Beating Internet Banking Fraud
Traditional anti-fraud systems of manual controls, sampling, and post-transaction alerts cannot cope with the growth of internet banking – a fact made clear by Financial Fraud Action UK, which found that in 2015 internet banking fraud rose 64 percent in the UK.
Customers like banking – it’s convenient and fast – so banks need to do more to protect their money. The only effective anti-fraud solution is to use technology that can monitor every transaction and block the suspicious before any money leaves the account.
NetGuardians’ enterprise risk platform uses advanced behavior analytics and machine learning to build accurate, dynamic, 360-degree customer and employee profiles – correlating data from a bank’s entire information system, allowing it to monitor every internet banking transaction. It can spot ID theft, social engineering and more.
NetGuardians' behavioral analytics can spot:
These and more behaviors trigger automated alerts that are sent to the account holder. And because machine learning algorithms constantly assimilate new data to improve profiles, the number of false positives is kept to an absolute minimum, maintaining trust and giving a good customer experience.