It’s a scary fact, but anti-fraud experts agree that cybertheft rings are now well-funded multinationals with revenue goals of their own. Even worse, they now have our personally identifiable information (PII) and are using it to open fake accounts, decimating online trust.
Compounded by the loss of in-person cues with the rise of eCommerce along with the sunsetting of browser cookies, traditional knowledge-based authentication (KBA) is becoming less effective as fraud rings accumulate and deploy stolen data, often successfully.
For these reasons, NeuroID CEO Jack Alton told PYMNTS’ Karen Webster, “I think 2022 and 2023 will be the years of behavior. I think the overall market is understanding that simply relying upon third-party data sources that are historical and fact-based are not going to be adequate. Adding behavior to the mix, especially upfront, top of funnel, can really help us get more from those investments that we’ve made today and deliver on much better experiences.”