Every day, banks are confronted with phishing, Trojan, and hybrid attacks on their online channel. There is no real control over end-point devices and few capabilities to abort a fraud in progress. Current approaches to fraud security rely on products known to cybercriminals, and detection systems that are dependent on fragmented back-office systems data. As a result, most anti-fraud measures are slow to mitigate attacks.
Banks can protect consumers and themselves against online attacks, which mutate at the speed of the Internet. DetACT (Detection of Active Cyber Threats) is a subscription service from Fox IT that combines the analysis of a bank’s real-time online transaction data with actionable cybercrime intelligence to fight fraud where the criminals live—online.
Stop fraud at its source
Malware and phishing attacks happen at the speed of the internet. So detection should happen at the internet layer, in real-time. Only then will a solution be fast enough to stop the fraud. DetACT can coexist with other solutions in a layered security approach. Because DetACT is not dependent on back-end or client solutions, DetACT gives the bank more control over fraud.
DetACT is a subscription service that fills a critical need to combat online banking fraud where and when it occurs—online, in real-time. DetACT empowers bank fraud teams with:
- Insight into online transaction traffic;
- Knowledge about cybercrime—players, techniques, trends—past and present;
- Capabilities to constantly monitor cybercriminals’ Modus Operandi (MO) and quickly detect changes to MOs;
- Quick correlation of cybercrime information (end-point and timing data) with financial information (sender, recipient, amount).
The DetACT solution combines the capture and analysis of real-time online transaction data with actionable cybercrime intelligence to stop online banking fraud. It provides the speed and agility banks need to quickly detect and mitigate threats and react to cybercriminals’ rapidly changing MOs. It gives banks control of fraud, avoiding dependence on customers’ untrusted platforms and susceptibility to attack.