Real-time Digital Banking Fraud Detection

Presented by

Eric Tran-Le, VP, Product Management, Guardian Analytics

About this talk

"A stolen account credential cost less than $25 on the darknet, you can even have a bundle for $35 with the associated social security number" Source: Darknet Guardian Analytics Fraud Intelligence research on our customer’s Digital Banking accounts activities shows: • Over 20% of Online & Mobile events are IP geolocation changes related • Over 30% of Online & Mobile events are associated with money transfers via Wire or ACH Here are some key challenges: • A user can have multiple IP address depending on their home router, office proxy, traveling hotspot location… • Should you detect suspicious Online and Mobile events? • Should you detect the subsequent suspicious money transfer activities resulting from suspicious Online and Mobile events? • Do both? • Should you block an IP address coming from an infected device? Guardian Analytics machine learning and fraud behavioral analytics risk engine monitors in real-time hundreds of digital banking fraud risk indicators from anomalous login behavior including time of day, day of week, IP address change velocity, to device fingerprinting and configuration changes, wire recipient unusual changes, ACH recipient unusual changes, malware detected on devices… and calculate a real time risk score for every digital banking user enabling Financial Institutions to detect digital banking suspicious activities. Benefits: • Detect suspicious digital banking activities in real-time • Detection unusual digital banking related ACH and Wire money transfers • Enables real-time intervention on payment channel to avoid illicit funds transfers • Increase operational efficiency by focusing on the highest risk transactions and reducing callbacks • Enhance compliance by meeting FFIEC guidelines for anomaly detection

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Guardian Analytics fights modern crime with a modern platform. We are the pioneer and leading provider of behavioral analytics and machine learning solutions for fraud detection and anti-money laundering software for financial institutions and enterprise organizations. Our solutions include Digital Banking Fraud Detection for Mobile and Online, Real-Time Payment Fraud Detection for Wire and ACH. Anti-Money-Laundering solutions that include Link Analysis and FinCEN reporting, addressing AML compliance requirements on a single platform, streamlining the case filing process. Hundreds of financial institutions have standardized on Guardian Analytics’ innovative solutions to mitigate fraud risk and stop the sophisticated criminal attacks targeting retail, commercial, and enterprise banking clients. With Guardian Analytics, financial institutions build trust, increase competitiveness, improve their customer experience, enhance compliance and scale operations. Guardian Analytics is privately held and based in Mountain View, CA. For more information, please visit Guardian Analytics is a registered trademark of Guardian Analytics, Inc