To protect its online customers, Flagstar Bancorp has deployed fraud detection solution – VeriSign Identity Protection (VIP) from VeriSign. Verisign has said that the VIP fraud detection service provides protection by learning how each user behaves and then requiring additional authentication when the service detects suspicious activities.
With the capacity to process more than 1,000 transactions a second, the VIP service is expected to enable Flagstar to detect anomalies in real time. A rules engine and a self-learning behavior engine process each event to determine fraud risk based on pre-determined parameters including location, device, time, network address, transaction type, and user information. If the risk threshold is exceeded, the intervention engine can require a higher level of authentication.
Jason Dufner, senior vice president at Flagstar, said: By implementing the VIP Fraud Detection Service from VeriSign, we are able to closely monitor online activity and engage an additional layer of authentication whenever normal usage patterns are abandoned. Although VIP Fraud Detection Service works behind the scenes, we were impressed with the way it battles fraud on the front lines to safeguard all of our online customers.
Fran Rosh, senior vice president of user authentication at VeriSign, commented: As more e-criminals target consumers with increasingly sophisticated fraud schemes, security-minded businesses like Flagstar are implementing VeriSign’s world-class anti-fraud and authentication solutions as a means to reduce losses and increase customer confidence. With this proven and trusted service, Flagstar is managing risk and building trust with consumers.
Michigan-based Flagstar Bancorp operates 177 banking centers in three states and originates mortgages in all 50 states across the US.
California-based VeriSign is a provider of Internet infrastructure services for the networked world.
