A Practical Guide to Anomaly Detection: Implications of meeting new FFIEC minimum expectations for layered security

Page 5 of the FFIEC Guidance Supplement released on June 28, 2011 states that financial institutions need to "detect and response to suspicious activity." More specifically, new layered security controls "should include processes designed to detect anomalies and effectively respond to suspicious or anomalous activity." This is commonly referred to as anomaly detection.

But what is anomaly detection and
how does it work?

What are the different types of anomaly detection solutions?

Is it hard to implement?

Is it truly effective?

This paper is designed to provide actionable information that will help financial institutions understand what the FFIEC is looking for and make a decision on how to proceed with meeting this new requirement.

Presented in a Q&A format, it includes:

• A primer on fraud threats that were the basis for the FFIEC Supplement
• Anomaly Detection Basics: How it works and what it looks for to identify suspicious activity
• How anomaly detection recognizes current and future threats
• Practical implications of deploying and operationalizing anomaly detection, such as how much time does it take each day to review alerts
• Responding to suspicious activity: Actions taken by in-house staff and how they're received by account holders
• ROI of anomaly detection

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