Free Newsletter
Register for our Free Newsletters
Access Control
Deutsche Zone (German Zone)
Education, Training and Professional Services
Government Programmes
Guarding, Equipment and Enforcement
Industrial Computing Security
IT Security
Physical Security
View All
Other Carouselweb publications
Carousel Web
Defense File
New Materials
Pro Health Zone
Pro Manufacturing Zone
Pro Security Zone
Web Lec
ProSecurityZone Sponsor
ProSecurityZone Sponsor
ProSecurityZone Sponsor
ProSecurityZone Sponsor
ProSecurityZone Sponsor
ProSecurityZone Sponsor

Multiple risk scoring to prevent online fraud

ArcSight : 16 September, 2009  (New Product)
The FraudView appliance from ArcSight enables connections to be established between account and transaction information to open new routes into establishing degrees of fraud risk
ArcSight, a global provider of security and compliance management solutions that intelligently identify and mitigate cyber threat and risk for businesses and government agencies, has announced ArcSight FraudView, an appliance that aids in detecting and preventing financial fraud. ArcSight FraudView connects multiple pieces of transaction and account information to evaluate the risk of a financial transaction as it occurs.

Unlike legacy fraud prevention technologies, ArcSight FraudView can correlate activity across multiple banking channels to aid in the detection of sophisticated fraud schemes that span online, ATM, telephone, and bank branch activity. Cyber fraud affects many critical industries, causing hundreds of millions of dollars of loss each year.

'As the amount of money flowing through online transactions rises, online criminals are becoming more aggressive and more sophisticated," said Adel Melek, Partner, Deloitte & Touche. 'To ensure trust in cyber transactions, organizations, especially banks and financial institutions, require effective, holistic and sophisticated monitoring controls for detecting and responding to online fraud.'

"Existing technologies are not designed to address the breadth of the cyber fraud problem, and without a real solution, financial organizations face persistent threats to security, increased costs, and loss of trust," said Jon Oltsik, Principal Analyst for Enterprise Strategy Group. "Financial institutions often use a variety of technologies to detect fraud, but they need a way to connect the dots across these technologies and the channels they monitor."

ArcSight FraudView works by collecting transaction, account, and other information from a variety of systems - including other fraud detection technologies - and then applies three types of analyses to detect fraud:

* Pattern Recognition - ArcSight FraudView examines large sets of transactions to discover statistically significant activity patterns that are linked to fraudulent or suspicious transactions. It then automatically creates new detection rules based on patterns found in order to block new fraud events or flag suspicious events for further review.

* Fraud-Focused Correlation - ArcSight FraudView generates a transaction risk score based on correlating across multiple risk areas, including: device, account, transaction and destination risk.

* Automatic Account Escalation - ArcSight FraudView can aggregate the results of multiple risk rules to flag a particular account for closer observation.

ArcSight FraudView can also aggregate information from a variety of risk and fraud scoring products, to create a single, high-level risk score of any transaction, as it occurs. As a result, banks can better make use of their investments in legacy fraud detection technologies.

"We are seeing the rise and growth in sophistication of threats to sensitive financial information, infrastructure and operations. Organizations need advanced technology available to head off potential risk," said Reed Henry, senior vice president of marketing, ArcSight. "ArcSight FraudView is already being used to detect wire fraud in wholesale banks and 'pump and dump' stock schemes in retail brokerages. In these cases, the combination of multiple bits of information into a single risk score provided by ArcSight FraudView aids the institution in preventing a fraudulent transaction from occurring."

ArcSight FraudView is a key component in the ArcSight SIEM Platform. It joins ArcSight Logger and ArcSight IdentityView as proven solutions for preventing cyber war, cyber theft, and cyber fraud.
Bookmark and Share
Home I Editor's Blog I News by Zone I News by Date I News by Category I Special Reports I Directory I Events I Advertise I Submit Your News I About Us I Guides
   © 2012
Netgains Logo