From Guardian Analytics’ press release
Mountain View–Banks face sophisticated fraud organizations with deep IT knowledge. They attack customer accounts in a hundred different ways, from using stolen cards in stores and account numbers on mobile platforms, to using digital scanners to steal account data off cards, to mimicking customer logins and account takeovers, to name just a few.
Guardian Analytics, which develops behavioral analytics solutions for preventing banking fraud, says its new Omni-Channel Fraud Prevention solution is the first of its kind; it offers integrated and unified fraud prevention across multiple banking channels and payments.
With Guardian Analytics’ Omni-Channel Visual Analytics, financial institutions have unique 360 degree insights into customer fraud risk and behavior, and an unparalleled cross-channel view of criminal activity, the company says.
“Legacy techniques such as identity-based authentication and threat-specific, point or rule-based detection not only fail to prevent today’s rampant and diverse fraud attacks, they fail to support customer, innovation and operational goals,” says Laurent Pacalin, president and CEO of Guardian Analytics.
Julie Conroy, Research Director at Aite Group, agrees.
“Given the current business and threat climate, financial institutions must evolve their approach to fraud prevention,” she says. “Our research shows financial institutions are prioritizing and investing in behavioral analytics because they effectively use the one thing criminals can’t breach – customer behavior – and they are resilient to changing threats.”
Guardian says its Omni-Channel Fraud Prevention capabilities will be delivered in phases and include:
- Omni-Channel Visual Analytics
Industry-leading user interface providing a real-time and consolidated view of fraud risk for each and every customer, with an in-depth presentation of customer risk and behavior over time, including risk and account data from other systems. Retail bankers gain an omni-channel perspective on consumers and commercial bankers increase their cross-product insights.
- Enterprise API
Real-time API for banks to capture data about customer behavior and context for all banking transactions, profile changes and inquiries across any channel, including mobile, online, contact center, or branch into the Guardian Analytics platform.
- Integrated Risk Database
Dynamic store for FI-uploaded risk, account and intelligence data – IP reputation lists, alerts from other security and case management solutions, data breaches, high risk or dormant accounts – that can be used to enhance risk scoring and investigations.
- Omni-Channel Risk Scoring
Real-time advanced behavioral analytics that calculate holistic risk scores for each individual customer using unified channel context, customer activities and transactions and location data, combined with data from the Integrated Risk Database.
To view the details and infographic, go here.