Q2 Leverages Machine Learning to Identify Fraudulent Activity Before a Transaction Ever Occurs
March 16 2017 - 10:00AM
Business Wire
Q2 Patrol analyzes past login behavior and more
to detect high-risk non-transactional fraud
Q2 Holdings, Inc. (NYSE:QTWO), a leading provider of secure,
cloud-based digital banking solutions for community-focused
financial institutions, announced today the release of Q2 Patrol,
an event-driven validation product designed to mitigate certain
high-risk non-transactional fraudulent activity.
Q2 Patrol utilizes behavioral machine learning to identify
potentially fraudulent digital banking sessions. It analyzes past
login behavior and device details, including IP addresses,
geolocation, device type, time stamps and more to create a digital
footprint for each end user.
“Attempting to identify fraud using a single-layered security
approach is becoming more difficult,” said Bob Michaud, chief
security officer at Q2. “Q2 Patrol’s multi-layered, proactive
security monitoring enables FIs to better understand their
customers’ risk levels while empowering end users to take a bigger
role in their account security without sacrificing
convenience.”
The added layer of insight provided by Q2 Patrol delivers a
better digital banking experience by:
- Requiring end users to further
authenticate a digital banking session if that session is deemed
suspect based on abnormal behavioral login and device detail.
- Providing regular reporting to FIs for
regulatory compliance and risk reduction.
- Supplying session details in the user
interface to better involve customers in their own account
safety.
Many cases of illegal digital banking activity involve
fraudulent sessions before a transaction even occurs. Q2 Patrol
prevents fraudsters from executing those preliminary actions—such
as changes to security preferences or addresses, updates to user
profiles, authorization of external transfers and changes to alert
settings—that serve as indicators for a potentially fraudulent
transaction. Q2 Patrol then requires the end user to authenticate
that action via a token or secure access code.
Q2 Patrol is a member of the Q2 Secure product suite and works
in conjunction with but separately from Q2 Sentinel—formerly known
as Q2 Risk and Fraud Analytics—which identifies fraudulent
transactions in near-real time.
Q2 Patrol is available to all Q2 Platform clients, including
those already utilizing Q2 Sentinel. For more information on Q2,
visit www.q2ebanking.com.
About Q2 Holdings, Inc.
Q2 Holdings, Inc. (Q2) is a leading provider of secure,
cloud-based digital banking solutions headquartered in Austin,
Texas. Q2 is driven by a culture of partnership and dedication
to empowering community-focused banks and credit unions with
digital banking solutions that help them stand apart, scale
smart and grow beyond with retail and commercial
account holders. Q2’s solutions are designed to deliver a
compelling, secure and consistent user experience on any
device and enable customers to improve account holder retention and
to create incremental sales opportunities. To learn more about
Q2, visit www.q2ebanking.com.
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Red Fan CommunicationsEmma Chase, 512-551-9253C:
512-917-4319emma@redfancommunications.com
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