BLOG

Fraud Fighters Need to Think Differently

 Miniature
Published May 05, 2023
  • Share to Facebook
  • Share to Twitter
  • Share to Linkedin
  • Share via AddThis

Online fraud continues to be a major cost to businesses, forcing organizations to continuously expand and better integrate security and fraud services to combat the proliferation and evolution of attacks. Larger attack surface threats leading to Account Takeover (ATO) and Account Opening (AO) fraud remain some of the most prevalent threats to businesses across the globe and result in billions of dollars in annual revenue losses. Organizations need solutions that protect the entire user journey from the moment they enter a session through login, transaction, and checkout without adding friction.

Fraud prevention requires a holistic view of the customer journey and benefits from the ability to detect fraudsters before they’re able to transact. Using a multi-pronged approach to mitigate attacks bridges gaps that can exist between security and fraud teams. Application defenders (i.e., network, security, and fraud teams) must be empowered to identify anomalous activities and bad actors. They require actionable intelligence around user behavior, network characteristics, and device characteristics that are useful for detecting malicious traffic. The best tools can seamlessly integrate with existing decision engines to look at security, fraud, and authentication challenges in a holistic way. Using AI-based insights and advanced data analysis, along with additional context/signals that organizations already have access to via other data sources, teams can build better rules and models and make decisions that help reduce revenue losses due to fraud while enabling a better customer experience.

KuppingerCole just released its annual Leadership Compass – Fraud Reduction Intelligence Platforms (FRIP) report to provide an overview of the market for Fraud Reduction Intelligence Platforms along with a compass to help organizations find the solution that best meets their business needs. The report examines the market segment, vendor service functionality, relative market share, and innovative approaches to providing Fraud Reduction Intelligence Platform solutions.

Previously less established as a fraud prevention player, F5 is ranked as an Overall Leader in every category including: Innovation, Product, Market, and Technology.

One of the key anti-fraud technologies that F5 offers is its Distributed Cloud Bot Defense, which uses AI to achieve unparalleled long-term efficacy and zero customer friction to stay ahead of bots. Sneaker bots were disrupting the launches of new products from PUMA North America, disappointing customers and taking the site down for hours at a time—until help from F5 Distributed Cloud Bot Defense mitigated the attacks and enabled a better experience for PUMA’s loyal fans. Once the Distributed Cloud Bot Defense solution was in place, PUMA North America launched several high-demand shoes without automated traffic degrading site performance.

“We went from a situation where we were not even taking sales on the site to alleviating that. This solution kept the lights on, so to speak, for new and loyal consumers alike,” said Rick Almeida, Vice President of e-Commerce at PUMA North America. “Now we can focus on the go-to-market strategy and sales, and we can deliver on consumer expectations.” The team has since deployed Distributed Cloud Bot Defense to protect its shopping app, too. “No matter where we’re selling our product, we’re making sure we’re delivering a great experience for our consumers and also protecting ourselves,” Almeida continued. “The F5 solution contributes directly toward our ambitions for future growth.”

The KuppingerCole Leadership Compass highlights F5’s strength as a leading fraud prevention vendor. As an overall leader, any organization looking for Fraud Reduction Intelligence Platform services, especially those that are already using other F5 products and services, should consider the F5 Distributed Cloud Services mentioned in the report to comprehensively protect their apps with flexible deployments options that can quickly be integrated within an existing security ecosystem—enabling simplified operations and business growth with confidence.

The Fraud Reduction Intelligence Platform report reflects continued recognition of F5’s growing position as a leader in the fraud reduction market because of the company’s unique approach to unifying security and fraud through end-to-end capabilities that secure organizations from a breadth of automated and manual fraud attacks—all while reducing user friction.

Find additional details on the KuppingerCole Fraud Reduction Intelligence Platforms report here, and learn more about F5 online fraud prevention at: https://www.f5.com/solutions/stop-online-fraud

Sign up for a free Fraud Threat Assessment if you want to learn what fraud attacks you are currently missing with your existing tools.

Additional Resources