OneSpan Launches AI-Based Risk Analytics to Stop Account Takeover and New Account Fraud

OneSpan Launches AI-Based Risk Analytics to Stop Account Takeover and New Account Fraud
12.02.2019 03:48 pm

OneSpan Launches AI-Based Risk Analytics to Stop Account Takeover and New Account Fraud

Artificial Intelligence , Fraud Detection , Risk Management

 OneSpan, a global leader in software for trusted identities, e-signatures and secure transactions, today announced the launch of its open API, cloud-based Risk Analytics solution to help financial institutions stop fraud, including Account Takeover and New Account Fraud.

Account Takeover and New Account Fraud are the top two types of fraud challenging financial institutions and in the U.S. alone, ID fraud accounted for $16.8 billion dollars in fraud losses in 20171. Risk Analytics protects against these and other fraudulent activities across online and mobile channels using machine learning-based risk analysis, a form of artificial intelligence. This analysis identifies fraud in real time, predicts risk levels and takes immediate action when fraud is detected. The use of machine learning enables risk scoring to streamline processes, reduce operational costs tied to manual review and ultimately improve the user experience through fewer false positives.

“Even as criminals’ attacks on digital channels continue to escalate, financial institutions are under intense competitive pressure to reduce fraud and meet strict regulatory compliance requirements while growing their business,” said Aite Group’s Retail Banking and Payments Research Director, Julie Conroy. “Real-time fraud detection using advanced, machine learning-based risk analytics enables financial institutions to strengthen their security, lower fraud and achieve regulatory compliance.”

During a financial transaction, Risk Analytics collects and analyzes data from a variety of sources, including devices, user behavior, transactions, digital channels and business applications. The solution then scores the user, device and transaction data, and determines the risk associated with that transaction. Risk Analytics is then able to take immediate action to either allow, review or block the transaction, based on intelligent workflows incorporating bank-defined security policies and rules.

“Wherever money and data flows, fraud will certainly follow,” said OneSpan CEO, Scott Clements. “While stopping fraud has become increasingly challenging because today’s threats keep evolving, it’s critical for financial institutions to take proactive measures and a layered approach to security to monitor, detect and block fraudulent transactions from happening before they occur, ensuring the best possible experience for the user.”

OneSpan’s Risk Analytics is available now. Find out more at www.onespan.com/security-products/risk-analytics.

Related News

Capacity Unveils AI Knowledge Sharing Platform; Boosts Workplace Productivity

Capacity officially introduced its secure, AI-native knowledge-sharing platform. Designed to meet the expectations of today’s workforce, Capacity is a cloud-based system built... Read more »

Calypso and 2021.AI team up to leverage AI in financial institutions

Calypso Technology Inc. and 2021.AI are joining forces in a new partnership with the aim of optimizing back-office processes for Calypso’s global client base. Combining their... Read more »

DataRobot launches its First AI Investment Workflow with FactSet

FactSet (NYSE:FDS) (NASDAQ:FDS), a global provider of integrated financial information, analytical applications, and industry-leading service, and ... Read more »

Swiss Re Group Chooses Expert System to Power Knowledge-Intensive Processes with Artificial Intelligence

Expert System announces that it has been working with Swiss Re leveraging the advanced features of Cogito®, a strategic NLU (Natural Language Understanding) technology. With... Read more »

FinTech partnership strengthens position of five°degrees and W.UP in European banking and finance market

Today five°degrees; a digital core banking provider, announces its partnership with W.UP, a banking provider that uses artificial intelligence to generate digital revenue and... Read more »

Capita partners with UiPath to enhance RPA capability

Capita announces it has entered a partnership with UiPath, the world’s leading Robotic Process Automation (RPA) software provider. As Capita’s preferred provider of RPA... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel