Behavioral Analytics for Preventing Fraud Today and Tomorrow
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This presentation introduces Guardian Analytics Omni-Channel Fraud Prevention solution as the only solution to meet the new requirements of fraud prevention.
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Behavioral Analytics for Preventing Fraud Today and Tomorrow
- 1. Fraud and Breach Prevention Summit Chicago June 21-22nd, Chicago IL Anand Sureka | Guardian Analytics Behavioral Analytics for Preventing Fraud Today and Tomorrow
- 2. Fraud & Breach Prevention Summit Chicago #ISMGSummits2 About the Speaker Anand Sureka Senior Solutions Engineer, Guardian Analytics Anand Sureka is a Senior Solutions Engineer at Guardian Analytics. He has spent over a decade working with banks to develop and integrate software solutions into online banking and payment services, including fraud detection, personal financial management, bill pay, ACH transfers and credit card payment services. Prior to joining Guardian Analytics, Anand was a principle consultant for the professional services team at Envestnet-Yodlee.
- 3. Fraud & Breach Prevention Summit Chicago #ISMGSummits3 • Fraud and Breach Prevention Summit Miami Behavioral Analytics - Preventing Fraud Today • April 12-13, 2016 – Miami, FL Anand Sureka
- 4. Fraud & Breach Prevention Summit Chicago #ISMGSummits4 Banks Facing Unprecedented Trust Issue § Demise in trust § Legacy and silo approaches failing - increase in fraud § Can’t hold back - compe;;ve pressure forcing innova;on § New approach is needed Trust Compe,,ve pressures Third party providers Compe;;ve Banks Speed Convenience Simplicity Products/Services Customer experience Opera6onal Costs Data breaches • Malware Social engineering Single channel Cross-channel Customer Access Customer Data
- 5. Fraud & Breach Prevention Summit Chicago #ISMGSummits5 New Requirements for Fraud Prevention Support payment /channel innovation Improve customer experience Increase operational efficiency Address modern fraud
- 6. Fraud & Breach Prevention Summit Chicago #ISMGSummits6 Meeting The New Requirements Identity Threat specific Payment/channel slice Behavior Threat agnostic Holistic view Legacy Modern Rules/scenarios Analytics
- 7. Fraud & Breach Prevention Summit Chicago #ISMGSummits7 Success Starts With Broad View of Behavior OOBAChannelDelete OOBAChannelEdit PasswordChange UserCreate UserDelete UserEdit UserEnrollmentCreate UserEnrollmentDelete UserEnrollmentEdit UserView Informational CheckImageView AccountCreate AccountDelete AccountEdit AlertCreate AlertDelete AlertEdit ExternalAccountLink InternalAccountLink MFAOptionsChange RemoteDepositCapture ReportView OOBAChannelCreate WireTemplateApprove WireTemplateCreate WireTemplateDelete WireTemplateEdit WireTemplateSubmit WireTemplateApprove WireTemplateCreate WireTemplateDelete WireTemplateEdit WireTemplateSubmit HTTPAcceptEncoding HTTPAcceptLanguage HTTPClientIP HTTPCookie HTTPForwarded HTTPForwardedFor HTTPHost HTTPLocation HTTPProxy HTTPReferer HTTPRequestURI BrowserPlugins Cookie CookiesEnabled DeviceID FontList JavaEnabled LanguageBrowser LanguageSystem LanguageUser Latitude Longitude Direction ToAccount ToAccountType FromAccounType AmountinUSDollars Status StatusReason RecurringPayment ReceivingBankID ReceivingBankName Recipient OtherInstructions DestinationType ACHParticipantDelete ACHParticipantEdit ACHParticipantSubmit ACHTemplateApprove ACHTemplateCreate ACHTemplateDelete ACHTemplateEdit ACHTemplateSubmit ACHParticipantApprove ACHParticipantCreate WireApprove WireCreate WireDelete WireEdit WireSubmit WireEvent BillPayApprove BillPayCreate BillPayDelete BillPayEdit BillPaySubmit ACHBatchApprove ACHBatchCreate ACHBatchDelete ACHBatchEdit ACHBatchSubmit ACHCreditEntry ACHDebitEntry TransferApprove TransferCreate TransferDelete TransferEdit TransferSubmit MFA Challenge