remote access trojans – fraudsters phone a customer, convince them they are with an IT department and get them to download and install remote access applications on their laptop or mobile device. Once the fraudster gains control of the device, they can assume the digital identity of the customer without physically possessing the device.

You need a solution that will help you identify who is trying to login and access an account. As data breaches increase, it is easier for fraudsters to obtain valid credentials, so you need to be able to look beyond the credentials and know if this is your valid customer or a bad actor. You also need to make sure you do not put your best customers through too many hoops just to access their account. Without the optimal solution, this can be a tricky balance. 

Learn how Accertify Digital Identity can help prevent account takeovers.

“Investing in account takeover controls, like the solutions from Accertify, remains among the most compelling ways to make substantive improvements to fraud risk, account abuse, and money laundering, and to make significant contributions to growing or optimizing revenue growth.”

– Trace Fooshée, Senior Analyst at Aite-Novarica Group