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.
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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