This section offers in-depth information from Guardian Analytics and third parties on various aspects of online banking, fraud attacks, and how to prevent them. Please check here periodically to see what new materials we have made available.
This white paper provides examples of actual fraud cases that illustrate the breadth of schemes in play, available fraud prevention solutions, and the strengths, weaknesses, and limitations of each. It also explains how a behavior-based fraud prevention strategy can detect wire fraud regardless of how the wire request was submitted or what fraud scheme is in play.
Subtitled "Lessons Learned From Unauthorized Access to Financial Portals," this white paper features four threat scenarios, each involving a different type of attack against a different type of customer or employee portal. It also describes a strategy for detecting unauthorized access to all types of financial and employee portals.
The increased customer demand for mobile banking services carries increased risk of fraud threats. FIs must wield this combination carefully to avoid fraud losses if they move too quickly or customer churn if they move too slowly. This white paper presents the current trends in mobile banking, fraud threats and consumer behavior that result in increased risk, and strategies for preventing mobile banking fraud.
This paper, revised and updated in December 2013, describes what "anomaly detection" is and why it is so effective at preventing fraud. It offers practical answers to commonly asked questions about the capabilities, implementation, and benefits of behavior-based anomaly detection solutions, and how they really work to stop banking fraud.
Drawn from our own fraud analysts' decades of field experience, this paper presents overall strategies for preventing fraud, specific tactics for detecting fraud while clients are engaged in online or mobile banking, and how business operations can be prepared to respond quickly and effectively when fraudsters do strike.
WACHA's Corporate Account Takeover (CAT) Kit helps financial institutions and their business customers to build a comprehensive defense system against corporate account takeover. The CAT Kit includes tools specifically for financial institutions and customizable materials to provide to their business banking customers.
This paper describes what the healthcare industry is doing to (inadvertently) make itself very attractive to criminals, how criminals are acquiring the credentials needed to gain unauthorized access, and how behavioral analytics solutions can detect unauthorized access regardless of how credentials were acquired or the account was compromised.
The FFIEC is asking financial institutions to improve customer education as part of their overall fraud defenses. This white paper, written with input from ICI Consulting's Greg Schratwieser, offers practical suggestions for what to cover and how to deliver customer education training in order to meet this requirement.
This paper offers first-hand accounts of how some financial institutions are winning the war against online fraud, and in the process, making big fans of their account holders. It describes successful strategies that are built upon knowing how fraudsters attack, putting fraud defense into a strategic business context, identifying the primary advantage that FIs have over cyber criminals, and best practices for identifying and preventing attacks before the money is gone.
Read how a holistic strategy, rooted in behavioral analytics instead of rules and algorithms, can protect ALL account holders from the widest array of online fraud threats, with minimal inconvenience and disruption of legitimate online banking activity.
Cyber criminals are successfully getting past multi-factor authentication and stealing millions. This paper explains the methods criminals use to compromise accounts, what they do when they get into accounts, and how they get the money out. It also explains a new style of fraud prevention technology – Dynamic Account Modeling™ – that has been proven to recognize fraud attacks before the money leaves your bank.
PDF, 1.1 MB
This Security Curve white paper describes how seemingly innocuous access to online account could be contributing to the rise in offline fraud, and provides a look at how stopping unauthorized online access could reduce fraud across multiple channels.
This report documents a new and particularly threatening fraud scheme uncovered by a joint fraud investigation conducted by Guardian Analytics and McAfee. Operation High Roller uncovered an international fraud ring that has stolen $78M or more by targeting high-balance accounts and using advanced automated cloud-based malware.
This study, conducted in November 2011, reflects what financial institutions are doing - and have already done - to meet the 2012 deadline set forth in the FFIEC Guidance Supplement issued in June 2011. Findings cover overall business drivers plus specific action related to risk assessments, anomaly detection, and technology investments.
Our third annual study is larger and more far-reaching than prior years. Input from nearly 1000 small and medium businesses includes detailed experiences with fraudulent transactions suffered through ACH payments, mobile banking and wire transfers. The findings show that fraud is widespread, businesses are looking to their banks to secure online banking, and despite expanded use of online and mobile banking and increasing fraud risks, businesses have not significantly changed their own ability to prevent fraud losses. The results for banks are lost money, lost trust, and lost customers.
The Executive Summary provides an overview of the state of business banking fraud, key findings of the study, and conclusions and opportunities for banking institutions and small and medium businesses.
PDF, 3 MB
Published by Ponemon Institute, the Full Report provides comprehensive results of the study, complete with data reflecting all responses to all questions plus the demographics for the participants.
PDF, 573 kb
2011 Executive Summary: Download Now PDF, 3 MB
2010 Executive Summary: Download Now PDF, 4.1 MB
2011 Complete Report: Download Now PDF, 3 MB
2010 Complete Report: Download Now PDF, 1.1 MB