The current state of data in cybersecurity is a tale of The Haves and The Have-WAY-mores. All tech companies have data, of course, but the data that’s truly valuable and provides insights – actionable data – isn’t as usable as it should be. In many cases, even when companies do have data, they’re contractually prohibited from commingling data from different customers even if it benefits the larger fraud-fighting effort.
The world’s largest tech companies – Facebook, Amazon, Apple, Microsoft, and Google (FAAMG) – typically use advanced algorithms together with vast amounts of data collected from users to spot potentially fraudulent behavior and notify account holders via familiar email and mobile alerts.
The simple truth is that no cybersecurity company can compete with the data stacks of the FAAMG behemoths, which is why cybercrime is seeing a 63 percent boost over the past year.
But a new approach offers to level the playing field for companies of any size by drawing data in real-time from a broad collaborative network of websites and user profiles to deliver the same level of identity resolution enjoyed by the titans of tech.
The company pioneering this approach is Deduce, which recently launched its newest product, Insights – a first-of-its-kind platform that increases digital identity telemetry and acts as cybersecurity radar to give early warning of fraudulent behavior before it affects a company’s customers.
Insights is powered by the Deduce Identity Network that provides real-time analytics profiling and scoring based on over a billion daily user interactions drawn from over 150,000 websites and 300M user profiles. Powerful fraud-spotting tools that act like a cybersecurity early-warning radar are now available via APIs that take only a few hours to set up.
Watch this explainer video for more insight into Deduce’s innovative approach:
Deduce’s first product – Customer Alerts, that directly notifies customers about suspicious account activity on behalf of the businesses that serve them – resulted in the company’s selection as a finalist in the RSA Innovation Sandbox competition along with an honorable mention from Fast Company’s World Changing Ideas Awards.
Insights draws from the same pool of innovation as Customer Alerts to work within global data privacy rules, including GDPR and CCPA, to analyze vast troves of real-time user behavior data. Deduce’s data network provides ground truth for determining whether a user is who they claim to be at the point of online interaction. Powerful algorithms crunch the data to spot potentially fraudulent activity and provide early warning to detect and prevent threats including:
- Account Opening/New Registration Fraud – augments a company’s existing fraud or know-your-customer (KYC) solutions with digital insights to stop fraudsters from impersonating compromised user identities
- Account Takeover – detects and allows quick responses to irregular or anomalous user account activity, bolstering defenses and stopping account takeover in its tracks
- Account Anomalies – measures deviations against known and expected account interactions to detect security threats
Customers from eCommerce, financial services and fintech to social and entertainment rely on Deduce to detect and stop potentially fraudulent behavior before consumer accounts are affected.
For more information, visit Deduce.com.