The exponential growth in the number of mobile users has also made online banking the preferred choice for bank customers. But with that, also arises the increasing risk of fraudulent attacks and money laundering instances with numbers suggesting that as many as one in four customers fell prey to financial fraud in 2016.
To counter this, security giant Kaspersky recently launched their Fraud Prevention Cloud which incorporates advanced technologies such as Biometrics and Behavioral Analysis models built into the system and an ability to handle big data in the cloud. The information collected by the application integrates with the Enterprise Fraud Management System and enables fraud detection in real time even before the transaction is completed. The approach is based on Humachine Intelligence – a combination of Big Data and threat research analysis embedded with machine learning algorithms and lots of security expertise.
It uses the concept of Risk Based Authentication (ABA) and assesses the risk before a user gets logged onto a digital channel and provides decision to back end system to allow further access or not. Overall, the Kaspersky Fraud Prevention Cloud acts not only during the login process, but also during the whole session thereby helping the company to minimize risks and avoid losses during an attack. Could this be the most sophisticated system for Fraud Management? We’ll see !
Link – http://www.deccanchronicle.com/technology/in-other-news/150317/kaspersky-anti-fraud-cloud-enables-machine-learning-for-multi-channel-protection.html