Cross channel integration is even hot with the bad guys, so Vanguard has turned to an integrated anti-fraud solution that tracks possible crime across all points of contact.
“Fraud’s not just about the Internet or the phone anymore,” says Sam D’Amore, principle, IT security, Vanguard, who says fraudsters are committing smaller crimes, but in greater number and across multiple channels. The idea for the crooks is to avoid detection by legacy techniques that ferret out large or otherwise unusual transactions that don’t fit a particular customer’s profile.
To combat this wider threat, Vanguard has deployed Actimize’s single platform remote banking and deposit fraud detector. That product works by monitoring activity from authorization through transaction completion, and using cross channel surveillance to search for unusual activity that’s both customer and channel specific.
“You find different behavior form people on the mobile channel versus the web channel, so you have to profile differently. A suspicious transaction for a customer on one channel might not be suspicious in another,” says Amir Orad, evp of Actimize. “This is an industrywide challenge, the crooks are looking to confuse the good guys by spreading activities around. If you focus on one channel when trying to stop crime, you’re missing the big picture.”