Overview

Beyond Bank is an Australian, customer-owned financial service organization. The bank offers a wide range of services including bank accounts, credit cards, car/personal loans, home/travel loans and insurance and has over 200,000 customers. Beyond Bank has a philosophy of “going beyond” by exceeding expectations and giving back to the community by working closely with not-for-profits and community organizations.

With ThreatMetrix, Beyond Bank can:

  • Access global shared intelligence to proactively identify digital fraud in real time.
  • Deliver a consistent experience to trusted customers across their digital journey.
  • Reduce cost and friction associated with step-ups.
  • Better understand customers’ digital behavior to drive its digital transformation agenda.
  • Develop a streamlined customer experience across digital channels.
  • Leverage the ThreatMetrix Portal to identify suspicious patterns by examining links and associations and investigating related events.

ThreatMetrix has really enhanced the way we analyze our data. This ensures that the solutions we are putting in place genuinely meet the threats in the market. Our customers get a better online experience and we get an
end-to-end view across all their interactions.

Nick Martin, Online Banking and IT Security Manager, Beyond Bank

Business Problem

Global financial institutions are heavily targeted by fraudsters and Beyond Bank is no exception. Fraudsters have access to an unprecedented amount of information and are constantly looking for ways to monetize stolen credentials.

The core of Beyond Bank’s digital initiative is to deliver a customer-first strategy, and what it found was that the customers that were more vulnerable to digital fraud were least ‘technology aware’. These vulnerable customers are often being duped via phishing attacks and mobile phone porting, leading to financial loss both for the customers and the bank. Any solution had to protect all customers, as an opt-in approach would not reach those most vulnerable.

We really rely on the ThreatMetrix professional services team to gain additional expertise without having to train-up an in-house security team. This has been an invaluable resource.

Nick Martin, Online Banking and IT Security Manager, Beyond Bank

At the same time, the bank wanted to prepare for NPP—the industry- wide initiative for faster payments—by implementing additional levels of control and having the ability to make instant trust decisions on events.

This relied on access to real-time, dynamic intelligence; Beyond Bank needed a more holistic approach to differentiate legitimate customers from fraudsters. It was important that this approach was discreet for all customers, regardless of their level of technical skills.

We wanted the flexibility to have control over the rulesets in place and react quickly to evolving threats. ThreatMetrix has allowed us to do that because the rules are very granular and we can be very specific in the type of threat we are wanting to protect against.

Nick Martin, Online Banking and IT Security Manager, Beyond Bank

The Power of Global Shared Intelligence to Detect High-risk Events in Real Time

The best way to tackle complex, global cybercrime is using the
power of a global shared network. The ThreatMetrix Digital Identity Network collects and processes global shared intelligence from millions of daily consumer interactions including logins, payments, and new account applications. Using this information, ThreatMetrix creates a unique digital identity for each user by analyzing the myriad connections between devices, locations, and anonymized personal information. Behavior that deviates from this trusted digital identity can be accurately identified in real time, alerting Beyond Bank to potential digital fraud. Suspicious behavior can be detected and flagged for review, step-up authentication or rejection before a transaction is processed, creating a frictionless experience for trusted users.

Key Features of the ThreatMetrix / Beyond Bank Partnership
  • ThreatMetrix Smart ID identifies returning users that wipe cookies, use private browsing, and change other parameters to bypass device fingerprinting. This improves returning user detection and reduces false positives. Derived from the analysis of many browsers, plug-in, and TCP/IP connection attributes, Smart ID generates a confidence score that detects multiple fraudulent account registrations or log in attempts.
  • Deep connection analysis technologies give Beyond Bank a clearer view of suspicious events. Fraudsters often attempt to hide behind location and identity cloaking services such as hidden proxies, VPNs and the TOR browser. With Proxy piercing technology, ThreatMetrix examines TCP / IP packet header information to expose both the Proxy IP address and True IP address. These techniques help Beyond Bank gain detailed network level signals for more accurate decision making.
  • ThreatMetrix Mobile is a lightweight software development kit (SDK) for Google Android and Apple iOS mobile devices, providing complete digital fraud protection for the mobile channel. This includes: application integrity evaluation, advanced persistent device identification, malware detection, location services, jailbreak and root detection technologies, anomaly and device spoofing detection and dynamic configuration and updates.
  • The ThreatMetrix Decision Management Portal is a cloud-based platform, providing web access for all levels of users involved with fraud and risk management. It enables fraud and security managers to investigate high-risk incidents, identify suspicious patterns at large scale and take corrective and preventative action.

The global Network that we tap into with ThreatMetrix gives us additional context about threats or high-risk events that we aren’t seeing in our own back yard.

Nick Martin, Online Banking and IT Security Manager, Beyond Bank

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