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New Anomaly Detection Solution Protects Mobile Banking Channel
April 30 - Guardian Analytics, a leader in behavior-based fraud prevention solutions, has announced the general availability of FraudMAP Mobile, the company's latest fraud prevention innovation, purpose-built to identify suspicious mobile banking activity. The first and only solution to use anomaly detection across the triple play of mobile banking - SMS, mobile Web and mobile applications - FraudMAP Mobile provides a critical layer of security that protects financial institutions and their mobile banking users. It also provides the anomaly detection capabilities expected by the FFIEC for all electronic banking channels.
Mobile banking is growing rapidly and represents a strategic opportunity for financial institutions to connect with customers. More than 19 million consumers use mobile banking now, expanding to 44 million users by 2013, according to the Aite Group. But security concerns have financial institutions and consumers on edge - 88 percent of financial institutions believe mobile banking poses a significant risk (Aite Group) while the number one reason consumers don't adopt mobile banking is fear about their security (Javelin).
Cybercriminals are escalating their attacks on mobile phones using SMS messaging, malicious mobile applications disguised as legitimate application, and criminal-controlled Wi-Fi networks. Experts predict their activity will increase in 2012.
"The rise of mobile banking introduces a whole new set of security issues for financial institutions and their customers," said Julie McNelley, research director in the Retail Banking Practice at Aite Group. "A mobile phone in the hands of a criminal provides them with access to all of the victim's personal information that can not only lead to mobile banking fraud, but fraud in other channels as well as identity theft. To prevent this from happening, banks can't rely on the device for security - they need to proactively prevent fraud before it occurs."
About FraudMAP Mobile
FraudMAP Mobile provides financial institutions with the most advanced and effective approach to protecting mobile and tablet banking users. Built using the same innovative behavioral analytics that protects online account holders at over 150 financial institutions, FraudMAP Mobile is the first anomaly detection solution purpose-built for the mobile banking channel. FraudMAP Mobile proactively alerts financial institutions to suspicious mobile behavior across all mobile experiences, including SMS banking, mobile Web banking and downloadable mobile applications. FraudMAP Mobile provides the following:
A layer of security separate from the device providing transparent monitoring and analysis of all mobile banking activity for all mobile users;
- In-depth analysis of mobile banking activity to develop a mobile-specific behavioral model unique to each mobile banking user;
- Rich mobile banking activity history critical for understanding mobile risks, mobile adoption and mobile usage;
- Link analysis to proactively identify multiple accounts at risk; and
- Support for mobile banking platforms integrated with online banking platforms as well as standalone mobile platforms.
Using FraudMAP Mobile, financial institutions can proactively prevent fraud in the mobile and other banking channels and warn customers of potential identity theft. With the confidence that the channel is proactively monitored and protected, financial institutions can also confidently expand their mobile banking products and services.
"Consumers want more convenience and more from mobile banking," said Terry Austin, CEO of Guardian Analytics. "To stay competitive, financial institutions will need to rapidly advance their mobile offerings and FraudMAP Mobile provides the protections they need to manage the risk of more users and more financial management and transactional capabilities."
About Guardian Analytics
Guardian Analytics is the pioneer and leading provider of behavior-based fraud prevention solutions for online and mobile banking. With 150+ customers, more financial institutions trust Guardian's SaaS solutions to protect their clients' assets and conform to FFIEC expectations for anomaly detection than any other solution. Based in Mountain View, Calif., Guardian Analytics is privately held with venture funding from Foundation Capital, Sutter Hill Ventures, Split Rock Partners and Triangle Peak Partners. For more information, please visit www.guardiananalytics.com.