IBM Security Introduces New Solution to Help Banks Spot Fraudulent Accounts

A new feature from IBM Security will help banks spot fraudulent accounts before they are opened. The New Account Fraud Detection solution combines machine learning and analytics with device and network information gained during the new account opening process to identify fraud. Information such as IP address, geolocation and time zone, and health of the device are some of the data points that the technology can leverage to determine if there is fraudulent activity taking place.

Discussing the new offering at the Security Intelligence blog, IBM Security Director of Offering Management Jason Keenaghan noted, “You don’t even need to be a customer of the bank where a fraudulent account request occurs!” He added, “Wherever IBM Trusteer New Account Fraud is running, analysis will be performed to help banks separate the fraudulent users from the legitimate ones by looking at the positive information they provide and comparing that with the negative indicators surrounding the transaction.”

The new capability will be available as an add-on to IBM Security Trusteer Pinpoint Direct. Pinpoint Direct is used by hundreds of financial institutions and banks around the world to protect their websites against account takeover, fraudulent transactions, as well as detect the presence of high risk malware on end users’ devices.

IBM Security demonstrated its cognitive approach to fraud detection and protection, IBM Trusteer Rapport, at FinovateSpring 2017. IBM acquired Trusteer in 2013 and has since leveraged the purchase to offer a range of cognitive and cloud-based cybersecurity solutions. In July of this year, IBM Security announced it was launching testing services for the internet of things (IoT). The previous month, the company partnered with Cisco to allow security teams from both companies to exchange threat intelligence when investigating major cyber incidents. IBM Security’s VP of Threat Intelligence Caleb Barlow addressed the Wired Security 2017 conference in London last month, warning that companies remain “unprepared” for the damage a successful cyberattack can do to their businesses “causing more damage, financially and otherwise, than the breach itself.”

Categories: IBM

Finovate Alumni News

On Finovate.com

  • Check out a sneak peek of BeeOnPay’s FinovateAsia demo next week.
  • IBM Security Introduces New Solution to Help Banks Spot Fraudulent Accounts.
  • Modo Forms Fintech Partnerships to Engage Consumers at the Point of Sale.
  • SpyCloud Spots Stolen Credentials with Deep Dives into the Dark Web.
  • The Faves of FinovateAsia: A Brief History of Best of Show Winners.

Around the web

  • NetGuardians included in Chartis RiskTech 100 2018.
  • Compass Plus earns PA DSS v3.2 compliance.
  • ACI Worldwide now supports the European Payments Council (EPC) SEPA Instant rulebook standard ISO 20022 within its Universal Payments (UP) solutions portfolio.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Stronger Together: Fintechs, Techs, and FIs Collaborating on CyberSecurity

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Ready for some good news on the cybersecurity front?

Most of the time cybersecurity appears in the headlines, it is a report of a breach that just occurred or a new threat to guard against in the future. Caught between the hack that caught us unaware and the certainty that it won’t be the last, we can lose sight of the fact that there are hundreds of cybersecurity firms with thousands of security professionals that are working around the clock to make our lives online a lot safer. And many of these companies are Finovate alums specializing in service to the financial industry and its customers.

Ted Ross, founder and CEO of SpyCloud, demonstrating the company’s Best of Show-winning platform at FinovateFall 2017.

Importantly, not only are these companies working 24/7/365 to fight cybercrime, but also many of them are teaming up and partnering with financial institutions, retailers, and each other to test their technologies, make key improvements and enhancements, and ultimately get their fraud-fighting solutions to market.

With that in mind – and in line with our October focus on cybersecurity – here’s a look at the partnerships, agreements, and collaborations forged by our cybersecurity-related alums so far in 2017.

October

Fintech-to-Tech

  • Mitek partners with handwriting-based biometric authentication service Asignio to deliver IDaaS solution.
  • Avoka extends strategic partnership with Mitek for digital identity verification solutions.
  • ThreatMetrix and ID.me partner to deliver ID verification for government and commercial digital services.
  • Ledger partners with Intel to boost blockchain app security.
  • BioCatch to power behavioral biometrics for Samsung SDS America. 
  • SecureKey collaborates with Intel to enable consumers to access its blockchain-based digital identity technology via traditional web browsers.
  • Zighra launches flagship continuous authentication product.
  • Kony to launch digital banking solution leveraging Daon biometrics. 
  • iSignthis to integrate its Paydentity UBO Service with Web Shield’s InvestiGate platform.
  • TASCET teams with Secured2 to launch Algo5 data security offering.

