At Easy Solutions, we spend a lot of time anticipating fraud trends so that we can develop solutions quickly and ensure that our customers are always ahead of the game when it comes to fraud protection. This week, we added and enhanced several features to our anomaly detection solution, DetectTA, which now has the ability to monitor a wider range of transactions and provides increased flexibility in crafting rules and alerts. DetectTA’s extended capabilities result in an anomaly detection solution that’s even easier to use and much more powerful.
What does this mean for you? Below you’ll find three real life examples of how these added features can improve the process of analyzing anomalous behavior.
Scenario 1: Financial & Non-Financial Event Correlation Analyzer
Consider an online banking session that has been hijacked by a fraudster, who uses credentials stolen through malware to enter an account and imitate its legitimate holder. Perhaps the fraudster has used his account access to investigate the user’s habits, so as not to perform any anomalous transactions that might set off an alert. But individual actions that may seem normal by themselves can reveal fraudulent patterns when considered together. For example, the fraudster may change the mobile phone number connected to the account that receives SMS notifications of electronic transfers, and then add a destination account for transfers a while later. These actions performed within a short time period correlate to behavior that is consistent with fraud patterns seen when money is about to be illegitimately removed from an account. DetectTA has the ability to look at two completely different events on the same account and can flag them to be evaluated for correlation with fraud patterns, even when they are non-financial transactions. This capability significantly expands the amount of fraud and suspicious activity monitored and results in a more robust and intelligent anomaly detection solution.
Scenario 2: Exceptions for Suspicious Activity on Specific Dates
Let’s pretend an account holder vacations every year in the month of July, at which time his account may reflect charges outside of the country and for higher amounts than normal, triggering alerts for possible fraud incidents. It is likely that the user calls the bank or credit card company to inform them of his travel to avoid any issues with payments, but until now banks were unable to suppress or highlight the fraud alerts generated in fraud detection systems. DetectTA’s date-specific exceptions for Suspicious Activity Analyzers can customize alerts for specific dates or a range of dates at the account level, such as when the account holder goes on vacation or gets paid every two weeks, and they can also be combined with exceptions for origin or destination accounts and any other factor the institution would like to define. In addition, these alerts can be set up to apply extra scrutiny during periods of high fraud volume, like the two weeks after New Year’s or during tax season in the U.S.
Scenario 3: More Sophisticated Compound Evaluation Alerts
New and emerging threats are making it harder and harder for legacy systems to identify cross-channel and sophisticated fraud events like session high-jacking. One-time events like a major purchase, or an emergency withdrawal to a family member stuck overseas, will almost always trigger at least a review if not a total lockdown of the account due to the inability of legacy systems to compare that activity to known legitimate transactions. To avoid these “false-positives” you must have a solution that can manage more intricate threats with a more sophisticated approach, compounding fraud risk over a number of different evaluations at the same time.DetectTA allows your organization to cut through the typical mountain of fraud alerts by enabling the creation of more complex alerts and filters that are only triggered if more than one rule, Suspicious Activity Analyzer or user habit noted by the heuristic self-learning engine is violated. In this way, organizations can create focused alerts and filters that can better reflect their fraud detection priorities.
If you would like to learn more about the latest version of DetectTA, which includes the above features and more, please contact us at firstname.lastname@example.org or take a look at our website: http://www.easysol.net/newweb/Products/Detect-TA.