Silver Tail Systems Inc. has announced changes in its fraud monitoring technology to improve its ability to spot unauthorized access attempts.
The Palo Alto, Calif., company's software monitors user behavior across a financial institution's website, including the public portions to which noncustomers have free access, to seek signs of fraud.
It said Thursday that its technology now can monitor user-specific activity, rather than monitoring all users at once.
In monitoring activity outside of sensitive areas, Silver Tail says, it can spot — and help stop — fraudsters' attempts to break in to the sensitive areas, even when these attempts are unsuccessful.
Laura Mather, Silver Tail's founder and vice president of product marketing, said in a press release that the California company's current system can "pinpoint specific users and their behavior that is habitually a potential threat to the customers, stop them and take preventative measures to avoid costly errors."
Avivah Litan, a vice president and distinguished analyst at Gartner Inc., said in the release that predictive analytics can help banks improve their fraud detection, particularly because "many banks … are one generation behind current practices employed by cybercriminals."
Silver Tail's customers include ING Group NV's ING Direct, which has said that the technology has helped it detect fraud attempts up to four hours earlier than it would have otherwise.
This saved it time and other resources that might have ultimately been wasted vetting fraudulent instructions at a later point, it said, even if its other systems would have eventually blocked those attempts.
