Mobile Fraud and Cybercrime Attacks Increasing

Mobile devices are becoming the preferred platform for online banking, shopping and accessing business applications. In the recent Black Friday to Cyber Monday weekend, mobile devices accounted for over 35 percent of online transactions. This increased reliance on mobile is also driving an increase in fraud and cybercrime attacks with organized cybercriminals deploying sophisticated attacks that exploit mobile technology.

Fraud prevention and cybercrime professionals require defenses specifically designed to protect against losses and exposure from mobile attacks. View this webinar to understand the latest threats from mobile channels and new approaches to protect against mobile attacks in real time, without adding friction to the user experience.

Attacking cybersecurity boils down to the effort of finding truth. The complex environment we live in requires an integrated approach so we have several lines of defense in a platform. The first of which is the right analysis. Understanding the device used and its associated attributes in terms of its location, its network connection, potential man-in-the-middle attacks or is it behind a proxy or VPN and even more concerning may be other related activity appearing from this device. We also look at the Identity analytics. What that really means is who the person is behind those devices in an anonymized view of the personas and different parameters, such as the age of those devices and associated users. Age tends to be a very powerful thing when examining the potential for cybercrime.

Examining the network for instance can help determine whether or not a device has been compromised. Additionally, a global understanding of the cities on our network can help identify positive transactions and the chances that this is a compromised device or may be involved in other related offenses. A second layer of defense involved examining if this user commonly uses one device or do they use a family of devices to engage. Behavioral analytics provide an understanding around the value of a transaction and the velocities or frequencies of various transactions that may be anomalies around a particular behavior.

Global Shared Intelligence to Fight Cybercrime

The fourth layer of defense against criminals is what we call Global Intelligence which is kind of inherent in our network whereby many data points are gathered and analyzed about devices which intrinsically contribute to specific device profiles and user data in the network. As we collect this global intelligence using various different methods real-time feedback is very common. We have a robust set of API so that when our customers make assertions and post transaction feedback to us, we update our system so future transactions can take advantage of that first transaction intelligence. We also have analyst feedback which is very often delivered to us in our portal, examining day-to-day transactions.

Finally, we have some custom integrations with third-party solutions that enable retrospective information to be fed into the system as well. On top of the decision engine is an analytics platform which ensures that all of the data that comes in and out of our network is handled very sensitively, and in accordance with privacy laws and regulations.

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