Online Fraud Detection

The Online Fraud Detection solution is a successful response to the ever growing phishing activities launched against online banking. This solution monitors every transaction incoming from the online banking channel; it matches them to previous customer activities and raises the red flag if the current transaction is suspicious. In this case, a secondary authentication can be asked from the customer to verify that he/she is the originator of the transaction. In extreme cases, the internet banking session can be stopped and the access can be blocked.

Advantages

• stops nearly all of the transactions that can be made by phishers / thieves,
• gives the possibility to continue the transaction with secondary authentication,
• different actions can be taken on different transaction score levels (stopping the
       session, asking for secondary authentication, calling the customer, etc.),
• the price of the solution is dependent on the number of online banking customers
        – “pay only for the number of customers the solution protects”.

Main features

The solution monitors several factors to determine the transaction score (how suspicious was the transaction). The main monitored factors are:

• Customer hardware/software (operating system, internet browser),
• Geo-location (IP address, network segments),
• Use of online banking (menu use, screen walk-through),
• Transaction parameters (limits, countries, beneficiaries),
• An online anti-fraud database which contains known criminal data.

These factors are not pre-configured in the application, but an auto-learning mechanism draws a picture of the customer, which is checked against every transaction later.