LOS ALTOS, Calif., Dec. 10 /PRNewswire/ -- Guardian Analytics, Inc. today announced the release of FraudMAP(TM), its fraud prevention solution for protecting online accounts from fraud and identity theft. Providing comprehensive online channel risk management, FraudMAP delivers fraud detection, forensics and ongoing risk monitoring based on strong analytics and rich, predictive models of individual behavior. The unique solution was built from the ground up to automatically detect new online fraud threats without requiring fraud rules development or algorithm training.
"Online accounts continue to be under attack from constantly evolving threats designed to steal account holder assets and information. These threats put the integrity of the online channel at risk and jeopardize the growth of online business," said Tom Miltonberger, president and CEO, Guardian Analytics. "Existing online fraud prevention tactics are inadequate for addressing today's innovative fraud networks and the risk management needs of financial institutions overall. With today's release, Guardian Analytics has taken a new approach -- one based on the unique requirements of the online channel -- to better protect accounts against new and emerging threats."
"At Star One, we are committed to fraud prevention and actively pursue the best technologies to protect our members' assets and ensure trust in the online channel," said Margarete Mucker, vice president of remote services and assistant security officer, Star One Credit Union. "Guardian Analytics pinpoints suspicious activity and greatly enhances our investigation efforts. The solution has become an integral part of our overall banking security strategy, including its use by employees to quickly factor individual member online activity into the fraud risk assessment of member transactions in other channels," added Mucker.
Guardian Analytics FraudMAP delivers better fraud prevention through more accurate detection, actionable analysis and increased visibility into suspicious online activity. The solution complements existing technologies, such as enhanced authentication, and protects online channels using two unique architectural components, which include:
1. The Risk Engine, which uses strong analytics and predictive models of
individual online customer behavior to minimize false positives.
Unlike conventional approaches, the Risk Engine's real-time Dynamic
Account Modeling(TM) automatically detects new fraud attacks without
requiring rules development or algorithm training.
2. The Risk Application, which features a visual analytic interface to aid
investigation, resolution and risk monitoring. Going beyond simple
alerts, the Risk Application delivers users high-fidelity risk scores
and extensive contextual information behind the risk score to support
comprehensive analysis and investigation.
Supports Cross-functional Fraud Prevention Processes
In addition, FraudMAP supports cross-functional fraud prevention processes to help financial institutions stay ahead of fraudsters:
-- Alerting and Investigation -- core functionality ensures quick and
thorough investigation of truly suspicious online activity;
-- Risk Management -- dovetails with overall risk management processes by
systematically tracking fraud risk levels and measuring the performance
of countermeasures over time. Users can aggregate online activity for
quantitative reporting of trends and meeting audit and compliance
requirements;
-- Business Operations -- employees in operational roles gain insight into
individual customer online activity for tasks such as correlating
offline fraud with online activity to uncover multi-channel fraud
schemes.
"Financial institutions must curb online account fraud or run the risk of irreparable damage to their reputation and substantial customer loss," said Nick Holland, senior analyst, AITE Group, a financial services market research firm in Boston. "Our research has shown that the sophistication and tenacity of fraudsters is growing at an alarming rate. By implementing a solution that employs behavior-based analytics, financial institutions have the opportunity to stay ahead of the fraud threat and protect their online channel."
Availability and Pricing
Guardian Analytics FraudMAP is available now and features a tiered subscription pricing model based on number of accounts protected.
About Guardian Analytics
Headquartered in Los Altos, Calif., Guardian Analytics is focused on the prevention of online account fraud. The company's real-time risk management approach to fraud detection, forensics and risk monitoring is built on strong analytics and predictive models of individual behavior. Leading financial services institutions rely on Guardian Analytics to protect individual account assets and the integrity of their online channels. Founded in 2005, Guardian Analytics is privately held with venture funding from Foundation Capital. For more information, please visit http://www.guardiananalytics.com/.
Guardian Analytics, Inc.
