Technology

The Cybersecurity Tech Startup Defending Against Identity Fraud

Cybersecurity startups have been creating disruptive solutions to tackle the challenges companies face in protecting their customer data and assets. These companies increase the speed at which companies can discover, deter, and punish identity fraud perpetrators. Let’s understand how Cybersecurity tech startup defending against identity fraud.

What is VeriClouds?

VeriClouds is a company based in Seattle whose main business is cybersecurity and cloud data SaaS. The company has analyzed the most common fraud techniques and identified those that present the highest risk. This new system detects and prevents those fraud.

Solutions are designed to eliminate fraud in two ways:

  • First, based on behavioral analytics
  • Second, by detecting fraud in real-time and live

Targeting a global market of billions of individuals and businesses who are at-risk for financial crime including identity theft, credit card fraud, and money laundering can be prevented by VeriClouds. Using artificial intelligence and dark web data, we can detect red flags that indicate fraud activity is taking place. This leads to faster response time by proactively monitoring customer behavior and, ultimately, protecting financial institutions and their clients from falling prey to financial crime.  take a look at this detail guide about Cybersecurity Tech Startup Defending Against Identity Fraud.

What is VeriClouds’ Objective?

VeriClouds‘ approach to preventing corporate accounts from being hijacked and their users’ data being stolen is based on Blockchain technology. VeriClouds provides enterprise-level security, subscribers-based encryption and tokenization, verifiable access controls, and seamless operational globalization with an edge-protecting root certificate on every transfer.

6.3 billion Passwords were stolen last year, and the number of people affected by cybercrime is on the rise. Financial institutions, government agencies, medical facilities, and retailers are prime targets for hackers because any information they hold could be used to steal identities or for other illegal purposes.

There are over 130 million attempted account takeovers each year, and 70 to 80 percent of e-commerce logins are performed by people who have no intention of buying anything. Unfortunately, identity theft and other forms of financial fraud are still a major problem.

Click here to read: 6 Things Startups Need to Know About Cybersecurity

Cybersecurity startups are sprouting up left and right, but few people understand how important cybersecurity is. Identity theft is very real, and hackers are targeting consumers as if they are a dime a dozen.

Cybersecurity startups are valuable because they can solve a crucial problem for the short term — hopefully preventing identity theft — but they also have the potential to affect bigger picture issues that impact our entire economy. There are a lot of ways these startups can improve the way we secure our data; we may not realize that it’s happening until it’s too late.

What Specific Problem does VeriClouds Solve and How Does it Solve it Better than its Competitors?

The complex nature of identity fraud means that it’s not effective to try to solve the problem with just one approach. Companies should try multiple solutions to piece together an effective strategy. Fixing this problem requires that you take action in three main areas:

  • To make decisions more effectively, you need to gather as much information as possible, including data from network monitoring, logs, and login data. The data in the external data also includes information from dark sources.
  • There are many benefits to integrating your identity systems with identity-management tools, but it’s especially important to use the same standards which the widely-adopted identity-management systems use, not just any random system. Identity systems provide a common format for representing and aggregating the (very large) number of security and compliance logs, enabling users to see what’s happening across their organization in real-time.
  • The more people who use the detection and remediation system, the better able we’ll be to catch errors in the future. By automatically identifying human users and assessing their intent, a botnet can use a large amount of data to identify which requests are malicious and allow legitimate requests. Because it requires so much human effort to combat identity fraud, companies are starting to automate the process.

Opportunities for Growth are More Likely in a Larger Market

There are many ways to steal your identity, including leaked information from data breaches, fraud by employees, malicious emails, the dark web, and weak passwords. All of those will be used to perform account takeover, giving the attacker unauthorized access to your accounts or financial information.

People predict that the industry that makes services to fight fraud will grow to $107 billion within five years.

Whose Cybersecurity Use Cases Are Your Target Market?

The company must keep its clients confidential, but it does do business with some very large companies. Our customers are in a sensitive industry, and we must do everything in our power to protect their identities. But we do work with multiple companies whose revenues exceed $1 billion and others that are traded on the stock market.

Any company can take advantage of VeriClouds’ ability to generate leads by simply deploying the service without needing to invest resources into design, development, or marketing. Its service is completely transparent to consumers, which leads to higher revenue for retail companies.

Click here to read: Malware: How to Protect Your Business

Which Technology Stack Does the Company Use and Why?

VeriClouds uses AWS data centers to run its SaaS service. This software will protect the data of its customers with multiple patents. Its encrypted cloud services are perfect for the most security-sensitive businesses. It is completely secure; it uses cloud computing to protect your information when you need it, and when you don’t.

VeriClouds use AWS and Google Cloud Platform to perform AI work. We have a robust system for identifying identity fraud, and our database of over 20 billion stolen credentials provides a state-of-the-art way of identifying bots. The software is designed for the cloud, meaning that it requires considerable server space, bandwidth, and other things that are necessary to run a web application.

What is the Business Model that the Company as a Whole Follows?

The company has a “classic” business model, in which it sells its product annually to all of the customers who signed up over the past year. Since the company continues to add stolen’ credentials each day. The company will not discontinue service to any of its existing customers.

Click here to read: 3 Biggest International E-Commerce Challenges and How to Overcome Them

Who are the Company’s Executives?

The founding team has Microsoft, Google, and Amazon working experience. With a staff that is knowledgeable in various areas like software development, cybersecurity, and business development, that can solve your problems faster and with greater efficiency than many other firms. The startup’s founders are joined by experienced investors, an advisory board, and other people with special knowledge of software development, cyber security, or startups.