SpyCloud announced it has been recognized in Gartner’s October 2020 Cool Vendors in Identity Access Management and Fraud Detection report, which is designed to highlight interesting, new and innovative vendors, products and services.
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“We’re honored to be recognized as a Cool Vendor and believe it validates our efforts to secure enterprise customer and employee identities and prevent online fraud tied to stolen data,” said Ted Ross, SpyCloud CEO and co-founder. “To us, it’s a meaningful designation for a company whose mission is to eliminate the loss of money, time and reputation due to online fraud – and ultimately make the internet a safer place.”
SpyCloud is best known for helping enterprises proactively stop account takeovers (ATO) with its unique anti-fraud platform, powered by the world’s largest curated breach data collection that organizations use to ensure their employee and customer accounts have not been compromised. When exposed customer or employee credentials are identified by SpyCloud, enterprises can take proactive steps to secure vulnerable accounts, such as resetting passwords or enforcing other forms of authentication.
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While other methods of fraud detection rely on commodity data or behavioral indicators that catch only a subset of fraudulent transactions, SpyCloud prevents fraud throughout the full lifecycle of an account by ensuring customer identities are secure from the moment of account creation. With ATO being a leading cause for fraud, up 72% year over year, it is essential to enforce good credential hygiene and NIST password compliance at account creation and perform regular, ongoing checks for potential compromise. SpyCloud ensures that users’ sensitive data and financial information is secured from day one.
The Gartner report recognizes that “identity and access management (IAM) leaders are being asked to do more with fewer resources, particularly in the consumer space,” which can lead to the acceptance of more risk. “New solutions are required to reduce risk at sensitive points in the customer journey, including authentication and enrollment.”
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