Making a Business Case for Online Fraud Detection
Most organizations that enable users to perform Web transactions (e.g. banks and ecommerce sites) have implemented security controls to address online and mobile fraud. These controls fall into two buckets: transaction-focused intelligence, which looks for anomalous actions, and device-focused intelligence, which looks for a new device, a strange IP geo location, or signs that the device is infected with financial malware. Using these controls, organizations get to about 5-10% of high-risk scenarios that require a step-up authentication, such as secret questions and SMS one-time-passwords. Unfortunately, more than 20% of users fail step-up authentication.
In this white paper you will learn:
- How to avoid frustrating your customer;
- How fraudsters circumvent device and transaction-focused controls;
- What is "Online Fraud Detection".