Beating mBanking Fraud

With the number of mobile devices expected to reach 1.8bn by 2019 , banks need to look again at how they will tackle mobile fraud.

The scale of the problem is daunting: one African bank saw its customer base grow from 4 million to 14 million in less than two years. Globally, mobile retail payments alone are set to reach $507bn this year – a number that doesn’t take into account mobile P2P payments.

Scaling up manpower to deal with such huge volumes of transactions is simply not possible and would still rely on sampling.

The only effective solution to detect and prevent fraud is to use technology that can monitor every transaction in real time and block the suspicious before the money leaves the account.
— Joël Winteregg, CEO, NetGuardians

NetGuardian’s enterprise risk platform uses behavior analytics on top of big data,  combined with machine learning to build accurate, dynamic, 360 degree customer profiles against which a bank can check every mobile banking transaction.

Using behavior analytics and profiling, it spots:

These and more behaviors trigger alerts that can be sent directly to the account holder to be verified. And because machine learning constantly assimilates new data into its profiles, the number of false positives is kept to an absolute minimum, maintaining trust and giving a good customer experience.

 

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