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News

Real-Time Online Fraud Detection System

Silver Tail Systems : 14 July, 2011  (New Product)
Anomolous Behaviour monitoring on web-sites brings real-time analysis and detection of fraudulent activities

Silver Tail Systems’ use of highly advanced technology means that fraudulent activity can be detected in real-time, giving web site owners the best possible means of mitigation and prevention before losses (which can be more than just financial) are incurred. Silver Tail Systems’ products closely monitor customer behaviour on their customer’s web sites and quickly build a profile of normal (genuine) behaviour. Once this has been done it becomes easy to spot anomalous (potentially criminal) behaviour; the technology can easily detect if a machine is being used to attack the web site. This technology has become known as predictive analytics on web site sessions, and it protects web sites from business logic abuse, way beyond the relatively simple protection offered by authentication technology, which operates only at the login and fulfilment stages of the process.


Most importantly, Silver Tail Systems’ products can be installed very quickly and easily, and can start detecting anomalous, therefore potentially fraudulent, behaviour within hours; without such tools, companies are forced to spend days or weeks compiling historical logs followed by huge amounts of manpower searching for anomalies; by which time the criminal has long gone and the losses (financial and reputational) have occurred.


Once detected it is easy to write business logic rules to mitigate the fraudulent behaviour, so losses are minimised.


As smart phones become increasingly widely used for making purchases on – line, so the threat of fraud has migrated towards them; and mobile phone operating systems are dramatically less secure than PC platforms. Fortunately, Silver Tail Systems’ products cope with this new threat source exactly as if the transaction was coming from a PC, so web sites with high levels of mobile commerce traffic can be protected through the same deployment that protects their web sites.


The products can scale to protect the biggest web sites in the world; they have been designed to address the needs of banks, eTailers and governments, addressing many types of threat against which there was previously no defence.


The company was established in 2008 by the team who developed anti-fraud and anti-phishing tools at eBay and PayPal. Dr Laura Mather, founder and VP of Product Marketing, is acknowledged world-wide as one of the leading authorities on online fraud and cybercrime and her expertise is widely sought after by governments and private sector organisations. Silver Tail Systems is headquartered in California.


“Cybercrime is now a multi-billion pound business run by organised gangs on a global scale. It is no longer the lone hacker working out of his bedroom,” said Andy Chandler, European managing director, Silver Tail Systems. “The criminals are becoming ever more sophisticated and we are in an arms race. The proliferation of malware and Trojans, such as Zeus, is having a massive impact on web site security world-wide and the potential for loss is enormous. This type of misuse is very hard to detect at the authentication stage but our solutions address the problem by analysing typical behaviour of normal users, using this to expose the criminal. We provide real-time alerts of such potentially fraudulent activity without interfering with the day to day operations of the organisation.”

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