Prevent Online Fraud: Your Complete Fraud Mitigation Guide

The Online Fraud Challenge

As businesses move increasingly online, fraud has grown exponentially. Companies report millions of dollars in fraud losses annually—and fraudsters are only getting more efficient. Yet, companies are often a step behind, deploying incomplete solutions that result in fraud going undiscovered until long after the damage has already been done. Here’s everything you need to know about online fraud.

PingOne Protect identifies and blocks known attack vectors allows easy access for lowrisk users and challenges suspicious users

A Better Approach to Fraud

An integrated threat protection strategy evaluates user behavior, network, and device signals throughout each user session, assesses risk, and automatically makes fraud mitigation decisions in real time, isolating fraudulent sessions without disturbing legitimate users.

Why Is Fraud Prevention Important Today?

Identity fraud is big business, with losses due to identity theft totaling over $635 billion in 2023 and account takeover attacks up 354% year-over-year. With bots and bad actors accosting businesses from all sides, many fraudulent interactions slip under the radar until after financial loss has occurred. This results in resolution costing companies on average three to four times as much as the sum of the initial transaction.

Heavy-handed security measures may decrease fraud but they also cause companies to lose frustrated customers – and revenue. 81% of users say ease of use is important when interacting with brands online, so effective fraud detection and prevention strategies must balance subtlety with efficiency.

Advances in AI technology make it easier than ever for cybercriminals to create convincing fake identities, send believable phishing emails, forge identity documents, and even impersonate users with voice cloning and deepfakes. These attacks are easier than ever to perpetrate at scale, and legacy cybersecurity measures won’t always catch them.

Identity Fraud Is An Expensive Problem

Identity fraud threats such as account takeover, new account fraud, and synthetic identity fraud are often the starting point for crimes that ultimately lead to financial losses. Focusing on identity risks allows organizations to identify fraud earlier, spotting and stopping cybercriminals long before they can make a fraudulent transaction.

Ecommerce Fraud Prevention Solutions

Did you know?

76%

of security, IT, and business decision makers choose identity fraud as their highest priority in fraud prevention.

Get the Report

Did you know?

76%

of security, IT, and business decision makers choose identity fraud as their highest priority in fraud prevention.

Get the Report

The Fraud Prevention Journey

Successfully combating online fraud requires three things: strong preventative measures, effective fraud detection, and integrated mitigation to respond to threats in real-time.

Prevent

Incorporate preventative measures such as MFA by default to decrease account takeover or identity verification to combat new account fraud and synthetic identities.

Detect

Scan all interactions for fraud risk, starting before login and continuing throughout the session, and aggregate multiple fraud signals into a single risk score to improve accuracy.

Respond

Mitigate fraud risk in real-time by stepping up security for suspicious users based on the level and type of risk they represent, regardless of where they are in the user journey.