Real Time Fraud Detection

Fighting Fraud To Protect Online Transactions

Across the globe, online criminals have focused dedicated funds, time and resources to perpetrate fraud — and they are very adept at this process. They repeatedly attempt to circumvent traditional authentication safeguards through sophisticated attacks including phishing and man-in-the-middle attacks.

The result has been a dramatic increase in online fraud that specifically targets consumers, enterprises and citizens. Every data breach or costly identity-theft case reported in the media erodes the public's confidence in the security of online financial transactions. This loss of confidence could jeopardize the ability of organizations to conduct transactions online.

Layered Security: Protecting You Today and Tomorrow
Protecting the corporate brand, safeguarding consumers and meeting the appropriate regulations are now primary security concerns. Developing a strategic vision for securing online transactions means making security choices that will address today's requirements and can adapt to help meet tomorrow's challenges. Fraud detection can add a much-needed layer of security for organizations and is an important element in any online user protection strategy.

As the majority of transactions that are performed online are actually legitimate, it is important to consider how you will deploy a layered security strategy for your online presence. Organizations should consider how different types of security can be layered across various points in any given transaction to achieve improved online security. To properly implement a strong, layered security strategy that fulfils those goals, organizations need to thoroughly review their online activities and conduct risk assessments to determine the level of authentication and fraud detection required.

Read: "Fraud Detection Solutions: Top 8 Questions You Should Ask Before You Buy"

Uncover Fraudulent Activity in Real Time
Because fraud tactics rapidly evolve, a fraud detection solution should analyze patterns of behavior, rather than just individual transactions. While specific high-risk transactions should be identified according to pre-defined business procedures and flagged for closer evaluation, an advanced fraud detection solution will be able to evaluate patterns of transactions as well. Evaluating these patterns can help uncover fraudulent activity that might otherwise be missed by evaluating individual transactions alone. Solutions should be able to work in real-time or in batch mode to evaluate transactions, and should have the ability to analyze complete transaction patterns, not just small subsets of a transaction flow.

A fraud detection solution should also provide monitoring and forensic tools to help institutions evaluate access patterns and study potential new patterns of fraudulent behavior. Accordingly, a fraud detection solution must posses a powerful analytics engine to rapidly process the massive transaction volumes generated online; and should have the capability to detect geolocation data, evaluate device information and analyze this data to detect transaction anomalies.

Understand and Share Fraudulent Behavior Patterns
The most effective way to address fraud today, and in the future, is to understand and share fraud behavior patterns. A comprehensive fraud detection solution should offer the ability to share relevant information between participating organizations as part of an online fraud network. It is important to share more than typical fraud information (e.g., bad IP addresses, domains). With an online fraud network, participating organizations should be able to seamlessly share fraud behaviors around the world in order to uncover fraud more rapidly. This collaboration through information sharing can help quickly identify emerging fraud tactics and help block their successful deployment on a global, rather than individual, basis.

Bringing Together Fraud and Authentication
Entrust offers layered security through the Entrust Risk Based Authentication Solution, composed of real-time fraud detection provided by Entrust TransactionGuard, and strong authentication through Entrust IdentityGuard, an open, versatile authentication platform.

Providing fraud detection, versatile authentication and an open fraud intelligence network enables a layered security strategy for better protecting consumers, enterprises and citizens. Entrust TransactionGuard provides real-time monitoring of transactions, passive detection of fraudulent activities, behavioral understanding of transaction patterns and non-invasive, user-notification methods. As a versatile authentication platform, Entrust IdentityGuard supports a variety of authentication methods including machine, knowledge-based, out-of-band one-time passcode, grid-based and time-synchronous tokens, along with mutual authentication to authenticate the Web site to the user. As an open authentication platform, it can be expanded and adapted to help security needs today and in the future.

Complementing Entrust TransactionGuard, the Entrust Open Fraud Intelligence Network provides the ability to receive the latest fraud behavior information and best-of-breed IP data through a secure online network of participating organizations.

Entrust TransactionGuard is modular and designed to be implemented rapidly with minimal adverse effects on the back-end application or end-user experience. This approach helps provide a smooth, hassle-free experience for organizations who seek to rapidly provide enhanced security to citizens, enterprise users or consumers.