Banking Fraud Detection & Prevention

Cybercriminals are targeting banks to commit fraud

Cybercriminals continue to target financial institutions like banks because the opportunity for ill-gotten gain and fraud is so great. For instance, cybercriminals use automated bots to conduct credential stuffing attacks or account takeovers (ATOs). With ATOs, cybercriminals look to hijack a legitimate user’s account to drain it of funds or use the account to commit additional fraud or identity theft.

Banks need to be on the lookout for cybercriminals looking to commit application fraud. In this instance, cybercriminals use bots or human fraud farms to create new user accounts, apply for new lines of credit, or even launder money.

Adding to the challenge posed by cybercriminals is the fact that banks are receiving more traffic to their digital touchpoints than ever before as a result of digital transformations. This increased traffic can be difficult for bank security teams to differentiate between “good” traffic from legitimate users or “bad” traffic from cybercriminals looking to commit fraud. Detecting this bad traffic is a key step in preventing downstream fraud.

Global Online Payment Company Achieves Significant Cost Savings with Arkose Labs

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Global Online Payment Company Achieves Significant Cost Savings with Arkose Labs

Global Online Payment Company Achieves Significant Cost Savings with Arkose Labs

Banks with an online presence need advanced fraud detection and prevention that matches wits with today’s sophisticated cybercriminals. Arkose Labs Bot Management Platform analyzes data from user sessions to determine the context, behavior and past reputation of every request. Traffic is classified and triaged based on its risk profile. Suspicious traffic is presented with Arkose MatchKey challenges that differentiate between true users and attackers. A continuous feedback loop slashes false positives and minimizes the impact on good users.

The challenges presented by Arkose Labs makes cybercriminals invest more time and resources into their attack. Eventually, they will lose the economic incentive that drives their attack and will look elsewhere.

For banks looking to prevent cybercriminals from committing fraud, while maximizing their own ROI, book a meeting with Arkose Labs to learn more.