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4 WAYS UNDERGROUND DATA HELPS CRIMINALS SNEAK PAST FRAUD CONTROLS – AND WHAT YOU
CAN DO ABOUT IT

 * January 14, 2022
 * Julia Kisielius
 * Account Takeover, Credential Stuffing, Fraud Prevention, Malware, SpyCloud
   News, SpyCloud Products



With an increase in online fraud threats, accelerated by consumers’ digital
adoption during pandemic shutdowns, businesses need confidence that the users
interacting with their websites are legitimate. Given the constantly-shifting
nature of criminal activity, even the most sophisticated fraud prevention
programs struggle to separate good users from bad actors, particularly when
criminals use stolen data to sidestep traditional fraud prevention measures.

Today, we’re expanding SpyCloud’s offerings with a new solution to help
enterprises prevent criminals from using stolen data to create false identities
and get away with fraud. SpyCloud Identity Risk Engine is a fraud prevention
tool that draws on data from the criminal underground to assess user risk –
something no other solution on the market can offer. It can be layered into an
existing control framework to help fraud teams make more accurate decisions,
enabling them to prevent more fraud and let more good business through
uninterrupted.

Identity Risk Engine delivers actionable analytics that help organizations:

 * * Predict fraud tied to malware – Detect when consumers have had their
     personal data stolen by malware, putting them at elevated risk of fraud
   * Detect synthetic identities – Spot irregularities in a user’s information
     suggesting that the identity has been stolen or created using persona data
     available to criminals
   * Anticipate account takeover – Identify warning signs that consumers are at
     high risk of account takeover, such as high rates of password reuse across
     their accounts

Check out our video to learn more about how Identity Risk Engine helps
enterprises stop hard-to-detect fraud.




HOW SPYCLOUD IDENTITY RISK ENGINE CAN STRENGTHEN YOUR FRAUD CONTROL FRAMEWORK

SpyCloud Identity Risk Engine can help enterprises make more confident fraud
decisions for a variety of different scenarios. Here are just a few examples.

SCENARIO #1: A SURGE OF NEW ACCOUNT ENROLLMENTS COME IN. HOW CAN YOU TELL WHICH
ONES ARE LEGITIMATE?

A common challenge we’ve heard from customers since the onset of the pandemic is
understanding how to handle an influx of new account signups. While many of the
new enrollments come from real users expanding the services they use online,
many also come from cybercriminals. The problem is significant: one in every 11
new account creations is potentially fraudulent, according to Lexis Nexis. 

Fraudulent account creations are often difficult to detect because criminals
enroll using legitimate data stolen from real users, typically combined into
synthetic identities. The firehose of new registrations exacerbates the
challenge of weeding out bad actors without slowing down the enrollment process
for legitimate new users.

Identity Risk Engine helps enterprises detect risky account creations by
flagging when a new user’s information includes anomalies that suggest the
identity has been stolen or constructed. Enterprises can call the API during the
account creation process to support other identity verification processes such
as Know Your Consumer (KYC). In addition to a score indicating the user’s risk
level, Identity Risk Engine also returns reason codes that explain why the
account has been flagged as suspicious.

> One in every 11 new account creations is potentially fraudulent.

SCENARIO #2: A CUSTOMER TRANSACTS VIA GUEST CHECKOUT. SHOULD YOU LET THE
PURCHASE GO THROUGH?

Guest checkout reduces friction for casual shoppers, but can provide limited
information to support fraud decisions. Without an account to provide historical
information, it can be difficult to determine how to proceed with the
transaction. Fraud prevention controls can help, but typically offer limited
protection if a bad actor has recycled stolen data that belongs to real users. 

Identity Risk Engine takes some of the guesswork out of evaluating guest
checkout transactions by enriching the data available to your fraud team with
insights drawn from recaptured underground data. SpyCloud distills billions of
data points into a clear risk signal by correlating identity information and
analyzing factors such as the recency and scope of previous exposures, password
hygiene, evidence the user’s data has been collected by malware, and other key
risk indicators. With the risk score and reason codes SpyCloud delivers, you can
make a confident decision about whether to let the order go through, prompt the
user for additional identity verification, or reject the transaction. 

Using recaptured underground data to assess fraud risk can help you not only
reduce fraud, but also reduce manual review rates. One retailer in the beta for
this product found that they could have avoided manual review for 76% of the
orders they tested with Identity Risk Engine.

> “We could have avoided manual review for 76% of the orders we tested with
> Identity Risk Engine.”
> 
> – Large Retailer

SCENARIO #3: SOME OF YOUR CUSTOMERS UNKNOWINGLY USE DEVICES INFECTED WITH
MALWARE. HOW CAN YOU PREVENT CRIMINALS FROM USING THEIR DATA FOR FRAUD?

It’s a silent threat: a user logs in with their usual browser, location, and
credentials, or perhaps even a stored cookie. No alarms are raised and nothing
seems amiss – until weeks later, when the real account holder issues a
chargeback or reports other fraudulent activity. After the fact, the fraud team
may or may not discover that the reason the fraudulent transaction slipped past
their defenses was because the original user’s data had been siphoned by malware
and was used to steal their accounts and identity.

Data collected by credential-stealing malware makes it easier for criminals to
bypass anti-fraud measures. Each consumer whose data has been collected by
malware is at significant risk of account takeover, identity theft, and other
forms of online fraud.

Unlike any product on the market, Identity Risk Engine can identify high-risk
users ahead of time, helping to prevent fraud losses tied to malware infections.
Across the customer beta tests we performed during this product’s development,
Identity Risk Engine revealed that about 1% of tested consumer accounts had been
affected by malware. By identifying that criminals have access to customers’
browser fingerprints, exact credentials, and sensitive information, you can
proactively flag their account or take action before ATO and fraud can occur.

> According to our customer beta tests, Identity Risk Engine revealed that about
> 1% of tested consumer accounts had been affected by malware.

SCENARIO #4: AN EXISTING ACCOUNT HOLDER LOGS IN AND CHANGES THEIR ADDRESS. DID
THEY MOVE, OR WAS THEIR ACCOUNT TAKEN OVER?

Account takeover represents a huge problem for enterprises, and a lucrative
opportunity for criminals. Last year alone, SpyCloud recaptured 1.7 billion
credentials from the criminal underground, and 70 percent of users with more
than one password in our database had reused them. Criminals test these
passwords against online accounts, which they use to drain funds, steal loyalty
points, make fraudulent purchases, resell, and monetize in any other way they
can think of.

For years, SpyCloud has been a leader in account takeover prevention because we
enable enterprises to detect and reset compromised credentials – but with the
addition of Identity Risk Engine, fraud teams can enrich their risk models with
enough new information to tailor the customer journey based on individual user
risk. Understanding users’ exposure on the criminal underground can not only
help enterprises take action to protect vulnerable accounts, but also avoid
unnecessary friction for customers who are at exceptionally low risk.

Exposure type, severity, and timing can all influence the user’s risk. For
example, if a user’s password has appeared in a combolist, it means their
credentials are circulating widely in a format that’s easy for unsophisticated
criminals to use in automated attacks. Their account is likely to be hit with
credential stuffing attacks. In contrast, a user whose credentials have recently
appeared in a fresh third-party breach is at higher risk of targeted account
takeover attacks, which can include creative, manual efforts by an attacker.
(According to SpyCloud customers, targeted attacks represent just 10 percent of
account takeover attempts and account for 80 percent of losses.)

In either case, the user’s own password history is a critical factor. If the
user has a high rate of password reuse across their other exposed logins
(including passwords associated with their other email addresses), there’s a
good chance those attacks will be successful at some point. It may be valuable
to take an additional step to verify that the user is legitimate and not a
threat actor, such as triggering multi-factor authentication or making them
re-enter their stored credit card number. On the other hand, strong password
hygiene across other accounts means that criminals most likely don’t have the
tools to steal this user’s account. In this case, you can let the user proceed
with their account update without disrupting the customer journey.

> “I would include Identity Risk Engine anywhere immediately after inputting an
> email address. If we executed SpyCloud prior to some of the other checks that
> didn’t catch this activity, you become a cost-saver because those other steps
> are usually more expensive.”
> 
> – Financial Services Institution


HOW IT WORKS

SpyCloud Identity Risk Engine analyzes billions of data points and distills
what’s important into summarized statistical elements you can use to drive
action for your application. It can serve as a complement to your existing
solutions, with the flexibility to be layered into a customer journey at high
risk points of your choice (account creation, transaction, etc.).



By  querying the Identity Risk Engine API with as little as an email address or
phone number, you’ll have access to a risk score and 20 reason codes –
analytical elements that provide context for the risk score – both of which can
help your organization make better fraud decisions and protect your bottom line
from fraud.

> To learn more about how SpyCloud Identity Risk Engine can help limit fraud and
> customer friction, schedule a demo today.

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 * January 14, 2022
 * Julia Kisielius
 * Account Takeover, Credential Stuffing, Fraud Prevention, Malware, SpyCloud
   News, SpyCloud Products

Transforming recaptured data to protect your business.

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 * Start Here
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       Prevent account takeover that can lead to ransomware
     
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       Combat account takeover and online fraud
     
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       Unmask criminals attempting to harm your business
     
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       Enhance your solution with SpyCloud’s data
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