Best Antifraud Solution—Startup
SpyCloud has been named the Judges Choice winner in the Best Antifraud Solution – Startup category at the 2022 CNP Awards. The Austin, Texas-based company truly is a startup—it just launched its Identity Risk Engine in January 2022 and is in the pilot phase with several enterprise merchants.
The independent panel of CNP judges chose SpyCloud as winner in the category based on its potential to address one of the thorniest fraud problems facing e-commerce merchants today: account takeover attacks.
SpyCloud’s Identity Risk Engine provides actionable, predictive risk assessments for enterprise e-commerce and financial service customers. The assessments consist of a risk score supported by key risk indicators and reason codes, resulting from real-time analysis of the company’s collection of recaptured data from breaches, malware infections and other underground sources.
The company says its solution proactively identifies users at high risk of account takeover by revealing information like breach recency, breach type, and malware infections which give criminals exact browser fingerprints to impersonate a user, as well as determine anomalies for a profile that indicate a criminal is using or constructing a synthetic identity.
E-commerce and financial services companies use this data to detect risk at key points in the customer journey—at account creation or enrollment, login, account modification or transaction. High-risk users can then be blocked or flagged for additional verification steps, while low-risk customers can continue friction-free.