Online and Mobile Banking Fraud Prevention For Retail and Commercial Banks

From malicious malware to sophisticated phishing schemes, banking institutions are under constant, multi-channel attack. By leveraging the strength of using multiple data sources and supervised learning technology, RiskShield provides a robust, agile solution with superb fraud detection results that are accurate and reliable.

Overview

Criminals are increasingly turning to online fraud as more traditional channels become increasingly better protected. Fighting online bank fraud requires speed and flexibility. Real-time crime requires real-time detection in order to be deterred effectively. RiskShield has proven to deliver a highly flexible and adaptive rule modeling and prototyping tool that is user-friendly to operate and does not require the fraud analyst to possess programming skills.

RiskShield is a powerful data-event driven monitoring solution and market leader in fraud prevention technology across multiple regions in Europe, protecting millions of Internet Banking accounts in the financial industry. With RiskShield our customers benefit from:

  • Detecting more fraudulent activity by using the most advanced and trusted technologies.
  • Quickly adapting to new modus operandi of fraudsters using supervised learning technology and intuitive rule management.
  • Delivering extremely high detection performance throughput of more than 5,000 transactions per second.

    Contact

    Roy Prayikulam

    Roy Prayikulam
    Consultant
    Tel: +49 (0) 2408 / 9456 - 5000 r.prayikulam@informinform-software.com

    Contact us

    Downloads (5)

    RiskShield Business Intelligence
    Brochure
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    RiskShield for Application and Credit Scoring
    Brochure
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    Success Story: Rabobank Group
    Case Study
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    Payments Cards & Mobile: The Rise of the Machines
    Brochure – 502 KB (pdf)
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    Features

    • Web anomalies

      Spotting fraudulent behavior by using session monitoring to track IP address, Geo-location information and other web traffic data.

    • Multi-channel Detection

      Monitoring transactions and customer accounts across multiple channels to identify and combat complex fraud schemes.

    • Account Monitoring

      Combining web session information with account monitoring capabilities to detect suspicious account activities and account takeover.

    • All payment types

      Supporting any kind of financial transactions such as domestic ACH transfers, Faster Payments, SEPA direct debits and international SWIFT transfers.

    • Non-financial activities

      Combining financial transaction data with non-financial activities e.g. address changes, multiple authorization requests, new banking products.

    • Up to 450 million events per day

      Real-time and high-performance fraud detection technology with up to 5,200 events per second.

    • Powerful date-event driven monitoring

      Monitor real-time data or events and be alerted when an anomaly occurs or a trend begins to set.

    • Flexible interfacing for complex environments

      Delivers flexible or industry-standard interfaces for complex and propriety banking infrastructures.

    • Supporting numerous event protocols

      Faster implementations with standard protocols for industry-based services and message formats e.g. MQ services, ISO 20022 and BASE24.

    Multi-channel fraud prevention

    Multi-Channel Fraud Prevention

    In the past many retail and commercial banks have used a so-called "silo approach" where stand-alone fraud prevention solutions are employed for different channels. This approach inevitably leads to wasteful duplication of resources and operational costs. Silos limit the ability to provide an automated, cohesive sharing of information across channels. This can hinder the creation of an advisory alert or an automated stop payment.

    RiskShield is a proven, flexible and intelligent solution to assess risks and prevent fraud within a whole set of different channels and applications. By combining transaction monitoring capabilities with historic information and the characteristics of multiple customer channels, RiskShield has the ability to monitor every data feed and can learn from the behavior of customers. Whenever something unusual is detected, RiskShield will alert the fraud investigator and take the appropriate actions to block the fund transfer.

    Targeted Cyber Attacks

    Targeted Cyber Attacks

    Advanced persistent threats are very difficult to catch. Using malicious software, the hackers can infiltrate the banking system and try to impersonate the normal behavior of the back office’s internal process. Most of the common fraud prevention solutions are only looking for irregularities at customer accounts and card transactions but are NOT looking at the internals of a banking system. Hackers, who have learned the internal process from the “inside out”, can silently monitor the behavior and subtly defraud the back office systems without being caught.

    RiskShield delivers financial institutions a reliable solution that can find any abnormality in the banking and payments operations as well as stop both external and internal related fraud in real-time. In addition to RiskShield real-time capabilities in customer behavior monitoring and web anomaly detection, value chain integrity management is the next level to further optimize the bank’s security in payment operations, online services and customer protection.

    Predictive Analytics

    Predictive Analytics

    Fraud advances as criminals are refining their tactics in response to anti-fraud measures. It’s a game of cat and mouse. When one door shuts, the fraudster will find another door to open.  It is important that financial organizations remain vigilant against theft.

    Predictive analytics play a new role in fraud prevention. The use of data analytics helps financial institutions to better understand activity patterns among their customers, and uncover new types of behavior that could be identified as unknown fraud.

    Predictive analytics as implemented by RiskShield promises to change the way banks detect fraud, moving it from a reactive to a more pro-active mode. RiskShield helps to detect new emerging patterns of fraud before they become mainstream. In addition, it will not only safeguard the customers but also save millions in fraud losses.

     

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