Login UTCTimestamp SingleSignOn Logout DeviceRegistered Channel Company ID ASNs Network attributes HTTPVia HTTPXClusterClientIP HTTPXForwarded HTTPXForwardedFor HTTPXTrusteerRapport ImmutableCompanyID ImmutableUserID IPAddress IPv6Address SessionID SignOnID OSPlatform ScreenResolution TimeZoneOffset UserAgentString UserAgentStringDOM Phone Number GPS events Wifi/Bluetooth/NFC Hardware HTTPAccept HTTPAcceptCharsets PayeeApprove PayeeCreate PayeeDelete PayeeEdit PayeeSubmit TransferTemplateApprove TransferTemplateCreate TransferTemplateDelete TransferTemplateEdit TransferTemplateSubmit Login/Access Account Activity Transactions
- 8. Fraud & Breach Prevention Summit Chicago #ISMGSummits8 Real-time Behavior-based Risk Scoring Login/Access Account Activity Transactions Risk score every event Each event updates risk L L M L H Rule Rule Behavioral Analytics • Individual • Population • Risk Data Machine Learning
- 9. Fraud & Breach Prevention Summit Chicago #ISMGSummits9 Risk-based Intervention Login/Access Account Activity Transactions Risk score every event Each event updates risk L L M L H Rule Rule • Behavioral Analytics • Individual • Population • Risk Data Rules-driven interdiction Risk-driven interdiction Policies drive interdic;on ac;ons (for any risk score)
- 10. Fraud & Breach Prevention Summit Chicago #ISMGSummits10 • 10 Guardian Analytics Protects
- 11. Fraud & Breach Prevention Summit Chicago #ISMGSummits11 Partnership with The Norman Group “To stay competitive, financial institutions need to continually enhance their customer-facing products and back-end technology platforms, and in parallel, rapidly advance their capabilities to protect offerings and channels. We are excited to combine our technical and project management expertise in conjunction with Guardian Analytics Omni-Channel Fraud Prevention solutions to help financial institutions maintain a strong pace of innovation without increasing their fraud risk.” - Rob Grzeszczak, President and Managing Director
- 12. Fraud & Breach Prevention Summit Chicago #ISMGSummits12 Use Case #1 – Reducing Challenges for Large Commercial Bank Domes;c Cash Movement Applica;on Global Cash Movement Applica;on Wire Processing System ACH Processing System Client Business Banking Private Banking Wealth Management Performance Analysis/ Risk Mgmt Market Investment/ Fund Mgmt External Deposit Services Foreign Exchange Benefits Management Benefits Par,cipant Retail Banking Business Banking Central Authen;ca;on • Guardian Analytics Online Behavioral Analytics Risk scores drive stepped up authentication
- 13. Fraud & Breach Prevention Summit Chicago #ISMGSummits13 Use Case #2 – ACH, Same Day ACH • NACHA files transmiMed or uploaded • Files processed upon receipt • Alerts published within minutes ODFI $$ to customer Guardian Analytics ACH Behavioral Analytics ACH Batch Risk scores ACH Batch Risk scores ACH Batch Risk scores
- 14. Fraud & Breach Prevention Summit Chicago #ISMGSummits14 Use Case #3 – Wire Fraud Detec%on Rates Alert Volumes Low Low High High Trust too li:le Know when to trust Know when NOT to trust Trust too much Over $100K And interna;onal And new recipient Over $100K Or interna;onal Or new recipient The Wire Fraud Challenge
- 15. Fraud & Breach Prevention Summit Chicago #ISMGSummits15 Analytics Innovations to Raise and Lower Trust Learn each individual originator behavior over ;me to determine risk Learn new recipient ra;o, typical beneficiary paMerns (i.e. keeps false posi;ves for ;tle companies down) Look to see if we can raise or lower trust of a beneficiary If multiple wires to same “bene” spread out, can raise trust If many in rapid succession, less trust worthy Use what we’ve learned from other fraud Mule Match in mule db? Recipient Originator