Fintech-to-FI

  • Latvian Bank Citadele secures mobile and online banking with VASCO’s DIGIPASS for Apps and CRONTO.
  • National Bank of Canada joins SecureKey’s digital identity network.

Fintech-to-ECommerce

  • HooYu to provide ID confirmation for U.K.’s Cars-as-a-Service easyCar Club.

Multiple Best of Show winner EyeVerify demonstrating its Eyeprint ID technology at FinovateEurope 2017 with partner YapiKredi Bank.

September

Fintech-to-Tech

  • Vera to provide data security services for GE.
  • BioCatch to power fraud prevention solutions for HoneyTek Systems.

Fintech-to-FI

  • DefenseStorm to bolster cybersecurity operations for Genesee Regional Bank ($551 million in assets).
  • Open Banking selects Ping Identity to provide the identity and access management to underpin the U.K.’s open banking framework.

Fintech-to-Ecommerce

  • Signifyd guarantees fraud protection for Magento Commerce Merchants.
  • Infosys Finacle partners with ToneTag to leverage sound wave technology to drive contactless authentications and transactions.

August

Fintech-to-Tech

  • Jumio partners with Plynk to bring instant verification to Europe’s first money messaging app.
  • FIS and Equifax partner to offer new identity verification solution, OnlyID.
  • Biometric Signature ID partners with National Fingerprint to provide virtual ID proofing and verification services.
  • BioCatch partners with LexisNexis to leverage data and analytics for better risk management.

Fintech-to-FI

  • Samsung to power biometric authentication pilot for Bank of America.
  • Mexican payment processor chooses fraud fighting technology from Featurespace.

Fintech-to-ECommerce

  • HooYu brings identity confirmation technology to BCRemit.

July

Fintech-to-Tech

  • ID Analytics partners with Acxiom to strengthen risk assessment and combat fraud.
  • HackerOne Powering bug bounty program for Tor browser.

Fintech-to-FI

  • MoneYou integrates Mitek’s identity solutions for real-time digital onboarding.
  • DefenseStorm to serve as cybersecurity partner for Bank of Jackson Hole to enhance security.

Fintech-to-ECommerce

  • International Air Transport Association chooses fraud prevention technology from Featurespace.
  • Signifyd brings its Guaranteed Fraud Protection solution to Authorize.Net’s U.S.-based e-commerce merchants.

Behavioral biometric innovator BehavioSec, shown here demonstrating BehavioSec on Demand at FinovateFall 2015, has won three Best of Show awards.

June

Fintech-to-Tech

  • Daon adds EyePrint ID to IdentityX platform courtesy of new partnership with EyeVerify.
  • IdentityMind Global to offer Confirm.io’s document authentication technology to its financial services customers.
  • Jumio partners with Monzo for strong identity verification.
  • iovation to integrate its device-based authentication technology with PingFederate from Ping Identity.
  • TSYS partners with Featurespace to deliver real-time decision capabilities.

Fintech-to-FI

  • Leumi Card to use Feedzai’s artificial intelligence platform to fight fraud.
  • Ghana-based Premium Bank selects NetGuardians’ anti-fraud solution – FraudGuardian.

May

Fintech-to-Tech

  • Cisco and IBM team up on security.
  • BehavioSec partners with Kount.
  • Trulioo partners with Mitek to add facial recognition functionality to its ID verification platform.
  • Daon to integrate IdentityX platform with Experian’s fraud and identity platform, CrossCore.

Fintech-to-FI

  • Australia-based forex broker Pepperstone to deploy Paydentity verification services from iSignthis.

April

Fintech-to-Tech

  • Fraud prevention innovator Featurespace partners with U.K. digital family banking solution, goHenry.
  • Payment solutions provider Buckaroo chooses AML solution from Fiserv.

