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How banks can improve their cross-channel detection of fraud
Easy Solutions delivers Total Fraud Protection® to over 100 clients, with over 32 million end users. The company’s products protect against phishing, pharming, malware, Man-in-the-Middle and Man-in-the-Browser attacks, and deliver multifactor authentication and transaction anomaly detection.

Rake Narang: What are the common threats to online banking? How has access and authentication evolved over the years?

Ricardo Villadiego: Fraud in all of its many forms is probably the biggest threat to online banking, as it is to traditional banking, ATM banking, etc. The taking of cash that is not yours out of a bank, in any form. In addition, for online banking, malware and the advancement of malware is a huge problem. Malware attacks are becoming much more challenging and complex to deal with. Even older techniques- like phishing attacks and DNS re-direction attacks - are constantly evolving. They can now design their attacks to trick people or capture account credentials and do account takeovers in minutes, as opposed to days.

Access has evolved so that everyone demands access from everywhere - your mobile phone at a free Wifi hotspot, in addition to at a traditional bank branch or ATM. This is a double-edged sword; on the one hand you must now secure additional threat vectors. On the other hand, you can now leverage things like a mobile device for text or email based two-factor authentication to your banking applications.

Rake Narang: What are banks’ biggest challenges to responding to these threats? And what else should be in their strategy-plan for the next 6-12 months?

Ricardo Villadiego: A lot of banks have implemented siloed fraud-prevention over the years - cashier-based fraud or check fraud or credit card fraud - with a huge gap in ATM or online fraud. Hackers are now exploiting this fact, and leveraging things like account compromise, to then actually remove the money from a different channel. So you’re seeing with most of the major attacks that are made public, there is often a combination of an online mechanism (to gain access/credentials) plus an insider mechanism or an ATM mechanism to actually move the cash out of the bank. So over the next 6-12 months, as these attackers get smarter, banks need to be thinking about how they address cross-channel fraud.

Rake Narang: How can banks improve their cross-channel detection of fraud (online/ ATMs/ in-person/ etc.)?

Ricardo Villadiego: Banks are going to need to start building or adopting systems that look for anomalous transactions going on inside a bank across various channels. Transaction anomaly detection has the ability to see everything, and score a risk based on multiple factors - is the machine infected? Is the user behaving abnormally? Are these things adding up? You have to look at protecting each attack vector, but also at putting the pieces of the puzzle together to give you the kind of intelligence that can help stop the more sophisticated attacks that are leveraging multiple channels.

Rake Narang: What advice do you offer institutions to improve their abilities to detect and prevent fraud?

Ricardo Villadiego: Seek simplicity in your solutions. Make sure they are all working together to deliver information where the sum is greater than the parts. Be prepared to evolve, because the criminals on the other side certainly are. Make sure that your trusted partners and solution providers have the capability to support this evolution of threats with you over time.

Company: Easy Solutions
1401 Sawgrass Corporate Parkway, Sunrise, FL 33323 U.S.A.
Twitter

Founded in: 2007
CEO: Ricardo Villadiego
Public or Private: Private
Head Office in Country: Sunrise, FL - United States
Products and Services: Easy Solutions suite of Total Fraud Protection® products protect against phishing, pharming, malware, Man-in-the-Middle and Man-in-the-Browser attacks, and deliver multifactor / multi-channel authentication and transaction anomaly detection.
Company’s Goals: Easy Solutions is a fraud prevention company, focused primarily on preventing fraud for financial institutions or other web-oriented properties, which are experiencing fraud across multiple channels, be it online, at ATMs, kiosks, or point-of-sale systems. Easy Solutions is the only security vendor focused on the comprehensive detection and prevention of electronic fraud across all devices, channels and clouds. Our products range from anti-phishing and secure browsing to multifactor authentication and transaction anomaly detection, offering a one-stop shop for multiple fraud prevention services.
Key Words: Total Fraud Protection, Antifraud, Multi-factor Authentication, Transaction Anomaly Detection

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