Fraud: Report Points to Need for Robust Prevention
Cybercrime and malware are the top online fraud threats financial institutions face today, and they’ll continue to top the list of threats over the next two to three years, according to a new report from research firm Aite Group.
The report, “Online Fraud Mitigation: Tools of the Trade,” which is based on interviews with 32 North American financial institutions and 40 fraud mitigation vendors, examines the origins of online fraud, the online fraud mitigation strategies in use today, the vendors in use today and fraud mitigation in the mobile channel.
Respondents rated behavior analytics, in which institutions monitor user sessions or Web navigation techniques to pinpoint suspicious activities, as one of the most effective strategies.
Vendors leading the pack in behavior analytics include SilverTail Systems, which focuses on Web session activity monitoring, and ArcSight, which allows institutions to analyze behaviors tied to account breaches. NICE Actimize currently has the highest number of behavior analytics solutions installed or underway among the large institutions interviewed, the firm said.