Fintech-to-FI

  • Global financial services firm chooses Mobile Verify and Mobile Fill from Mitek.

Fintech-to-ECommerce

  • Braspag announces integration of e-commerce and anti-fraud technology from ACI Worldwide.

A FinDEVr favorite, HackerOne and its bug bounty and vulnerability disclosure platform leverage white hat hackers to find critical security gaps before criminals do.

March

Fintech-to-Tech

  • Mastercard adds to authentication arsenal with acquisition of NuData Security.
  • Swiss financial sector infrastructure operator SIX partners with IBM Watson to build cyber-security hub.

Fintech-to-FI

  • Daon brings mobile biometric authentication to UnionBank.
  • Co-op Financial Services to leverage machine learning-based fraud fighting technology from Feedzai.
  • Pindrop to mitigate call center fraud for credit union service organization PSCU.

Fintech-to-ECommerce

  • Saltrex to use Jumio’s Netverify Trusted-Identity-as-a-Service.
  • Featurespace to provide machine learning fraud and risk management solution to CashFlows.

February

Fintech-to-Tech

  • BioCatch brings continuous online and mobile authentication to Nuance Communications’ Security Suite solution.
  • Icon Solutions joins forces with Featurespace to bring anti-fraud protection to instant payments.

Fintech-to-FI

  • Affinity CU becomes “trusted sign-in” partner in SecureKey Concierge.
  • First national private bank of Turkey, Yapi Kredi to deploy Eyeprint ID from EyeVerify for mobile logins.

Fintech-to-ECommerce

  • Feedzai and Merchant Risk Council (MRC) team up to leverage AI and machine learning to fight fraud.
  • MoneyGram using Mobile Verify from Mitek to meet AML requirements.

January

Fintech-to-Tech

  • Arxan Technologies partners with Cisco as to protect connected medical devices.
  • WISeKey and Stratumn partner to provide enterprise-grade process security software based on blockchain technologies.
  • FICO and Ethoca partner to improve card acceptance rates, fight CNP fraud, and reduce disputes.

Fintech-to-FI

  • ACI Worldwide to provide fraud protection for Kuwait’s Shared Electronic Banking Services Company (KNET).
  • NetGuardians brings real-time fraud protection to Nigeria’s Keystone Bank.

 

MapD Partners with IBM Power Systems

Analytics platform MapD has partnered with IBM Power Systems to enhance its analytical performance. California-based MapD has optimized its MapD Core database and MapD Immersive visual analytics client to take advantage of IBM Power Systems to target the speed at which SQL queries can be performed.

Running queries on IBM Power Systems S822LC for HPC servers versus x86-based servers offers an SQL querying speed that is up to 1.3 x faster than recent benchmarks. On average, the updated queries show a 65% acceleration over the original, benchmarked SQL queries. Upgrades such as these help users analyze billion-row data sets in real-time.

“We’re bringing new performance capabilities to a broader audience only available on IBM Power Systems,” said Ashish Bambroo, VP of Business Development at MapD Technologies. “IBM Power Systems are optimized for the kind of compute-intensive applications where MapD’s technology excels. By harnessing the advantages of IBM Power Systems, we can provide our enterprise customers with more options for tackling the toughest workloads.”

To increase the speed, MapD is leveraging IBM’s POWER CPUs and NVIDIA Tesla P100 graphics processors. The POWER processor CPU works together with the NVIDIA Tesla P100 GPU, accelerating CPU-to-GPU analytic pipelines up to 2.5X. This acceleration bolsters MapD’s platform that uses GPUs to query and visualize billions of records in real-time. The company’s GPU-based platform performs from 75 to 3,500 times faster than traditional CPU databases.

MapD was founded in 2013. The company’s CEO Todd Mostak most recently demoed the company’s Core and Immerse components at FinovateSpring 2017. Mostak also gave a presentation at FinDEVr New York 2017 titled How GPU-Powered Visual Analytics Are Remaking Financial Services. Last month, MapD ranked among the best database and analytics tools according to InfoWorld.

