sb-au logo
Story image

OneSpan uses AI to tackle financial account fraud

13 Feb 2019

OneSpan, a global provider of in software for trusted identities, e-signatures and secure transactions, has launched its open API, cloud-based Risk Analytics solution to help financial institutions stop fraud, including Account Takeover and New Account Fraud.

Account Takeover and New Account Fraud are the top two types of fraud challenging financial institutions and in the U.S. alone, ID fraud accounted for $16.8 billion dollars in fraud losses in 20171. 

Risk Analytics protects against these and other fraudulent activities across online and mobile channels using machine learning-based risk analysis, a form of artificial intelligence. 

This analysis identifies fraud in real time, predicts risk levels and takes immediate action when fraud is detected. 

The use of machine learning enables risk scoring to streamline processes, reduce operational costs tied to manual review and ultimately improve the user experience through fewer false positives.

“Even as criminals’ attacks on digital channels continue to escalate, financial institutions are under intense competitive pressure to reduce fraud and meet strict regulatory compliance requirements while growing their business,” says Aite Group retail banking and payments research director Julie Conroy. 

“Real-time fraud detection using advanced, machine learning-based risk analytics enables financial institutions to strengthen their security, lower fraud and achieve regulatory compliance.”

During a financial transaction, Risk Analytics collects and analyses data from a variety of sources, including devices, user behaviour, transactions, digital channels and business applications. 

The solution then scores the user, device and transaction data, and determines the risk associated with that transaction. 

Risk Analytics is then able to take immediate action to either allow, review or block the transaction, based on intelligent workflows incorporating bank-defined security policies and rules.

“Wherever money and data flows, fraud will certainly follow,” says OneSpan CEO Scott Clements. 

“While stopping fraud has become increasingly challenging because today’s threats keep evolving, it’s critical for financial institutions to take proactive measures and a layered approach to security to monitor, detect and block fraudulent transactions from happening before they occur, ensuring the best possible experience for the user.”

Story image
Exabeam and Code42 partner up to launch insider threat solution
The solution will give customers a fuller picture of their environment, and will leverage automated incident response to obstruct insider threat before data loss occurs.More
Story image
The guide to digital security in unstable times
An increase in vulnerability across different sectors has meant that 2020 has seen more than its fair share of cybersecurity incidents. One of the most effective ways to combat the perils of today’s cyber-threats is to gain a better knowledge of the threat vectors looming over the heads of organisations. More
Link image
Why video-streaming companies should consider a multi-CDN strategy
Video streaming continues to grow each year, and in order to ensure quality of experience, new strategies must be leveraged.More
Story image
Ripple20 threat could affect 35% of all IT environments – ExtraHop
The vulnerabilities have the potential to ‘ripple’ through complex software supply chains, enabling attackers to steal data or execute code.More
Story image
Acronis announces new security endpoint solution
The solution is an integration of data protection and cybersecurity which provides customers with effective endpoint protection in a landscape where the pointlessness of perimeter security is becoming more pronounced.More
Story image
Plugging the gaps: Australian organisations are leaving their defence barriers wide open
Cybercriminals are are walking through the gaping holes in Australia’s organisational defences – gaps that leadership teams don’t even realise are there.More