Kaspersky Lab has introduced two fraud prevention solutions, Kaspersky Advanced Authentication, to prevent account compromises when developing digital channels, and Kaspersky Automated Fraud Analytics, to keep fraudulent activity under control.
The company says the rapid growth of digital channels has seen online fraud become a problem for a wide range of businesses beyond the finance sector, including loyalty programme providers and eCommerce entities.
These businesses need to improve the security of online transactions and lower the risk of fraud, without negatively affecting user experience.
Kaspersky’s Advanced Authentication solution employs a set of technologies that identify any anomalous or possible fraudulent activity at both the login and session stages, and flag it to the company for additional checks and confirmation with the user.
The solution analyses behavioural and biometric data, device reputation and other non-personalised metadata, while machine learning and complex algorithms ensure high detection rates and lower anomaly detection time.
The authentication process requires no intervention from the user, allowing organisation to prioritise high user retention and growth of their digital channels.
Fraud, money laundering
According to Kaspersky, financial crimes, including fraud and money laundering, are a serious concern for today’s economy, and are seeing regulating bodies continually introduce legislation to prevent them.
“This puts a responsibility on financial organisations who must achieve complete transparency in their operations, not only for the sake of their businesses, but also to maintain compliance with evolving regulations,” says Kaspersky.
The company’s Automated Fraud Analytics helps organisations lower fraud-related costs and reduce the risk of fines for non-compliance from regulatory bodies.
“It adds an extra level of knowledge of industry-specific fraud and money-laundering scenarios, through access to fraud intelligence, and combines this knowledge with advanced technologies that automatically detect serious incidents while still in the early stages.
The solution gathers and analyses hundreds of depersonalised indicators, such as the user’s device and its environment, behavioural and biometric patterns of a user, remote access tool and bot usage, mobile malware and Web injects.
Machine learning algorithms help the solution correlate these findings with the patterns of account takeover, new account fraud and money laundering, via Kaspersky Fraud Prevention Cloud and global fraud intelligence based on big data.
Due to its linking and mapping functionality, the solution automatically identifies cross-organisational money laundering schemes by looking for correlations between typical profiles, devices used, behavioural patterns and other details of the sessions that are known to be involved in similar operations.
Alessio Aceti, VP, New Business, at Kaspersky Lab, says while online fraud remains a disturbing reality, primarily for financial organisations, more and more industries are at risk, as they invest money and resources in developing the digital part of their businesses.
“That is why we have revised our offering to include more diversified, tailored solutions for specific scenarios and business requirements: whether it’s a secure authentication of users without extra layers, or more in-depth fraud analysis and intelligence,” he concludes.
