OneSpan (NASDAQ: OSPN), a global leader in software for trusted identities, e-signatures and secure transactions, today announced the launch of its open API, cloud-based Risk Analytics solution to help financial institutions stop fraud, including Account Takeover and New Account Fraud.
“Even as criminals’ attacks on digital channels continue to escalate, financial institutions are under intense competitive pressure to reduce fraud and meet strict regulatory compliance requirements while growing their business,” said Aite Group’s Retail Banking and Payments Research Director, Julie Conroy. “Real-time fraud detection using advanced, machine learning-based risk analytics enables financial institutions to strengthen their security, lower fraud and achieve regulatory compliance.”
During a financial transaction, Risk Analytics collects and analyzes data from a variety of sources, including devices, user behavior, transactions, digital channels and business applications. The solution then scores the user, device and transaction data, and determines the risk associated with that transaction. Risk Analytics is then able to take immediate action to either allow, review or block the transaction, based on intelligent workflows incorporating bank-defined security policies and rules.
“Wherever money and data flows, fraud will certainly follow,” said OneSpan CEO, Scott Clements. “While stopping fraud has become increasingly challenging because today’s threats keep evolving, it’s critical for financial institutions to take proactive measures and a layered approach to security to monitor, detect and block fraudulent transactions from happening before they occur, ensuring the best possible experience for the user.”
Contributed | what does this mean?
This content is contributed or sourced from third parties but has been subject to Finextra editorial review.