Financial Fraud Detection Software

Why Do Organizations Need Cybercrime Detection Software?

Financial organizations have undergone dramatic digital transformations. This has placed them directly in the crosshairs of cybercriminals and attackers. While the potential for stealing an unsuspecting user’s money is often the lure, cybercriminals can use a variety of data found in financial accounts for malicious purposes. In fact, cybercriminals will use information leaked in previous data breaches to their advantage. This includes using leaked or stolen user authentication or personal and sensitive information, like usernames, passwords, and email addresses.

This information, or credentials gleaned from a successful bot or phishing attack, can be used for some of the following downstream illicit activities and scams. These can include account takeovers (ATOs) and identity theft and application fraud. The latter is when cybercriminals leverage stolen or synthetic account information to create fake accounts on fintech platforms, including applying for credit.

Due to this threat, organizations need cybercime detection software to prevent improper access to sensitive business and customer data. The software helps identify anomalies in online traffic and user behavior. By analyzing data, security teams can understand and mitigate malicious activities. This will prevent potential financial or reputational losses, including any expensive regulatory fines.

Arkose Labs Secure Financial Cybercrime Detection Software

Arkose Labs offers a cybercrime deterrence platform that focuses on protecting platforms and websites from account takeovers, fake account creation, spam, scraping, and more. Arkose Labs understands the pressures facing security teams and provides long-term account protection and fraud prevention—combined with continuous monitoring—that makes attacks financially untenable for attackers while providing a secure, user-friendly experience for legitimate customers.

Arkose Labs’ platform uncovers the underlying intent of users, including risk scoring, before deploying its attack response. Targeted friction is applied to malicious users through Arkose MatchKey challenges that are variable in difficulty. Meaning that the more variables a cybercriminal must take into account, the more difficult it is for them to automate their attack via bots. While these challenges put a stop to attackers and potential fraudulent transactions, legitimate users often experience no friction at all.