Intelligent CISO Issue 06 | Page 38

FEATURE assesses what makes users unique. Together, and with the use of Machine Learning, the solution continually identifies legitimate or fraudulent activity as it evolves. This proactive approach has a fraud prevention accuracy of 99.9%, protecting user accounts and companies from most forms of fraud, including account takeover with stolen credentials. Banking fraud LUKAYN LUKAYN HUNSICKER, HUNSICKER, BAE BAE SYSTEMS SYSTEMS GLOBAL GLOBAL HEAD HEAD OF OF BANKING BANKING FRAUD FRAUD SOLUTIONS SOLUTIONS One example is NetReveal, our risk, fraud and compliance solutions platform, which uses advanced analytics and expertise to unlock data intelligence, helping organisations identify and prevent financial crime. Preventing fraud can come easily if the right parts are put in place. One best practice for general security health is to always have a clear and thorough business strategy in place, which dictates security strategy across the business. A single business strategy, particularly for smaller banks with less resources, should be kept in mind when developing fraud strategy to ensure long-term security and company alignment. Overall, financial fraud detection has come a long way in recent years. For example, open source and Big Data technology gives institutions a leg up on addressing financial crime. Overall, technological advancements enable banks to address fraud in a better way, allowing the ability to address new transaction types in a faster manner, while also pairing with analytics in near real-time stream. Fraud affects every type of financial institution, from small, local banks, to credit unions, to the biggest banks in the country. Fraud solutions for each of these institutions are unique to the business. BAE Systems offers various types of solutions for any type of bank, large and small to help prevent banking fraud and to secure business in the long run. With emerging technologies opening the door to more vulnerabilities, and bad actors finding new ways to enter networks, all banks must take steps to strengthen their defences. BAE Systems offers a wide array of solutions, one that is designed to help prevent fraud in the banking sector. We do this with market-proven financial crime analytics and risk management solutions that help protect against some of the most complex industry threats. 38 In today’s connected world, the increasing convergence of techniques and approaches used between cyber and financial crime can open up new risks. Advances in technology means that people, and funds, move around the world faster than ever before. While all of these factors increase the abundance of fraud in the banking sector, it is preventable with the right solutions in place. ‘Best practice’ for preventing fraud RASHMI RASHMI KNOWLES, KNOWLES, FIELD FIELD CTO, RSA SECURITY CTO, RSA SECURITY The first step in avoiding fraud is creating a ‘human firewall’ within an organisation – i.e. communicating that security is everyone’s responsibility. Every member of an organisation should understand the threat posed by hackers and the benefits of keeping their company secure, not just within The first step in avoiding fraud is creating a ‘human firewall’ within an organisation. the context of their role, but across the entire organisation. This can be supported through employee training programmes where employees are capable of not only recognising cyberthreats but are comfortable reporting them. Instead of traditional classroom or computer-based training, organisations should be pushing for concentrated campaigns and interactive training methods such as learning via gaming software. As employees are generally the weakest link in any company’s security, organisations should seek to educate employees about how they are on the frontline of the fight against cybercrime. Employees