Tech:NYC has declared Fraud.net to be one of five NYC-based tech companies to keep an eye out for. Cathy Ross, the president and co-founder of Fraud.net, was interviewed by Tech:NYC about herself and Fraud.net, and a few of her responses are below.
What does your company do?
Fraud.net co-founder and president Cathy Ross: Fraud.net operates a real-time fraud detection and analytics platform, helping companies with high volumes of digital transactions to quickly identify transactional anomalies and pinpoint fraud using big data and live-streaming visualizations. Our first-of-its-kind platform allows enterprises to monitor their end-to-end fraud program’s performance, identify process improvement opportunities, and gain new insights into developing fraud trends in minutes instead of months.
Why did you found your company in NYC?
CR: We have clients from across the world so it’s the ideal spot for a company like Fraud.net to be headquartered. In New York we’ve got the best combination of access to capital, labor, business services and clients. Although New York is our HQ, we also have a presence in Seattle, London, and Frankfurt.
What’s a recent trend in cybercrime that you’re especially keeping an eye on?
CR: There are two trends we’ve been keeping an eye on in cybercrime: AI-enabled account takeover and synthetic identity fraud. For AI-enabled account takeover, most commonly, attackers will deploy an army of bots with credentials that have been purchased on the dark web or acquired directly in a data breach. The data can be further enriched from the individual victims using a wide variety of social engineering. The sheer size of these attacks will quickly expose which merchants and financial institutions have not taken proper precautions.
Synthetic identity fraud, in which fraudsters create fabricated identities using legitimate seed data like a social security number, is growing fast making banks and digital merchants especially vulnerable. If you don’t catch synthetic identity accounts early, they can be very difficult to catch because they exhibit all the behaviors of an ideal customer. Even companies as agile as Facebook and Google were caught flat-footed and defrauded for more than $140 million this year.
Learn More
- Read the Full Article
- Speak with a Fraud Prevention Specialist