- 16. Fraud & Breach Prevention Summit Chicago #ISMGSummits16 Putting It All Together Would beneficiary be expected? (new beneficiary ra6o, beneficiary and FI loca6on/ region) Are the originator’s wire ac,ons normal? (6ming, velocity, type, accounts, direc6on, use of instruc6ons, content of instruc6ons) Are the wires typical? (type, amount) Originator Model Wire Behavioral Analy,cs Cross-ins,tu,on risk data (Network effect) Beneficiary Model Is this a high or low risk beneficiary? (beneficiary history with other originators, name/ account number match, suspected mule) Self learning No rules to write Not threat specific Adapts to new threat Automa;c updates to analy;cs 100+ aMributes from wire system
- 17. Fraud & Breach Prevention Summit Chicago #ISMGSummits17 Approach Highly Effective With BEC New beneficiaries common (40% of wires to new beneficiaries) BEC beneficiary FIs vary (domes;c, interna;onal, banks, credit unions) Spoofed CEO email Spoofed supplier email Legi,mate user (CFO or controller) • Online • Fax • Branch • Criminal beneficiary • or mule Criminals do their homework on their targets and prey on urgency, sense of duty and importance Legitimate user logs into online banking or requests the wire (legacy ATO detection methods don’t work) BEC amounts within typical range of client wires
- 18. Fraud & Breach Prevention Summit Chicago #ISMGSummits18 Behavioral Analytics Detects Account Takeover and Business Email Compromise Spoofed CEO email Spoofed supplier email Legi,mate user (CFO or controller) • Online • Fax • Branch • Wire transfer Amount Expected OBI use Velocity Beneficiary Beneficiary FI Beneficiary Loca,on Name/account number changes and match Individual and Bank Popula,on Originator Models Cross-originator Beneficiary Models Guardian Analy,cs uses originator, popula,on and cross-originator beneficiary models to accurately detect fraud with low alert volume; no rules or scenarios to define Criminal can spoof email sender, content language, style, wire amounts But they cannot spoof how an originator sends a wire
- 19. Fraud & Breach Prevention Summit Chicago #ISMGSummits19 Recent Successes Fraud prevented $19M in last two months (primarily BEC, have not missed fraud) Efficiency gains Bank reduced reviews to only high risk wires (50-100 wires/day) Client experience Reduced callbacks Reduc;on in alerts has freed ;me to discuss possible BEC with clients in more detail Bank with ~4,000 wires per day Fraud prevented $500K in last six months (BEC and ATO, have not missed any fraud) Efficiency gains Reduced reviews 70% (75/ day) Increased wire risk management coverage 400% Client experience Faster processing Fewer callbacks (1-5/day) Bank with nearly 2,000 wires per day
- 20. Fraud & Breach Prevention Summit Chicago #ISMGSummits20 Behavioral Analytics In The Future Anand Sureka
- 21. Fraud & Breach Prevention Summit Chicago #ISMGSummits21 Meeting The New Requirements Identity Threat specific Payment/channel slice Behavior Threat agnostic Holistic view Behavior + context Threat agnostic Omni-channel Legacy Modern Next-Generation Rules/scenarios Analytics Analytics
- 22. Fraud & Breach Prevention Summit Chicago #ISMGSummits22 Unified Omni-channel Fraud Prevention • Channels • Payments • ATM • Contact Center • POS • Branch • Online • Mobile • Bill Pay • Debit • Wire • ACH • P2P Customers are omni-channel. Criminals are omni-channel.
- 23. Fraud & Breach Prevention Summit Chicago #ISMGSummits23 Unified Omni-channel Fraud Prevention Channels Payments • ATM • Contact Center • POS • Branch • Online • Mobile • Bill Pay • Debit • Wire • ACH • P2P Fraud prevention should be omni-channel, too Enterprise API Omni-Channel Risk Engine Omni-Channel Visual Analytics Payments Channels Devices Locations Risk Data
- 24. Fraud & Breach Prevention Summit Chicago #ISMGSummits24 New Requirements for Fraud Prevention Support payment /channel innovation Improve customer experience Increase operational efficiency Address modern fraud
- 26. Thank You for Attending!