FraudMAP for Business Banking speeds the detection and investigation of online account takeover in the multi-user business banking environment, whether attacks occur across multiple logins, or happen as “once-and-done” style attacks.
Guardian Analytics’ predictive analytics-based Risk Engine and real-time Risk Application have been enhanced to address the characteristics of business banking and to address the growing challenge of securing the online channel, at a time when being more competitive requires continually adding new online products.
FraudMAP’s Risk Engine maximizes detection and minimizes alerts, identifying online account compromise through: dynamic account modeling, holistic company and user risk evaluation and high risk activity monitoring.
Using the risk score generated for each session by the Risk Engine, FraudMAP’s real-time Risk Application provides: an intelligent visual analytics interface, session-specific context and detailed user-by-user activity history and cross-account event correlation.
Terry Austin, CEO, Guardian Analytics, said: “Unprecedented warnings of the dangers of online banking were issued from the FDIC, the FBI, Gartner and other industry experts. Unless financial institutions take a new approach to detecting and preventing fraud, we anticipate 2010 will yield losses of even greater magnitude. With FraudMAP for Business Banking, financial institutions can start proactively protecting themselves and their business customers from these bold attacks.”
Avivah Litan, vice president and an analyst at Gartner, said: “Fraudsters have definitely proven that strong two-factor authentication methods that communicate through user browsers can be defeated, and that the criminals can also figure out how to defeat out-of-band, telephony-based authentication and transaction verification using social-engineering techniques. Organizations with high-risk applications and sensitive customer data must look for vendors and technology that can fend off increasingly sophisticated and unpredictable attacks, such as the current round of man-in-the-browser attacks.”
