The fraud security industry is always evolving to keep up with the latest threats and trends. There is, unfortunately, one constant: while the technology is quick to adapt, implementation and adjustment times are notoriously slow.
Most financial institutions address potential cyber threats with a variety of separate solutions to cover their individual fraud needs. An advanced bank, for example, may be using three separate state-of-the-art solutions: a transaction monitoring product, a system that provides end user device information, and an authentication platform. Their developers will have spent a significant amount of time integrating these three solutions so that they are able to work together to ensure a high level of transactional security.
Regardless of the maturity of a bank’s anti-fraud strategy, new threats against them will always arise, forcing the bank’s security team to reevaluate the workflows they are using to address the attacks. With every emerging threat, there is an immediate need to change the way that transactions are analyzed and authenticated to avoid incurring significant losses to fraud and creating a large number of false-positives.
In the best-case scenario that an institution has fully integrated their anti-fraud solutions, complicated systems with extensive lines of code connecting the disparate solutions require a significant amount of time to change – time that attackers can use to cash out after successfully deploying their fraud attack campaigns.
This is not unusual: many organizations rely on a patchwork system of solutions to cover all of their security needs. If the layers of a seemingly strong strategy cannot efficiently work together – or worse, can’t communicate at all – it results in large gaps in protection that leave institutions vulnerable to attack. Further, solutions that require complex processes to make simple flow changes put organizations at an even greater disadvantage.
What’s needed is a dynamic and easy to use “glue” to hold together multiple solutions and patch up protection gaps, ensuring that they are able to efficiently and easily communicate and share information with one another. Agility is key here to allow the flexibility to proactively anticipate and respond to any kind of attack.
Risk Orchestrator, a brand-new capability of Cyxtera’s Total Fraud Protection platform, does just that. It seamlessly connects critical anti-fraud functions such as strong authentication, transaction analysis, and device context. It incorporates an easy-to-use console that allows users to drag-and-drop to create flows using the various solutions they employ, empowering organizations to make intelligent decisions using data gathered across all stages of the fraud lifecycle.