How BioSig-ID Forensic Tools Catch The 2 Types of Fraud

Fraud using the “virtual highway” is big business with data breaches costing $6.2B in 2016 and Financial Student Aid Fraud (FSAF) costing upwards of $3.8B annually. So you ask how can your institution get your money back?  If you’re an company or university, how can you stop the data breaches?    

Understand there’s at least two types of Internet or device based fraud:

  1. Those who steal your data for financial gain against others, leaving you with the liability costs (credit monitoring, fines, reputation loss, stock price decline, etc..)
  2. Those who enter your enterprise and steal directly from you (ransomware, reimbursement of monies you receive, etc…)  

Where does higher education fit in?

#2 above since students (real and fictitious) are actually stealing what may be 4% of all the FSA your institution dispenses. To bring this home say your school disburses $50M in FSA. The feds suggest 4% is “improperly paid”. Using this math it means $2M has to be paid back to the Dept. of Education and the school is left to try and collect these monies from the student. = Good luck.  

What about data breaches and protection for your company?

#1 above since bad actors seek the data you hold on all your clients/users. Data breaches are common place and costly, we read about them every day. External threats from various hacking and internal threats are the main reasons why breaches occur. We recommend multi-factor authentication using BioSig-ID gesture passwords since sharing, stealing or hacking will not be successful. It stops imposters from logging in. Most of the companies who are breached end up paying recovery costs at $158.00 per breached record and healthcare records cost them $394.00 each. This adds up to $millions of dollars! It even affects share prices. The disclosure last year by Yahoo of two massive user-data breaches (1.5B) in 2013 and 2014 led Verizon to lop $350 million from the purchase price for Yahoo’s internet businesses.  

Finding the origin of fraud is like trying to find a needle in a haystack and fraudsters know it. One of the many reasons that fraud is committed, is because it’s hard to catch the perpetrator. With fraud growing at an alarming rate, many bad actors are able to slip through the cracks.

What if there was some way of combing through all of the raw data, pinpointing fraudsters and recovering lost money?

Fortunately, there is!

In addition to providing award-winning biometric identification and authentication solutions with the world’s first biometric password, BioSig-ID (You draw your password versus type it in, NO hardware required) we can now analyze hundreds of thousands of activities of BioSig-ID usage. These reporting tools provide backend details on how the user is accessing assets, from device to geolocation, to time of day or number of password resets. We review historical pattern analysis and take all of the guess work out of finding fraud.

No matter the industry, BioSig-ID robust analytics reporting has been proven to:

  • Track and notify of potential fraud in REAL time
  • Create a significantly positive ROI when using our forensics
  • Recover lost money and prevent data breaches
  • Provide more transparency to network administrators
  • Catch even the smallest pattern deviation

Once in use, BioSig-ID forensics system knows exactly who users are. It can track many factors from login patterns and attempts, to activity and success rates. BioSig-ID finds the anomalies that could never be detected by an individual, or even a dedicated fraud prevention team and provides alerts in real-time. Once the bad actors are found, clients can handle it from there, taking whatever action they deem necessary.

The BioSig-ID forensics are derived by having your users create/draw their unique gesture biometric passwords when logging in to a device or virtual asset. After years of use in 95 countries and 10 million uses, BioSig-ID has significant data and power to filter out the bad actors.  Our state of the art analytics tool has become fine-tuned in pattern analysis used to find academic fraud, access to your device or account fraud and financial fraud. 

Life’s too short to be chasing fraudsters. Let BioSig-ID’s fraud buster forensic tool help you find the needle in the haystack so you don’t have to.