KlickEx and IBM Leverage Blockchain Technology to Improve Cross-Border Payments in the South Pacific

FinovateAsia alum KlickEx is partnering with public blockchain network builder, Stellar, and fellow Finovate alum, IBM, to improve cross-border payments for emerging markets, particularly in the South Pacific. Already processing live transactions in 12 currency corridors in the region, the solution will use IBM Blockchain to accelerate clearing and settlement on a single network in near real-time for consumers and merchants in countries like Samoa, Tonga, and Fiji.

“This is the first time anyone has made blockchain work at an institutionally viable scale,” KlickEx Group founder and CEO Robert Bell said. Underscoring KlickEx’s experience in facilitating inexpensive, real time, multi-currency payments in the area, Bell said, “this project was a natural next step following our work to create seamless and borderless payments across the Pacific.”

More than 12 banks from Indonesia, the Philippines, Australia, and Thailand are participating in the development and deployment process. Stellar.org’s network enables near real time settlement by issuing digital assets that serve as a foreign exchange bridge. KlickEx is the partnership’s founding financial institution for the area, supporting FIs and retail customers on the network. Planners believe that up to 60% of all cross-border payments in the South Pacific’s retail foreign exchange corridors could be processed by the network by early 2018.

In a post at the KlickEx blog, Bell put this week’s announcement in the context of his company’s long-term focus on bringing better payments processes to regions “outside our major global banking corridors.” He wrote: “In the 90s I saw first-hand the need to help Pacific Island nations including Fiji, Samoa, Tonga, and Vanuatu improve their financial infrastructure.” He added, “We have pioneered the use of mobile apps and other emerging technologies to provide convenient, low-cost and accessible solutions to help Pacific communities with banking transactions.”

IBM presented its blockchain-based technology at our developer’s conference last year, discussing Implementation of the Hyperledger Project at IBM with Blockchain As A Service at FinDEVr Silicon Valley 2016. The company is also a Finovate alum, having recently demonstrated its Customer Insight for Banking solution at FinovateFall 2016, while the company’s security division introduced its cognitive approach to fraud detection, IBM Trusteer Rapport, at FinovateSpring 2017.

Founded in 2009 and headquartered in New Zealand, KlickEx demonstrated Crypto-Currency 2.0, a new global asset-backed currency for central banks, at FinovateAsia 2013. Remember Finovate returns to Asia next month for FinovateAsia 2017. To learn more about joining us in Hong Kong, November 7 and 8, visit our FinovateAsia page today.

IBM Partners with Dream Payments on mPOS, B2B Payments

IBM has teamed up with Toronto-based firm Dream Payments, bringing its cloud and security capabilities to help the firm offer mobile point of sale solutions and business-to-business (B2B) payments, reports Antony Peyton of Banking Technology (Finovate’s sister publication).

Chad Whittaker, CIO Dream Payments, said: “The combination of IBM’s banking and financial services expertise along with the IBM Cloud has allowed Dream Payments to build and scale its cloud infrastructure, right down to bare metal hardware access, maintain bank grade security, PCI compliance, and data sovereignty.”

Dream Payments will also be protected using IBM Managed Security Services, including IBM QRadar on Cloud, a network security intelligence and analytics offering, to detect and take action against cybersecurity attacks and network breaches.

According to IBM, the technology will establish cloud intelligence with Security Information and Event Management (SIEM) as a Service to defend the organization’s security infrastructure from threats.

Dream is headquartered in Toronto, Ontario, Canada, and has operations in Stamford, Connecticut. Founded in 2014, the company demonstrated its mPOS solution at FinovateSpring 2015. Dream Payments has raised $15 million in funding – including a $10 million Series A this spring – and counts Fair Ventures, Connecticut Innovations, and Real Ventures among its investors. Learn more about Dream Payments in our Finovate Debut profile.

Finovate Alumni News

On Finovate.com

  • KlickEx and IBM Leverage Blockchain Technology to Improve Cross-Border Payments in the South Pacific.
  • Dwolla on Designing a New System for Financial Inclusion: Mojaloop.
  • ACI Launches Payments Risk Management Solution to Boost Fraud Protection.

