The rise of digitalization has led to an increase in fraudulent activities. According to a report by Cybersecurity Ventures, cybercrime is expected to cause $10.5 trillion in damages by 2025. This has led to companies being more vigilant and investing in technology solutions to combat fraudulent activities.
One such solution is device intelligence, a technology suite that determines user intent and integrity via parameters from their device and network telemetry and the user’s behaviour. In this blog post, we will explore what device intelligence is, how it works, the use cases, and the benefits of using a new solution, Bureau Device Intelligence™
What is Device Intelligence?
Device intelligence is a seamless blend of technology, including device fingerprinting, which helps uniquely identify a device based on multiple parameters. Device fingerprinting collects various hardware and software parameters from the device and generates a unique ID that can identify a user associated with a device.
The parameters used for analysis include unique device identifiers such as screen resolution, battery information, operating system, browser information, and network telemetry. The device fingerprinting technology can be implemented on mobile OSes, such as Android, iOS, and any desktop OSes.
How Does Device Intelligence Work?
The device intelligence solution follows a simple chronology. When a user engages with an app or a website, such as opening a new account or withdrawing winnings, Bureau collects the necessary information using an SDK. The solution runs in the background without any user’s interactions, thus reducing friction and providing a smooth journey.
The collected parameters are then evaluated using complex algorithms to detect fraudulent activities and uniquely identify the device. The flagging is available instantly and can be used to take the next steps in the user journey.
The role of algorithms is crucial in detecting fraudulent activities. Fraudsters use sophisticated attack techniques such as emulators, bots, cloned apps, tampered apps, etc. to bypass fraud and security measures. The algorithms can detect such fraudulent activities and flag them in real time. Additionally, the use of Device Fingerprinting helps in uniquely identifying a specific device which helps detect fraud rings, and repeat fraudsters. It is particularly efficient in detecting fake accounts, account takeovers, device takeovers, fraud rings, promo and referral abuse, collusion, and other fraudulent activities.
What Types of Fraud Does Device Intelligence Stop?
Device Intelligence has proven to be a crucial tool in the fight against fraud, enabling businesses to detect and prevent fraudulent activities quickly. It is a solution that nimble fraudsters have a very hard time working around. Here are some use cases that call for Device Intelligence:
- Fake Accounts: Fraudsters create multiple accounts on the same device with the intent of gaming the platform. Using the Device Fingerprint, we can identify if these accounts are being made from the same device and block the user during sign-up.
- Account Takeovers: Fraudsters may try to take over an existing account by resetting the password or bypassing two-factor authentication. Device Intelligence can detect these attempts by analyzing the device parameters and identifying if the device is different from the one associated with the account.
- Device Takeovers: In this type of fraud, a fraudster gains unauthorized access to a user's device and makes fraudulent transactions. Device Intelligence can detect such activities by analyzing the device parameters and identifying if the device has been recently reset or if there are any other suspicious changes to the device.
- Fraud Rings: Fraudsters often work in groups to carry out large-scale fraud activities. Device Intelligence can help identify these fraud rings by analyzing the device parameters and identifying if multiple accounts are being created from the same device.
- Promo and Referral Abuse: Fraudsters may use fake accounts to take advantage of promotional offers or referral programs. Device Intelligence can detect such activities by analyzing the device parameters and identifying if multiple accounts are being created from the same device.
- Collusion: Collusion is when two or more users work together to commit fraud. Device Intelligence can detect such activities by analyzing the device parameters and identifying if multiple accounts are being created from the same device or if there are any other suspicious changes to the device.
- Social Engineering attacks: A common scheme for fraudsters is to leverage social engineering attacks in order to install software that enables them to control a victim’s device remotely in order to either create a fraudulent account or perpetrate an account takeover attack. Bureau Device Intelligence™ has the capability to detect in real time when such attacks occur by detecting remote control software and active remote sessions to a device.
In conclusion, Device Intelligence is a critical tool in fraud prevention, and it provides the necessary data to keep your business safe from fraudulent activities. The Bureau Device Intelligence™ solution is one of the most comprehensive and reliable options available in the market. By using advanced technologies like Device Fingerprinting, Machine Learning and collecting data from multiple parameters, we help businesses identify fraudulent activities and maintain a safe and trustworthy user experience.
With Bureau Device Intelligence, you can trust that your users are who they claim to be, and your business is protected from fraudulent activities. Our Complete Trust approach to fraud prevention enables businesses to create secure digital ecosystems where users can engage with confidence.
The threat landscape shifts rapidly. Fraudsters are constantly devising new ways to exploit vulnerabilities and gain unauthorized access to sensitive information in the quest to make money. They’re highly motivated and organized. The Dark Web is populated with communities used for knowledge sharing, easy access to ready-made tools, and even training courses on how to perpetrate fraud across the digital world. Businesses can fight back by deploying essential and reliable solutions that provide the necessary protection against such fraudulent activities. With Bureau Device Intelligence, you’ll have the confidence to operate your business knowing which identities you can completely trust.