Identity orchestration tools are crucial to any fraud detection system. You can’t stop users attempting to perpetrate new account fraud if you can’t spot them. That’s why rapid, accurate identity orchestration plays such a significant role in fending off bad actors.
Many organizations operate in the digital space. But not all of them have realized the effectiveness of modern ID orchestration tools. Commonly, managers will content themselves with their existing fraud detection systems. But these systems often leave a lot on the table regarding capability.
Utilizing advanced identity orchestration tools is vital to securing growth for your company. Here are the top four reasons your business should use ID orchestration software.
Fraud Ring Attacks Can Cause Irreparable Damage
You’re serious about securely growing the digital side of your business. That means you can’t afford to underestimate the threats posed by fraud rings. They’re not just some disorganized rabble. Fraud rings have become increasingly sophisticated and cunning. They carefully assess their targets and strike with precision.
In 2017, a New York fraud ring stole $200 million in a credit card application scheme. You must assemble a robust fraud detection system that incorporates ID orchestration tools.
Outdated Systems Don’t Cut It
Too many organizations continue to rely on fraud detection and ID verification tools that have been rendered all but obsolete. PII-based systems have been around for quite a long time. By now, fraudsters have everything they need to defeat them.
It’s a discomfiting fact: A staggering amount of compromised PII is available on the darknet. Now, it’s easy to access personal information. Bad actors are better equipped than ever to assume another person’s identity.
They can even use pieces of PII from different user profiles to forge synthetic identities. These are difficult for outdated fraud detection systems to catch. A synthetic identity could be the perfect Trojan horse for someone intent on defrauding your business.
Identity Orchestration Software Has Evolved
Modern ID orchestration software is capable of more than you might think. The leading tools offer broader functionality in addition to the rapid, accurate ID verification you’ve come to expect.
Fraudsters would use stolen PII to disguise their identity and intent. But top identity orchestration tools can unmask them. Don’t rely on PII provided by the would-be fraudster. Instead, harness the power of behavioral intelligence.
This software passively reads digital body language. It searches for signs that a user is unfamiliar with the PII they’re using on your site form. Then, behavioral intelligence tools identify risky users based on their activity.
Accurately and Rapidly Prescreen Identities
Many organizations value early identity orchestration. They understand the importance of using user behavior to prescreen identity with precision. The right tools offer transparent, session-level insights for every applicant.
The leading ID orchestration tools sort your users into three subgroups: risky, neutral, and genuine. Real-time flagging empowers your step-up verification systems. They can rapidly target risky users without inconveniencing your real customers.
ID orchestration delivers prescreening and smarter decisioning. It automatically enhances your existing identity verification flows. That means you can intuitively see all applicant behavior and give up the manual review.
Experience advanced identity orchestration software from NeuroID at https://www.neuro-id.com/
