Posts Tagged online fraud detection
Anti Theft Protection – The Snuko way!
Posted by admin in Affiliate Revenue, Auctions, Audio Streaming, Autoresponders, Busineness Management, Domain Names, E Books, Ecommerce, Email Marketing, Ezine Publishing, Forums, General, Internet Marketing, Link Popularity, List Building, Management, Marketing Direct, Marketing in General, Online marketing, PPC Publishing, Paid Surveys, Podcasting, Product Creation, Product Launch, RSS, SEO, Sales Management, Search Engine Marketing, Security, direct marketing on January 6, 2010
Put an end to the loss of hardware and data.
Have you ever experience to loose all your pictures of your family, all your music and all of the good series and movies stored on your computer? – Or even worse have you ever, as a small business owner, lost invoices, offers, clients graphic or similar?
Well i have. And i am not the only one. According to FBI a laptop gets lost every minute in US alone and 97% of the lost or stolen laptops, Iphones, Ipods – devices never find their way back to the owner again. For me its no so much about the hardware it self, but more irreplaceable data that i have on them. – To be honest, its a little piece of my life that gets stolen or lost every time. Luckily there is a protection out now. This is the software we have been waiting for!
Snuko – as it is called – can be found on www.snuko.com and it will not only track your lost device, but also take a phote or even video of the thief, provided there is a webcam in your laptop. – with the snuko protection you can also shut down your laptop and encrypt the data, so the thief cannot use it or abuse it. I mean with the increased threat of identity theft as we become more and more adapt to the digtal world, i do like to have a way to stop the bad guys, before they take over my pictures, my music, my movies… my life. So i suggest you download snuko from www.snuko.com – there is even a 30 day free offer…
Don’t Overlook the Online Channel: Combating Cross-Channel Fraud at the Cause
The latest threat to online banking accounts and online fraud detection involves fraudsters using a multi-step system that involves diverse interaction points with financial institutions.
Cyber-criminals commit this cross-channel Internet banking fraud by first cracking into an account via the online channel to pinch precious information such as account balances, check images, or signature blocks, in order to perform wire, check and other types of offline scams that never get linked to the original breach online.
Sadly, the online channel’s role in these frauds is often missed. This is exactly what makes this kind of fraud so efficient – and complicated to catch. Financial institutions just register the final transaction fraud, and cannot account for the original breach, which often occurs in the online channel. Add this to the actuality that consumers don’t know it is happening, and the fraudsters have a ideal opportunity to continuously get away with this crime.
Case in point is what came about recently to a leading financial institution that supplies service for tens of thousands of customers daily. Despite uncompromising efforts to safeguard its online environment, fraudsters achieved a startling cross-channel fraud scheme.
Here’s how the fraud scheme worked:
1. The fraudster telephoned the institution’s customer service number and, with social engineering techniques, reset the online account password and contact phone number.
2. The fraudster entered the online account, discovered more about the customer’s online activities, and downloaded check images holding the customer’s signature.
3. The fraudster then called on a separate institution using the stolen information to open a new account in the victim’s name.
4. A wire transfer was arranged to empty the victimized account and credit the new account at institution #2. Because the names on the accounts were the same and the fraudster had presented a phone number under his/her control and a official looking signature, an offline confirmation of the transfer by phone, as a supportive means of identification, passed and was authorized.
5. The fraudster withdrew his loot slowly, visiting separate branches in a state separate than the victim’s.
Legacy Fraud Detection Practices Blind to Online Activity
When fraudsters employ schemes involving multiple interactions with different touch-points across an organization, they aren’t caught for the reason that the precursor online channel break is often overlooked.
Common industry practice registers the conclusive fraud transaction as the breach site, and case forensics employ limited resources to return insight that cannot track the original breach to the online channel. When accessed only for reconnaissance, the online channel records no “transaction” for alerting. This is precisely what makes cross-channel fraud so successful – and so hard to catch. Moreover, as what kind of fraud is our previous example to be recorded. Is such a loss wire fraud, check fraud, or simply “online account fraud”?
A next-generation method to online fraud detection and prevention is needed if we are to continue to retain customer confidence in the online banking security. According to Javelin Research’s 2007 Identity Fraud Survey Report, it takes an average of 60 days for consumers to even spot that fraud has occurred. This leaves fraudsters with a ideal opportunity to carry out successful cross-channel fraud crimes if financial services providers don’t take blocking steps to protect both their customers and their bottom line. New best practices and back-end technologies that focus on online behavior can better isolate and prevent cross-channel fraud at the source.
Modeling Individual Account Behavior Interrupts Fraud at Its Source
An growing best practice Normal 0 false false false MicrosoftInternetExplorer4 of online fraud prevention is to employ predictive models of individual customer online conduct to detect when the “customer” logging in isn’t who they say they are, even if they pass authentication. Beyond straightforward machine signature technology, user profiling technologies depend on trended analysis of behavior account by account. They start by being aware of what “normal” behavior is for each individual customer – and admit that there is no single blueprint of “normal” behavior to write an anti-fraud rule for.
Dynamic, model-based investigation of account activity “does the math” – piecing together what by themselves may seem like weak indicators of fraud until a clear pattern emerges. Behavior that strays from what is expected becomes suspicious – the more the deviation, the deeper the suspicion. This comprehensive analysis allows for more granular risk scoring and better correlation with offline activity patterns. A side-effect of this behavioral analysis Normal 0 false false false MicrosoftInternetExplorer4 through transaction monitoring software, also provides a rich history of online activity that aids examination and forensics.
Using these techniques, organizations can identify the fraudster via the flags to online activity outside the customer’s predicted behavior. Deploying strong analytics at the source – the online channel – ensures that fraudsters’ strikes are shut down before any damage is done.