"Guardian Analytics’ recent growth is a clear indicator that financial institutions are prioritizing anomaly detection to protect online banking, but the FFIEC Readiness Study indicates there is still a lot of education needed,” said Tiffany Riley, vice president of marketing at Guardian Analytics. “Guardian Analytics has the most experience with anomaly detection across the largest number of financial institutions. Through The Anomaly Detection Toolkit we are offering our real-world insights on how to address today’s escalating online banking fraud attacks.”
Anomaly detection protects financial institutions and their customers by identifying unusual online and mobile banking behavior for each individual account holder during online banking sessions. In the FFIEC Supplement, the Agencies specify that the fraudulent activity they reviewed was unusual when compared to established patterns of normal customer behavior. Anomaly detection is a proven approach to detecting the wide array of attacks against online banking, including Man-in-the-Browser schemes.
The Toolkit offers a unique approach to describing what anomaly detection is, how to implement it, and the benefits financial institutions of all sizes experience with anomaly detection. The Toolkit includes five resources:
1) White Paper: “A Practical Guide to Anomaly Detection” — An overview of online banking security best practices in the context of the FFIEC Supplement. It also includes an FAQ and outline of the minimum expectations, designed to be a resource for financial institutions working to prepare for their 2012 examinations.
2) Infographic: Putting Anomaly Detection Into Practice – An easy to understand information graphic that illustrates how anomaly detection solutions detect online fraud, and options available to financial institutions for responding to alerts raised by their anomaly detection solution.
3) Video: Putting Anomaly Detection into Practice — A short, engaging, animated version of the infographic with a voiceover explaining how anomaly detection works and how institutions can respond.
4) Anomaly Detection in Action: Examples of Detecting Actual Fraud Attacks — Five examples of online attacks using a range of techniques, and how anomaly detection identified each as fraudulent.
5) Beyond Compliance: Additional Benefits of Using Anomaly Detection to Stop Online Banking Fraud — Anomaly detection solutions will detect fraud attacks that other solutions miss, and will enable financial institutions to conform to the FFIEC Guidance. But the benefits don't stop there.
To download the Anomaly Detection Toolkit, please visit: http://info.guardiananalytics.com/ADToolkit.html
For more information on the FFIEC Online Banking Security Readiness Study, please visit: http://www.guardiananalytics.com/FFIECReadinessStudy.
For more information on the updated FFIEC Supplement, please visit: http://www.guardiananalytics.com/ffiec-guidance-supplement-2011/overview.php.
About Guardian Analytics
Headquartered in Mountain View, Calif., Guardian Analytics provides innovative solutions to prevent online and mobile banking fraud. The company pioneered Dynamic Account Modeling, which uses behavioral analytics to identify suspicious activity. Over 100 national and community banks and credit unions rely on Guardian Analytics to protect individual account assets, the integrity of their online channels, and their brand reputations. Founded in 2005, Guardian Analytics is privately held with venture funding from Foundation Capital, Sutter Hill Ventures, Split Rock Partners and Triangle Peak Partners. For more information, please visit www.guardiananalytics.com.