TSB has recently become part of Sabadell bank, the fifth largest banking group in Spain. However, local banking is still at the heart of TSB’s ethos as it continues to prioritize a customer-centric service whether online, on mobile or in branch. TSB calls this “local banking on demand”, illustrating its commitment to offering banking products and services that totally align with how its customers want to transact.

This vision relies on streamlined access to online services with minimal disruption for trusted customers. With ThreatMetrix TSB can:

  • Accurately authenticate returning customers
  • Pinpoint high-risk fraud networks using intelligence from the ThreatMetrix Digital Identity Network, to discover links and associations between key accounts
  • Dramatically reduce account takeover and application fraud, identifying deviations from trusted customer behavior

In terms of application fraud, we see lots of device anomalies on fraudulent applications which thankfully we can identify extremely accurately with ThreatMetrix. This is of great value.

Jim Winters, Director of Financial Crime, Fraud & Underwriting, TSB

Business Problem

As the popularity of online and mobile banking continues to rise exponentially, securing the digital channel is a key focus for TSB. However, fraudsters are attempting to cash in on the inherent anonymity the online environment creates. TSB was seeing cybercriminals applying for new accounts with full and convincing stolen identities and taking over trusted customer accounts with a dangerous medley of Malware, remote access Trojans and advanced social engineering tactics.

As cybercrime evolves to be organized, worldwide and cross-border, TSB needed a more accurate way to detect networks of fraudsters, using global shared intelligence to detect high-risk, anomalous and linked behavior in real time.

ThreatMetrix plays a big part in our transaction fraud strategy. The solution contributes to a sustained reduction in digital transaction fraud.

Jim Winters, Director of Financial Crime, Fraud & Underwriting, TSB

It Takes a Network to Fight Global Organized Crime

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 that users make as they transact online. Behavior that deviates from this trusted digital identity can be accurately identified in real time, alerting TSB to potential fraud. Suspicious behavior can be detected and flagged for review, step-up authentication or rejection before a transaction is processed, streamlining the online experience for trusted users.

Using ThreatMetrix we can clearly see the spider web of linked, fraudulent accounts. We’ve almost got a 100 percent hit rate on known negative devices.

Jim Winters, Director of Financial Crime, Fraud & Underwriting, TSB

Key ThreatMetrix Capabilities That Support Long-Term Success

This robust approach to protecting TSB’s online banking platform is supported by the following key ThreatMetrix capabilities:

  • ThreatMetrix Trust Tags enable TSB to differentiate between fraudsters and legitimate customers. Trust tags are digital labels that can be applied to various combinations of entities within a user’s persona (such as device and location information) to indicate their trustworthiness.
  • ThreatMetrix deep connection analysis technologies give TSB a clearer view of anomalous or suspicious events. Fraudsters often attempt to hide behind location and identity cloaking services such as hidden proxies, VPNs and the TOR browser. ThreatMetrix accurately detects the use of these technologies and, in the case of proxies and VPNs, allows TSB to see the true IP address, geolocation and other attributes of each event, backed by global identity data over time.
  • 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.

Leveraging intelligence from the ThreatMetrix Digital Identity Network, TSB can pinpoint anomalous and high-risk behavior in real time. This improves the online experience for trusted customers and prevents cybercriminals setting up fraudulent bank accounts to support organized criminal networks.

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