Guardian Analytics Launches Fraud Detection for Mobile Banking

Guardian Analytics, a provider of behavior-based fraud detection solutions, today announced the general availability of FraudMAP Mobile, a purpose-built solution to identify suspicious banking activity coming from a mobile device.

Built using the same behavioral analytics platform that protects online account holders at over 150 financial institutions, FraudMAP Mobile proactively alerts financial institutions to suspicious mobile behavior across all mobile experiences, including SMS banking, mobile Web banking and downloadable mobile applications. FraudMAP Mobile provides the following:

• A layer of security separate from the device providing transparent monitoring and analysis of all mobile banking activity for all mobile users;

• In-depth analysis of mobile banking activity to develop a mobile-specific behavioral model unique to each mobile banking user;

• Rich mobile banking activity history critical for understanding mobile risks, mobile adoption and mobile usage;

• Link analysis to proactively identify multiple accounts at risk; and

• Support for mobile banking platforms integrated with online banking platforms as well as standalone mobile platforms.

Using FraudMAP Mobile, the company says financial institutions can proactively prevent fraud occurring on mobile devices and other banking channels and warn customers of potential identity theft.

“The rise of mobile banking introduces a whole new set of security issues for financial institutions and their customers,” said Julie McNelley, research director in the Retail Banking Practice at Aite Group. “A mobile phone in the hands of a criminal provides them with access to all of the victim’s personal information that can not only lead to mobile banking fraud, but fraud in other channels as well as identity theft. To prevent this from happening, banks can’t rely on the device for security – they need to proactively prevent fraud before it occurs.”

FraudMAP Mobile is available immediately and complements Guardian Analytics’ line of fraud prevention solutions, including FraudMAP Online. Pricing is based on the number of mobile users at a financial institution.