August 11, 2023 Traceable AI Introduces Digital Fraud Prevention

Advanced API security solution pioneers an adaptive approach to combat digital fraud and API abuse.

Traceable AI, the industry’s leading API security company, announced the launch of its digital fraud prevention capabilities, to deliver protection against fraudulent activities across APIs and digital interfaces. This innovation is crucial, especially in the post- COVID era, as businesses continue to grapple with the high cost of fraud, both financially and reputationally.

Fraud protection, typically seen as a solution outside of cybersecurity, has taken on a new dimension in recent times with APIs becoming increasingly prominent vectors for cybercriminals. These malicious actors are leveraging bots, residential proxies, and anonymous VPNs to obfuscate their identity while abusing APIs to commit digital fraud. Traceable’s unique focus on API behavioral patterns, authentication, authorization, and understanding of vulnerabilities at the identity layer, provides a robust defense, detecting cybercriminals early, based on strong signals of anomalous behavior.

These capabilities are especially relevant to industries that are reliant on digital transactions and data exchange, such as financial services, healthcare, retail/e- commerce, telecommunications, and government. These sectors, where secure APIs are crucial and data protection is mandatory, can significantly augment their defenses and protect against fraud with Traceable’s new capabilities.

By integrating advanced fraud prevention capabilities within its API security platform, Traceable provides a holistic, in-depth, and adaptive approach to ensuring that organizations stop fraud in its tracks. This proactive approach empowers organizations to detect real-time digital fraud, as well as counter threats preemptively, thereby enhancing operational security and resilience, lowering risk, and eliminating the potential financial burden associated with fraudulent transactions.

Traceable’s Latest Innovation is a Significant Leap in Digital Fraud Mitigation:

Traceable deeply understands users and their behavior down to the minute details, constructing a unique ‘fingerprint’ from each user’s identity, APIs’ call sequence, and sensitive data transmitted via API. This ability to recognize individual digital access, patterns, and behaviors, for users and entities, deepens the precision of threat and fraud prevention.

1. ML-powered Threat and Fraud Prevention: Leveraging Graph Machine Learning, Traceable goes beyond basic threat detection, uncovering hidden correlations across various dimensions, such as endpoints, networks, applications, and APIs. It offers a holistic perspective of ‘fraud rings’, and the evolution of an attack. These capabilities give security teams unique insights for detecting and preventing threats and fraud, thereby enhancing response capabilities, and enabling automated prevention.
2. Unique User and Entity Profiling: Using sophisticated API activity-based user behavior profiling, the system extracts both temporal and spatial patterns from each user’s API call sequence to create a unique ‘fingerprint’ identifier that goes beyond traditional profiling methods and encompasses each user’s individual habits, patterns, and behaviors. As a result, it significantly enhances the precision of threat detection and makes it possible to spot anomalous behavior that deviates from established user behavior patterns. By correlating across individual user “fingerprints,” Traceable can recognize broader, holistic patterns reflecting coordinated attacks orchestrated by entities such as fraud rings.
3. Proactive Anomaly Detection: By leveraging these unique ‘fingerprints,’ Traceable can actively detect and uncover anomalies in user behavior, allowing organizations to act swiftly in mitigating potential threats before they can cause damage. Traceable continuously learns from each interaction, enhancing its precision over time, providing real-time defense against advanced persistent threats. Furthermore, Traceable can detect dormant accounts that cyber criminals intend to use sporadically and block them in-line or out of band early in the fraud activation cycle.
4. Integrations with Leading Security Platforms: Traceable’s Digital Fraud Prevention seamlessly integrates with leading platforms like Imperva, AWS, Cloudflare WAF, and Descope for authentication. These integrations enrich organizations’ existing security frameworks, strengthening API threat protection, fraud prevention, and enhancing data security within their infrastructure.

“We built this solution in response to customer and market needs, pushing the limits of innovation to go beyond those expectations,” said Sanjay Nagaraj, CTO of Traceable. “Our approach is far from static; it’s dynamic and agile. We combat digital fraud and API abuse in a manner that is adaptive, continuously learning and evolving from each API interaction. We’re not merely responding to threats and fraud, but anticipating them, providing organizations the upper hand in safeguarding their digital assets.”

To learn more about Digital Fraud Prevention from Traceable, visit the team at Black Hat Booth #2953 or request a demo with a security expert.

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