Prevent Account Takeover with JuicyScore Anti-Fraud Solution
Account takeover prevention will help businesses keep their reputation and loyalty safe. JuicyScore fraud detection tools protect brands from financial damages.
Account takeover prevention has been one of the major issues in the digital ecosystem. This particular kind of cyberattack results in big financial losses for businesses from different sectors. ATO refers to the type of online identity theft. The concept supposes an attacker who steals credentials and other personal info linked to the victim’s account.
Stolen credentials are further used to perform any kind of fraudulent activities. Not only do hackers gain access to sensitive user’s data but also spare one’s business. Negative effects might involve increased chargebacks and disputes, damaged reputation, and trust/loyalty loss. This is where account takeover prevention solutions can ensure your business and customers’ safety.
Understanding Account Takeover Threats
The year 2023 showed frightening growth of ATO attacks. The latest research reveals the account takeover rally by 354%. Less than half of all ATO victims (43%) victims were notified by brands they were actually hacked. It could happen companies did not even know about the incident.
On the one hand, brands lose reputation and money. On the other hand, customers can find their sensitive data under threat. With brute force attacks, criminals steal sensitive information and fake accounts credentials to spare business. At the same time, 23% of ATO victims found their personal data changed after the incident. It means they need to restore all the information from scratch.
Importance of Preventing Account Takeovers
Judging by the figures and stats above, it becomes clear, that account takeover prevention appears to be the major issue for both businesses and customers. As for users, it is solely their responsibility to keep data safe.
Of course, clients can do nothing about brute force attacks that employ bad bots triggered by the website or app. Nevertheless, constant password updates, multi factor authentication, user accounts change notifications and account details, and set limits on the number of login attempts may help.
As for organizations, the situation with stolen credentials looks a bit more complicated. Companies may need full-scale account takeover prevention software to keep their operations safe. Otherwise, the consequences can be dreadful.
User Trust Factor
Without account takeover prevention tools, businesses can experience client’ churn. ATO leads to brand erosion. The main challenge here is that business owners will know about the attack only after the customer’s claim.
As a result, companies face the following problems:
- A growing number of transaction issues. Customers feel insecure and leave.
- With more attacks revealed, users start losing trust in your business.
- Lacking customer loyalty damages, the brand’s reputation on the web and live.
It may take quite a long to restore the reputation and bring your clients back.
However, without having an effective and up-to-date account takeover prevention software, the task seems impossible to complete.
Financial Impact of Account Takeovers
Stolen credentials can lead to dreadful financial consequences. While users mainly experience compromised accounts and even stolen credit cards, companies lose millions of dollars. According to recent surveys, 5% of big brands featuring 10l+ employees lost more than $1 million because of ATOs. Around 10% of smaller organizations faced losses between $500k and $1 million caused by account takeovers.
Besides, we should take into account additional costs. They involve:
- So-called cleaning costs, as businesses need extra resources to clean up the mess after the attack.
- Application downtime also refers to the type of financial loss. While the app is not working, it cannot drive any revenue.
- Companies spend thousands of dollars on transaction disputes and other legal issues.
Summing up all costs., the actual losses definitely exceed millions of dollars. An advanced account takeover prevention software looks like a worthy solution to protect a brand’s reputation, resources, and finances.
JuicyScore Account Takeover Prevention Solution
JuicyScore introduces an ultimate anti-fraud digital ecosystem for businesses of any size. We provide smart and up-to-date products that help companies keep data protected and establish effective online risk management strategies. Our tools were designed to increase conversion rates, minimize fraud risks, and ensure credential protection via an account takeover protection system.
Power of AI Technology
Generally, ATOs rely on brute force attacks. Criminals send numerous bad bots to perform sophisticated attacks. As a result, clients find multiple accounts compromised and credentials stolen. While hackers’ methods evolve, brute force attacks now use 4th gen bots able to mimic real-life client behavior.
Oppositely, advanced AI and ML-based technologies can easily identify different types of ATO attempts, monitor business apps and websites, spot suspicious API activities, and so on. JuiscyScore 30+ device authentication technologies for in-depth device fingerprinting.
Additionally, the software keeps track of over 200+ device-assisted attributes, software and hardware characteristics, user behavior markers, and other stop-factors that ensure high-quality account takeover prevention.
