Fraud Detection using Securify Identity platform involves a combination of technologies and strategies to recognize possible predictors of fraud associated with fraudsters and their actions.
One of its key capabilities is called identity threat detection and response, which involves identifying potential threats to identities inside the organization and taking appropriate actions to prevent or mitigate those threats. This includes triggering risk-based authentication, where the level of authentication required to access a system is increased depending on the perceived risk associated with the request.
Adaptive multifactor authentication is another key component in Securify Identity. This involves the use of multiple authentication factors, such as something the user knows (e.g. a password), something the user has (e.g. a mobile phone), and something the user is (e.g. a fingerprint), in order to verify the user's identity. The specific factors used in an adaptive multifactor authentication system may vary based on the perceived risk associated with the request.
Behavioral analytics is another important tool for Fraud Detection in Securify Identity. This involves analyzing the behavior of users on a system in order to identify unusual or suspicious activity that may indicate abreach attempt or other malicious activity. By combining this information with other data, such as the results of risk-based authentication and adaptive multifactor authentication, organizations can detect and respond to potential fraud attempts more effectively.
Overall, Fraud Detection capabilities of Securify Identity can help organizations in following ways
By detecting and preventing fraud, companies can protect sensitive information and prevent unauthorized access to their systems. They significantly reduce the risk of data breaches and other security incidents, which can damage a company's reputation and expose it to legal and financial liabilities.
Fraud detection and prevention can help to automate and streamline the process of managing identities and access, reducing the need for manual checks and interventions. This can save time and resources, and improve the overall efficiency and productivity of the organization.
Enhanced customer experience
By reducing the risk of fraud, companies can provide safer and more convenient user experience. This can help to build trust and credibility, leading to increased customer satisfaction and loyalty.
Many companies are required to comply with regulations related to identity and access management, such as the General Data Protection Regulation (GDPR) in Europe and the California Consumer Privacy Act (CCPA) in the United States. Fraud Detection can help companies to meet these requirements and avoid penalties for non-compliance.
By detecting and preventing fraud, companies can minimize financial losses from unauthorized access to their systems and the theft of sensitive data. This can help to protect the company's bottom line and reduce the potential impact of fraud on its business.