Overview

A leading high-tech commercial bank leveraged the ThreatMetrix Mobile solution to protect customers from growing mobile fraud attacks. Improvements were achieved by adding a layer of intelligent customer authentication that could distinguish cybercriminals from legitimate customers by analyzing device health, location information and anomalies indicative of fraud. ThreatMetrix Mobile delivers a complete set of digital intelligence for the mobile channel, providing accurate detection of fraudulent activity. This was a key reason for the bank’s selection of ThreatMetrix. After the success of the initial deployment, the bank also leveraged ThreatMetrix to address bot attacks.

Controlling fraud is an important business metric for this bank that caters to technology, private equity and venture capital firms. With offices in key cities in the U.S. and around the world, it is ranked as one of America’s best banks.

Business Problem

The bank developed a mobile platform in response to customer demand for greater flexibility to access banking services via connected devices. However, the mobile channel was more susceptible to account takeover attacks than its existing web channel because it was unable to accurately distinguish fraudsters from returning customers. As the number of mobile transactions grew, so did fraud attacks.

Leveraging ThreatMetrix Mobile to Protect Mobile Logins

ThreatMetrix Mobile allowed the bank to effectively recognize returning customers while detecting high-risk indicators of fraud. This delivered much needed protection to the bank’s mobile platform and significantly reduced its fraud levels. The ThreatMetrix Mobile solution uses anonymous mobile device identification and user recognition technology to provide insight into the risk associated with every device and user. It creates cross-validation device fingerprints to support comprehensive fraud screening across mobile application transactions.

The bank is now protecting its customers against mobile fraud by embedding ThreatMetrix intelligence technology into its mobile platform. Such technologies include capabilities like VPN detection, geolocation and session verification that provides environmental context about the end user.

Extending Authentication Success for Bot Protection

The new mobile platform now delivers real-time analysis to quickly identify trusted customers from cybercriminals – protecting online and mobile transactions. With the intelligence gained from ThreatMetrix, the solution was extended to better handle bot attacks.

After the initial deployment, the bank discovered a large increase in mobile application login volume, which also had missing device information. It appeared that the mobile platform was being targeted by automated bot attacks. An internal review determined that the bot network had found a way to trigger the bank’s APIs directly to generate a login without launching the mobile application, therefore bypassing device profiling.

Armed with this information, the bank was able to build in specific rules to the ThreatMetrix risk policy to detect this type of scripted bot attack, looking at login session anomalies and high velocities from the same IP address.

The ThreatMetrix Mobile Solution

The ThreatMetrix Mobile solution is an embedded library for mobile device applications. Available for all common mobile platforms, it uniquely identifies each mobile device when it connects to your website, and analyzes all installed apps for threats or malware that can compromise the device. It also leverages key intelligence from the ThreatMetrix Digital Identity Network to provide VPN detection, geolocation, true OS identification, and a host of other device and session verification capabilities. This allowed the bank to identify fraudulent behavior with far greater accuracy, as well as recognize trusted returning customers.

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