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.”