SpyCloud confirmed that the cybersecurity firm closed a $30 million venture financing round to improve its engineering team and products. The company creates new strategies to prevent and detect fraud acts. Javelin Strategy and Research's previous report explained that the innovation was done because the identity theft hit a record high, way back in 2017, 

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16.7 million users, which is 8% higher than the 2016 record, fell victim to account takeovers, losing a total of $16.8 billion. Account takeover is the most common form of fraud, allowing cyber attackers, hackers, and other criminals to take the victim's account information to buy services and products.

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SpyCloud's security researchers spend 16 hours and $290 in out-of-pocket expenses to resolve identity theft, making it one of the most challenging cyberattacks. The Federal Bureau of Investigation's (FBI) Internet Crime Complaint Center reported an uptick in fraud during the global pandemic, after receiving thousands of complaints every day about hacking attempts.

The cybersecurity firm confirmed that it would use its big analytics tools to stop cybercrimes before they even happen proactively. SpyCloud's cloud-based solution takes a four-pronged approach, including investigation, alerts, enforcement, and prevention, to takeover mitigation.

How SpyCloud will prevent fraud acts

Account takeover forces users to reset their passwords after accounts are affected by a breach or leak. SpyCloud will actively identify places and track domains where the web user's credentials have been exposed so that users will no longer need to change their passwords from time to time.

The company's Investigations product identifies the strategies and techniques used to perform fraud. On the other hand, Maltego, a visualization tool, produces a graph for link analysis. The security tool can find the connections among passwords, usernames, geographic locations, phone numbers, IP addresses, email addresses, financial information, and other relevant personal information.

SpyCloud's robust set of APIs also allows strategic partners like AlienVault and CreditKarma, to build security and monitoring solutions for third-party clients. The cybersecurity firm plans to grow its service by expanding its support operations and sales into Europe, Africa, and the Middle East.

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Written by: Giuliano de Leon.

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