Guardian Analytics, a provider of behavioral analytics-based fraud prevention solutions, today announced a fraud monitoring solution delivered as a managed service, designed to allow institutions to enjoy the benefits of fraud prevention software without the need for increased staff or training.
The solution, FraudDESK, provides short or long-term fraud analytics support and fraud expertise to financial institutions, enabling them to immediately deploy FraudMAP, Guardian Analytics’ SaaS-based fraud prevention software, to protect online account holders with no training and no staffing changes.
FraudMAP detects suspicious behavior at the individual account holder level that is indicative of account takeover, account reconnaissance and fraudulent wire, ACH, bill pay and other transactions. FraudMAP is not threat specific, does not require action on the part of account holders and automatically protects against a wide array of attacks including those that stem from phishing, vishing and Man-in-the-Browser schemes.
FraudMAP provides anomaly detection and transaction monitoring capabilities needed to meet the minimum expectations for online banking security established in the FFIEC Authentication and Internet Banking guidelines and combined with FraudDESK, can now be launched without staffing a new project, changing staff assignments or undergoing training.
“Banks and credit unions have their hands full with new regulations, new product offerings and now the updated FFIEC expectations for layered security,” said Terry Austin, CEO of Guardian Analytics. “FraudDESK offers financial institutions an easy way to check off minimum FFIEC expectations without pulling resources from other vital projects. Our flexible program allows customers at any time to fold FraudMAP’s easy to use monitoring and investigation capabilities back into their own operations.”
With FraudDESK, institutions can ensure that each individual online retail and commercial account is under the watchful eye of both FraudMAP and a Guardian Analytics fraud analyst who can rapidly investigate any high-risk sessions and escalate critical accounts. Institutions can proactively respond before any money is lost.
“With FraudDESK, we do the work, and institutions get the credit with their regulators, and more importantly, their account holders,” Austin added.
FraudDESK is available now as an optional service for FraudMAP customers.