ForgeRock releases AI-driven anti-fraud solutionmai 11, 2022
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Today, digital identity provider Forgerock announced the launch of ForgeRock Autonomous Access, an anti-fraud solution that uses AI to prevent identity-based cyber attacks and fraud.
ForgeRock Autonomous Access can monitor login requests in real-time, while using AI to identify anomalous behaviors and to add extra login steps if necessary. It also has the ability to completely block malicious actors from gaining access to the service.
This flexible authentication process means that legitimate users can login without having to undergo lots of authentication steps whereas malicious users or those that act suspiciously will have to undergo more thorough screening measures throughout the login process.
The challenge of offering a user-friendly anti-fraud solution
Since the start of the pandemic, the amount of digital fraud and account takeovers has skyrocketed.
For instance, online fraud attempts increased 25% in the US in 2021, while account takeover attacks on ecommerce businesses increased 378 percent since the start of the pandemic.
“Autonomous Access is designed to help organizations detect anomalous behavior to prevent data breaches, inappropriate access, account takeover, and fraud,” said Chief Product Officer at ForgeRock, Peter Barker.
“Enterprises have become more susceptible to cyberattacks as they shift operations to digital-first approaches and customers utilize more online services. The large amount of customer identity data has presented more opportunities for cybercrime.”
ForgeRock is aiming to confront this fast-moving threat landscape by leveraging AI to identify account takeover and fraud attempts, whether they’re led by humans or bots, so that organizations can decrease the risk of a data breach.
The risk-based authentication market
Forgerock Autonomous Access is the latest entrant to the risk-based authentication market, which researchers expect to reach a valuation of $12.8 billion by 2028, and is competing against a number of other IAM providers that offer adaptive authentication capabilities.
One of the organization’s main competitors is IAM provider OKTA, which offers adaptive multi-factor authentication with contextual access policies that measure risk based on the user’s device, network, location, travel, and IP address, that can automatically block suspicious IP addresses.
OKTA recently announced raising total revenue of $1.78 billion.
Another competitor is LastPass, who also offers an adaptive Multi-factor authentication solution that uses biometric and contextual intelligence (phone location or IP address) to guide the login experience, and enables users to login with biometric fingerprint or Face ID.
LastPass recently announced it currently has over 25 million users and 70,000 business clients, and was acquired by LogMeIn for $110 million in 2015, before LogMeIn was sold for $4.3 billion in 2021.
However, Barker says that Forgerock is distinct from competitors due to its “unique combination of AI, machine learning, and advanced pattern recognition,” which can detect known and unknown identity threats.
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