The ThreatMetrix® Solution Supports Commercial Bank of Dubai’s Customer-Centric Strategy by Reducing Online Friction and More Accurately Detecting Fraud

Integrating ThreatMetrix dynamic behavioral analytics and optimized policies champions a customer-first approach while improving fraud detection

Overview

The Commercial Bank of Dubai is one of the largest banks in the Gulf region, offering a range of financial products and services. CBD is committed to providing superior service and support to its customers; epitomized by its customer-centric banking services. In a landscape of rising fraud levels and a complex user base, CBD strives to make the online banking experience as frictionless as possible.

CBD leveraged the ThreatMetrix solution to:

  • Minimize customer friction while more accurately detecting genuine high-risk behavior
  • Build user connections across multiple data sources to more effectively detect fraud
  • Enhance the identification of trusted customers, streamlining the user experience
  • Better detect genuine fraud

Business Problem

Simplicity and innovation lie at the heart of CBD’s core values. Championing these values in a climate of rising fraud, a diverse user base and a huge proliferation in online interactions has created a number of key challenges. CBD wanted to offer a market-leading mobile banking app that provided users with banking freedom; creating easy, fun and personalized interactions without unnecessary intervention.

Our customer-centric strategy is delivered through simple, smart, personalized banking services. ThreatMetrix aligns with this approach by helping us build trust across the entire customer lifecycle, reducing unnecessary interventions.

Alan Grieve, Chief Risk Officer, CBD

The threat landscape in the Gulf region is evolving; fraud is continuing to see increasing growth, while the region continues to attract an incredibly diverse population of highly-mobile, sometimes disparate workers. This has created a complexity in user behavior that incorporates, for example, high-frequency travelers and customers making high value payments.

The Power of Global Shared Intelligence to Streamline the User Experience

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, CBD were able to better distinguish between trusted customer behavior and potential fraud.

This green zone of trusted transactions now makes up the majority of events. The more users interact with us, the more we learn about their behaviors, and the more trust we can associate with them. This all has a profound effect on their online experience.

Duncan Craig Fairley, Head of Operational Risk, CBD

Key Features of the ThreatMetrix—LexisNexis® Risk Solutions and CBD 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 CBD 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 CBD gain detailed network level signals for more accurate decision making.
  • ThreatMetrix behavioral analytics; Smart Rules help CBD to better understand genuine customer behavior, while accurately detecting genuine fraud. ThreatMetrix uses behavior, age and location to examine the historical data related to a given transaction, in order to run a deep behavioral assessment. This helps CBD to more accurately differentiate between true fraud and legitimate behavior change, reducing the step-up frequency without increasing overall risk.

Moving from static business rules to more dynamic rules with ThreatMetrix means we have developed this trusted zone of customer transactions, incorporating rolling windows of time and averages per user so that when there is a significant change to that behavior, we see it in real time.

Vinay Sugunanandan, Head of Fraud Risk Management, CBD

For more information, call +1 866 528 0780

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