Today one of the most targeted areas for fraud in the global community is online finance. The faster we develop new technology, the more ingenious cybercriminals become in methods for accessing our personal information and accounts. Online financial fraud is global, not specific to any particular geography. Everyone, every institution is at risk. What is needed is a global solution that can be tailored to a specific country need.
Online financial fraud is presenting significantly increasing risks to financial service organisations and consumers alike. It is estimated that malware and phishing scams account for a significant portion of all online financial fraud threats.
Financial service organisations are constantly under attack in a wide range of ways. Fraudulent email campaigns routinely target customers, asking them to provide personal information. Or, specially configured and targeted malware compromise the customers’ devices and allow criminals to spy on them as they login to their accounts. The cybercriminal can copy the user credentials and take over the account either while the user is in the legitimate banking session or later using the stolen user credentials. Financial fraud not only affects the customer, but also the brand and reputation of the financial service organisation. If you cannot protect your customers, they will go somewhere where they do feel protected.
Whether a legitimate user logs in using a device infected with malware or a cybercriminal logs in with stolen credentials, a significant point of risk is during login. This risk can be minimized at two levels. First from the user, diligently running scans on login devices to quarantine and remove any malware. Secondly, the financial services organisation is responsible for providing a safe transaction environment. This is where IBM Trusteer Fraud Prevention service can help.
Just as airport security scanners can detect weapons, drugs, contraband, and suspicious items by scanning the physical body, the IBM Trusteer Fraud Prevention service provides a virtual invisible security scanner deployed at the point of login and other significant points in a typical online/mobile banking process. With this service, financial service organisations can detect malware or unauthorized account transactions in real time. Financial service organisations can choose to insert the scanner at any point in the online process with absolutely no impact to the customer whatsoever.
Every individual user is scanned and checked by the Trusteer Service providing 100% coverage and protection. With definitive threat intelligence, the financial service organisation can take decisive action in real time to prevent fraud occurring in real time.
On detection using the Trusteer service many financial service organisations employ an automated security process to limit creation of new beneficiaries and delay all transactions thereby preventing the immediate and future loss of funds and login credentials. IBM then recommends that the financial services organisation includes a process whereby the customer is contacted ‘out of band’ to authenticate and verify their accounts.
In Africa many companies often experience shortages in the skills and resources associated with software deployment, operation, and maintenance. The solution to this is a Cloud Service that delivers the end result of protection required. The IBM Trusteer is a cloud service that is literally ‘plugged in’ to the required online point and effective immediately resulting in the financial service organisation paying for a service received as opposed to buying the various parts required for the solution and putting it together themselves to attain the value.
According to Kevin McKarr, Head for Sales, IBM Security Trusteer Africa: “Today Financial Service Organisations can gain significant competitive advantage by offering an secure online environment to their customers. Historically security was perceived as a hindrance to customer experience but now is a non-negotiable feature with no negative impact the on customer experience.”
The IBM Trusteer Fraud Prevention Service currently serves the world’s largest financial industries, and draws online financial fraud intelligence from over 100 million endpoints globally. It is the recognised leader in the field of online financial fraud prevention, confirmed by leading analysts such as Gartner, and as a cloud service is available for immediate deployment.
IBM Trusteer Fraud Prevention services are typically offered as a three year contract paid annually in advanced. The cost to the financial services organisation is based on the services deployed vs. the number of users being protected. There is little or no resource required by the financial services organisation for the ongoing operation of the service. There is an annual service fee that is directly related to usage thereby fulfilling the promise of an effective, scalable, on demand cloud service.
Find out more about how IBM is protecting financial services accounts here: IBM Trusteer
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