To counter fraudsters from compromising bank customers and taking over their accounts using malware and other means, the leading South Florida bank needed a proven fraud protection and identity theft solution.
The leading South Florida bank deployed the Trusteer Pinpoint Detect solution to stop cybercriminals from gaining fraudulent access to customer bank accounts and compromising their computers with malware.
100% monitoringof customer transactions performed via online banking
More than 60,000 bank accountsprotected from illegal account takeovers
159 account takeoversdetected within the first month after launching the solution
Business challenge story
Fraudsters behind the palm fronds
What would happen if you tried to withdraw money from your savings account, only to discover that the balance had mysteriously dropped from several thousand to only a few dollars? You would be shocked — and bank managers would be perplexed because the transaction was made with the correct account number, password and personal identification number.
Unfortunately, illegal account takeovers are a highly prevalent type of identity fraud.
In 2018, over USD 8.3 billion was lost through account takeovers in the US alone. Scammers use stolen account numbers, passwords and Social Security numbers to hijack checking, savings and credit card accounts.
Other cybercriminals surreptitiously insert spyware and malware on individual computers to capture names and passwords used for online banking, shopping and bill payments. In 2018, over 14.9 billion credentials were posted to the dark web, and the problem has grown as criminal programmers develop more sophisticated means to compromise financial services users.
“Florida has the unfortunate distinction of being the fraud capital of the US,” says the senior vice president of the leading South Florida bank. “We take the threat of malware and account identity theft very seriously, so when we went looking for ways to shield the accounts of our banking customers, we had to find a solution that’s been proven to work.”
Detecting malware and protecting accounts
After researching the marketplace and learning about the reputation of IBM security products in the banking industry, the leading South Florida bank initially deployed IBM Trusteer Pinpoint Malware Detection software. Whenever customers used computers to log in to their bank accounts, the IBM solution scanned for malware. If detected, the bank received an alert so steps could be taken to contact the customer, remove the malware and prevent potential fraud.
Based on the first successful Trusteer implementation, the bank decided to upgrade to the Trusteer Pinpoint Detect platform. In addition to detecting malware on customer computers, the solution uses AI and machine learning to holistically protect accounts from account takeovers and fraudulent transactions by looking across user device hygiene and IDs, connection characteristics and behavioral biometric aspects.
“With Pinpoint Detect, we wanted to leverage with what else IBM could provide,” says the South Florida bank senior vice president. “It monitors 100 percent of our customers using computers and works in the background to provide a seamless customer experience.”
Integrating IBM solutions with other tools was a complex process for the bank’s IT security team. “We move at a rapid pace. We have a lot of projects and limited time. We also want everything resolved quickly,” says the South Florida bank senior vice president. “IBM was very patient with us to coordinate meetings and follow up on our requests and it made a difference.”
Malware confirmed by the US Secret Service
With Trusteer Pinpoint Detect software online, the leading South Florida bank is able to protect all of its customers using computers to access bank accounts including 48,000 retail and 14,000 business customers.
Recently, the bank had the opportunity to learn how well Trusteer Pinpoint Detect technology works when it detected a harmful virus on the computer of one of its business customers. After an alert went out to the customer that his computer was infected, he cleaned his system. But the next time the customer logged in to his bank account, Trusteer confirmed that malware was still active on his computer.
The situation escalated when the bank customer brought in the head of his company’s IT department, who cleaned the computer and vouched for its malware-free status. However, when the client logged in again, he received another malware alert. To help alleviate the customer’s concern, the bank security department brought in cybersecurity experts with impressive credentials — the US Secret Service field team from Miami.
When the Secret Service team visited the bank customer’s office and scanned the offending computer, agents confirmed that the malware originally detected by Trusteer technology was still on the system. The agents showed the bank customer where the malware was hidden, and the virus was finally removed.
“Having the Secret Service confirm the malware on our customer’s computer was an interesting way to validate the performance of the Trusteer solution and our commitment to security,” says the South Florida bank senior vice president. “Our customers are glad that we are able to identify these threats. Having the peace of mind provided by IBM is good for our bank’s reputation and good for our customer relationships.”
this leading South Florida bank
One of the largest independent financial institutions in the southeastern US, this leading bank headquartered in South Florida provides a wide range of consumer, commercial and business banking services.