Hacking and fraud attacks targeting financial services institutions are at an all-time high. Make sure your financial services organization is not the next hacking victim.

Financial service firms are prized targets for sophisticated criminals due to the large amount of assets under management and the challenges associated with online customer authentication. Fraudsters have become adept at stealing customer credentials, hijacking online sessions and using malware to scam funds from unsuspecting account holders. Faced with such targeted attacks, financial service institutions are confronted with the conflicting requirements of offering customers increased convenience without opening the door to criminal activity.

To minimize the likelihood of fraudulent transactions, the Federal Financial Institutions Examination Council (FFIEC) mandates a layered security approach. Specifically FFIEC guidelines state that financial service institutions should adopt a layered approach to fraud prevention that does not degrade the online experience for the customer.

FFIEC Compliance

The 2011 FFIEC supplement identifies two key techniques that financial service institutions should implement for effective fraud prevention: complex device identification, and the ability to detect emerging threats in form of malware and provide a secure browsing environment. Historically, this requires financial service institutions to source solutions from multiple companies, then spend precious IT resources to spec, develop and debug a comprehensive solution.

ThreatMetrix™ provides a combined solution that fully addresses both of these requirements. The TrustDefender™ Cybercrime Protection Platform addresses the FFIEC requirements to protect the integrity of online customer accounts and financial transactions.

  • Address FFIEC layered security banking guidelines
  • Recognize returning customers using complex device intelligence
  • Identify high risk transactions through device and transaction anomalies
  • Protect legitimate customers and transactions from targeted malware
  • Detect compromised devices that represent risk to your assets

Transaction Fraud Prevention

Legitimate online financial institution customers using their own verified devices to conduct online transactions might still be the victims of transaction fraud. Some of the mechanisms used include Man-in-the-Middle, Man-in-the-Browser, phishing, session hijacking, key-loggers and other malware driven attacks.

  • Reduce potential for fraudulent wire transfers and other transactions
  • Prevent web-based and machine-resident attacks from executing fraudulent transactions
  • Protect online banking customers from session-based transaction attacks

Account Takeover Protection

ThreatMetrix helps financial service institutions prevent account takeover by flagging high risk access attempts. A flexible policy engine uses customizable risk scoring that is optimized for the financial institutions industry and can be further tailored to address specific business conditions. The Cybercrime Control Center aggregates information from every ThreatMetrix customer and provides risk information in real time. Using the ThreatMetrix platform, financial service institutions can eliminate online financial fraud by distinguishing between real, returning customers and cybercriminals hiding behind proxies or disguising their location.

With ThreatMetrix you can secure  user accounts, ensure they are not compromised and are not a source of unauthorized data access or fraud. ThreatMetrix detects compromised accounts across multiple dimensions, including:

  • Automated logins from bots and compromised devices
  • Shared user accounts, including concurrent access and access from multiple locations
  • Malicious software, including web-based and machine resident malware
  • Access from suspicious locations, unrecognized computer settings or from masked machines

Fraudulent New Account Registration

Fraudsters and scam artists target financial service institutions by using false and stolen information to open credit and loan accounts. These fraudulent accounts are then used to run up debt, engage in money mule scams, defraud the bank’s legitimate customers and other malicious activities. ThreatMetrix provides a risk-based solution that prevents miscreants from creating false accounts as follows:

  • Prevent use of stolen credentials to create new identities and accounts
  • Flag suspicious account that may be used to to apply for credit or loans
  • Protect customers from false accounts that may be attempting to transfer funds out of real customer accounts

To learn “how it works”, read about the TrustDefender Cybercrime Protection Platform