OneSpan Launches AI-Based Risk Analytics to Stop Account Takeover and New Account Fraud
February 12 2019 - 8:00AM
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.
Account Takeover and New Account Fraud are the top two types of
fraud challenging financial institutions and in the U.S. alone, ID
fraud accounted for $16.8 billion dollars in fraud losses in 20171.
Risk Analytics protects against these and other fraudulent
activities across online and mobile channels using machine
learning-based risk analysis, a form of artificial intelligence.
This analysis identifies fraud in real time, predicts risk levels
and takes immediate action when fraud is detected. The use of
machine learning enables risk scoring to streamline processes,
reduce operational costs tied to manual review and ultimately
improve the user experience through fewer false positives.
“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.”
OneSpan’s Risk Analytics is available now. Find out more at
www.onespan.com/security-products/risk-analytics.
About OneSpan OneSpan enables financial
institutions and other organizations to succeed by making bold
advances in their digital transformation. We do this by
establishing trust in people’s identities, the devices they use,
and the transactions that shape their lives. We believe that this
is the foundation of enhanced business enablement and growth. More
than 10,000 customers, including over half of the top 100 global
banks, rely on OneSpan solutions to protect their most important
relationships and business processes. From digital onboarding to
fraud mitigation to workflow management, OneSpan’s unified, open
platform reduces costs, accelerates customer acquisition, and
increases customer satisfaction. Learn more about OneSpan
at OneSpan.com and
on Twitter, LinkedIn and Facebook.
Copyright© 2019 OneSpan North America Inc., all rights reserved.
OneSpan™ is a registered or unregistered trademark of OneSpan North
America Inc. or its affiliates in the U.S. and other countries. Any
other trademarks cited herein are the property of their respective
owners.
Media contacts: Sarah Hanel Director of Global
Corporate Communications OneSpan +1-312-871-1729
sarah.hanel@onespan.com
Nicole Bosgraaf Media Relations Manager, North
America OneSpan +1-401-219-2131
nicole.bosgraaf@onespan.com
Source: OneSpan Inc.
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