Online fraud is no longer an unknown or unfamiliar concept, it has become a part of our daily lives. This has now become more true than ever before, especially due to the terrifying outbreak of the Covid 19 pandemic. Due to lockdowns and various restrictions, people have had to turn to the internet and online life, making it easier for cybercriminals to reach their data. Cybercriminals have only one thing in mind, and that is to make a profit no matter who they have to go through. The FBI reported a dramatic increase in cybercrime over the last few years.
No one is safe anymore, especially businesses and organizations. Regardless of whether you have a small or large business or what industry you are in, you are in possession of confidential data that cybercriminals can find a financial gain in.
Online fraud is not going anywhere and being passive is no longer an option. More and more businesses are starting to realize this and implement proper security protocols, which often can cause slowed-down business processes and consequently customer friction. Wouldn’t it be easier to stay safe by spotting fraudsters before they cause any damage to your business? By implementing data enrichment tools you can. Fraudsters can be detected using data enrichment. It enables your business to collect reliable data and increase the quality of each record.
What Is Data Enrichment?
Data enrichment is a process of enriching the original raw data you have by collecting additional data from different external and internal databases. By doing this you get more info about your customers without long processes that cause user friction. A lot of businesses have already been using this process for their marketing departments as it allows them to create a unique user profile which helps them to create a better targeted marketing process. They can target customers that are interested in certain products and get better customer engagement. Data enrichment can bring benefits to the other departments, but especially to the area of cybersecurity.
How Can Data Enrichment Be Used To Stop Fraudsters?
Data enrichment is an irreplaceable security tool that helps you get a clear picture of who your users are. Since it creates a unique profile for each user it can be used to identify any changes in the user account that might indicate the fraud, verify the user is who they say they are, and recognize fraudsters before they make any damage. This is extremely efficient in preventing various types of cyberattacks, especially identity theft or account takeover. Considering that last year about 49 million Americans fell as a victim of identity fraud causing the damages of $56 billion, it is time for businesses to start taking a proactive approach.
Data enrichment can, for example, be used to verify if the user’s email address was involved in a data breach or if the email domain is valid or not. It can even be used to check if the email address was used to register to any social media platform or is it completely new.
Final Words
The more information you have about the users, it will be easier for you to recognize the normal business patterns and recognize any red flags that could possibly go unnoticed. After you notice some red flags you can make informed decisions about next steps like implementing multi level verification, blocking the user or investigating the issue. But in addition to implementing data enrichment, the most important step you need to do is to raise the cyber threat awareness within your company. Employees that are well trained in the area of cybersecurity can make all the difference between your business becoming a victim of a cyberattack, or staying safe and protected.
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