iovation, the digital reputation authority, and Kaspersky Lab, the world's largest privately held vendor of cybersecurity solutions, today announced a partnership to provide both businesses and consumers with a comprehensive solution to help combat fraud.
"Both consumers and the banking industry are combating an increase in attacks focused on committing fraud," said Ross Hogan, Global Head of the Fraud Prevention Division at Kaspersky Lab. "In fact, our Q2 IT Threat Evolution Report found that there were nearly six million registered notifications about attempted malware infections aimed at stealing money via online bank accounts. Cybercrime to commit fraud is quickly becoming an epidemic and this partnership provides consumers and banks with the tools they need to help prevent the number of fraud incidents from continuing to grow."
iovation protects online businesses by leveraging device intelligence to help prevent account takeover, application fraud and more at high-risk interactions such as login, funds transfer, remote deposit capture and application submission. It does so through a unique combination of identifying devices that have been used to conduct fraudulent transactions with fraud indicators like location, time and frequency of transactions. Clients also use this intelligence to identify good customers in order to reduce friction during a transaction and provide certain customers special offers.
To help address specific threats targeting the banking and financial services industry, Kaspersky Fraud Prevention provides multilayered and multiplatform security to protect banking customer endpoints and create protected mobile banking applications, and access to online banking and payments applications. The main component of the Kaspersky Fraud Prevention platform is a Clientless Engine that enables banks to internally detect fraudulent activity at the earliest point by preventing malware infection, removing existing infections, thwarting phishing attacks and preventing account takeover. It is powered by the world's most advanced global threat intelligence network and includes additional services to keep companies informed about financial cyber threats and the measures that can be used to combat them, as well as providing assistance when investigating financial incidents.
"Results from independent test labs prove time and time again that Kaspersky Lab has some of the world's most effective cybersecurity solutions with recognition as a 'leader' in endpoint protection by analyst firms like Forrester Research and Gartner, Inc.," said Scott Olson, iovation's vice president of product. "By pairing iovation's anti-fraud solutions with Kaspersky Lab's malware detection, ultimately the customer benefits from the world's most advanced multilayered security bundle."