As you read this, one or more of your accounts could be in the hands of fraudsters. They purchased your personal data on the Dark Web and hacked into your financial services accounts. Posing as you, they changed your communication preferences and started receiving your alerts and one-time authorization codes. Now its bye-bye hard-earned cash; they’ve withdrawn all but $10.00.
ID Insight is on the front lines when it comes to fighting account takeover (ATO) attacks like this one. Our advanced analytical tools and patented methodologies perform surveillance across a vast network of databases, detecting threats as they are emerging, and designing solutions to stop them.
Bogus addresses and beyond
Nearly two decades ago, we were the first to discover an ATO scheme that involved changing the victim’s address and then requesting a plastic card that would be used to empty the victim’s account. Back then, this was mostly accomplished by a fraudster walking into a branch and presenting fake ID.
How the world has changed! Today’s account-takeover attacks are technology-driven and widespread. Fraudsters can change addresses, emails, and phone numbers at a rapid-fire pace, disconnecting victims from their financial institutions. As fraudsters have changed their strategies, ID Insight’s fraud-detection data and methods have stayed one step ahead.
In thousands of financial services companies, ID Insight is the next layer of defense after a fraudster hacks into a customer’s account. We help stop the non-monetary actions that allow the fraudster to drain the account, including:
- Profile changes (e.g. email, phone, physical address)
- Requests (e.g. card, password)
Assessing threats in real time
Our platform, which silently interfaces with clients’ core processing platforms, activates automatically when it detects non-monetary actions. Within milliseconds the profile change and/or request is examined, scrutinized for anomalies, and scored based on its level of risk. Investigators have the insight and data to respond to high-risk activity quickly and shut down the attack, preventing losses and preserving customer relationships.
Please consider requesting a demo to see firsthand how ID Insight is staying ahead of changing ATO schemes. Seeing is believing!