JuicyScore fraud prevention software analyzes 65,000+ parameters in real-time. These parameters involve:
- Behavioral data including the number of apps on the same device as well as apps’ fulfillment behavioral markers. They may differ drastically within a short period of time showing that credentials could be stolen. The system can be used as a filter to perform automated blockage,
- Device data analyzes carrier type, manufacturer, screen size, and other crucial parameters and considers potential anomalies like screen mismatch. It can be a sign of stolen users’ data used on a different device for fraudulent purposes.
- Device and Internet Connection data helps our system track connection type and anomalies related to time zones, browser version, OS, types of remote control apps, or device-assisted randomizers.
In the end, the software generates a detailed digital user profile detecting all possible anomalies and potential fraud risks in real-time.
Our account takeover fraud prevention software utilizes a customizable data vector. It tracks more than 65,000 different parameters and attributes in addition to 30+ authentication technologies. A blend of advanced fraud protection tools helps companies in risk assessment, building client loyalty and brand reputation on the web.
The system tracks different attributes (behavioral, technical, and other kinds of anomalies) to create a digital user’s profile WITHOUT collecting his or her personal data. We collect device-assisted parameters only to spot potentially fraudulent transactions. The software analyzes device type, installed applications, Internet connection data, software parameters, and more to provide an accurate estimation of fraud risk.
JuiscyScore is easy to install and configure. Our team provides full-scale support on all steps of software integration and usage. The results speak for ourselves. Our partners say JuicyScore helps organizations reduce the level of application inflow high-risk markers by 75+% as well as reduce the NPL 90+ level by 5+% in absolute figures.
Behavior Analysis and Anomaly Detection
Behavioral parameters let us collect crucial layers of information. It relies on specific behavioral markers that let the software detect potential anomalies. For instance, the system tracks the number of applications installed on the same device over the given timeframe. It helps to understand if it is the same device or not (which can mean credentials were stolen or the device duplicated).
Additionally, our account takeover prevention tools monitor extra app fulfillment markers. For instance, the way the user reads content. How fast he or she types the text, and so on. It also helps to detect abnormalities in typical client’s behavior and trigger “red flags” in case of mismatch.
Risk Scoring and Profiling
The risk scoring model involves tools to highlight the probability of NLP90+ (excluding contacts and payments). The system utilizes large deviation analysis to distribute specific values used to determine the fraud risk. The higher the value, the higher the risk of potentially fraudulent activities.
We provide a customizable account takeover prevention solution that performs stable operations across different geographies. It can be calibrated to a required number of milestone values. Blended with specially designed macro indexes and attributes, the system creates a full-scale digital profile based on technical and behavioral factors.
How Our Solution Works
The product is compliant with GDPR, current and prospective regulating rules, and browsers' and operational systems' security policy. It is easy to integrate, configure, and use our light data vector that suits businesses of any size.
Our team guarantees full-scale support on all stages of our partnership, from system installation and fine-tuning to further assistance.
Integration and Setup
Proactive Monitoring and Alerting
Apart from baseline attributes, our data vector utilizes a combination of additional parameters and metrics. They involve a set of advanced tools for wider audience evaluation that cannot be accessed via brick-and-mortar offline channels.
We implement proactive monitoring that supposes monitoring different aggregated variables. A set of markers consists of:
- Behavioral attributes with application frequency, user behavioral parameters, and other factors to generate an accurate scoring profile;
- Device markers with secondary fraud risk factors to detect potential anomalies and device mismatches.
- Connection and device parameters to track Internet infrastructure, type of device, and apps installed to prevent account takeover fraud in the form of randomization, anonymizers, or remote control.
In the end, we come with a full set of tools that send alerts in case of brute force attacks and ensure effective account takeover prevention.
Get Started with JuicyScore Today
Keep your business, customers, and brand’s reputation safe in just 3 simple steps:
- Set the system up in accordance with your preferences, needs, and fraud risk prevention expectations.
- Receive accurate digital users’ profiles and alerts in case of potentially fraudulent activities or stolen credentials.
- Get yourself an ultimate solution for loan fraud prevention and increase the approval rate. Still, have doubts? Book a demo.
What is account takeover prevention?
It is a kind of identity theft. A hacker steals credentials from a victim. Sensitive user’s data is later used for fraudulent purposes that negatively impact on brand’s reputation and financial health.
What is the typical method of account takeover?
Brute force attacks are generally used to perform account takeover. Hackers utilize 4th gen bots that steal sensitive clients’ information and account credentials from their personal accounts.
What are some common indicators of an account takeover?
Different factors can indicate the account takeover. For instance, users may access the app from a different device or have several not-typical applications. Besides, sudden credential changes (email, password, etc.) may also be a red flag.