Around the web

  • TSYS introduces its merchant services company ProPay in Australia.
  • Jack Henry & Associates partners with SAS to bring its cloud-based analytics solution to regional and community banks.
  • iSignthis announces integration of Tradefinancial.com.au into its ISCPay transactional banking platform.
  • Identitii’s Software-as-a-Serice offering goes live on Microsoft Azure cloud.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • Urban FT Bids to Acquire Digiliti Money.

Around the web

  • First Tennessee Bank goes live with mobile banking app from D3 Banking.
  • Alpha Payments Cloud partners with Australia Post to launch Alpha Commerce Hub.
  • IBM Singapore inks memorandum of understanding with Pacific International Lines to trial blockchain-based, supply chain solutions for businesses.
  • Trulioo’s Global Gateway earns first place in the Verification/Identity Checks category of Market Fintech Limited’s 2017 RegTech Performance Report.
  • FICO Customer Communications Services helps China Guangfa Bank Credit Card Center lower collection costs.
  • Liferay launches initiative to provide new resources for its open source developer community.
  • Featurespace selected by IATA to provide leading fraud protection solution.
  • Bluefin Payment Systems and ACEware Systems Partner for PCI-Validated P2PE.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

IBM Launches Security Testing Services for IoT Developers

IoT technologies are on the rise– in fact, Gartner predicts that connected things will reach 20.4 billion by 2020. This flood of new capabilities comes with the need for enhanced security in a field where developers have hacked everything from self-driving cars to wifi-connected Crock Pots.

That’s why IBM announced yesterday that its security arm is launching testing services for the internet of things (IoT). The company’s Watson IoT offers configuration and management capabilities for IoT environments. The company also launched testing services for automotive security.

One of IBM’s designated research teams, the X-Force Red researchers, will deliver the testing service alongside the Watson IoT platform. IBM reports that 58% of companies only test their IoT apps during the production phase, which could possibly introduce vulnerabilities into existing systems. To combat this, the researchers are incorporating an added layer of security and penetration testing.

IBM describes the new cloud-based service as “programmatic, on-demand” testing that will occur “through the entire lifecycle” of IoT products. Clients of the Watson IoT platform can leverage the expertise of X-Force Red researchers throughout the process of development and deployment of IoT products.

Charles Henderson, Global Head of IBM X-Force Red said, “Over the past year, we’ve seen security testing further emerge as a key component in clients’ security programs.” Henderson added, “Finding issues in your products and services upfront is a far better investment than the expense of letting cybercriminals find and exploit vulnerabilities.”

Ayelet Avni, Senior Offering Manager of IBM Trusteer and Shaked Vax, Product Strategist of IBM Trusteer demo IBM Trusteer Rapport at FinovateSpring 2017

New York-based IBM was founded in 1911 and debuted its Customer Insight for Banking product at FinovateFall 2016. The solution uses predictive analytics and pre-built data models to help banks perfect customer segmentation models by analyzing transactions, spending behavior, and life events. The company’s security arm most recently demonstrated its Trusteer solutions. Ayelet Avni, Senior Offering Manager, and Shaked Vax, Product Strategist of IBM Trusteer, took the stage at FinovateSpring 2017 to debut how IBM Trusteer Rapport protects against phishing attacks.

Categories: IBM

Finovate Alumni News

On Finovate.com

  • IBM Launches Security Testing Services for IoT Developers.
  • TickSmith Lands $2 Million Investment from Illuminate Financial.
  • Layer’s New Messaging Design System Helps Create Perfect Conversational Experiences.

Around the web

  • Vantiv partners with Columbia Bank to provide new payment services to business customers.
  • Commerce Bank to offer AP and AR automated service, CashFlow Complete, powered by Bill.com.
  • Xero and Recurly team up in new integration that combines subscription management with cloud accounting.
  • Fintech Supercharger features an interview with Roman Stanek, Founder and CEO, GoodData.
  • BARC Score Data Discovery identifies MicroStrategy as a ‘Market Leader’ ranking #1 in “Platform Capabilities”
  • Chicago Tribune column on savvy saving highlights MaxMyInterest.
  • Village of Palos Park Introduces Passport’s Parking App.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.