OneSpan rolls out AI-based tool to fight Account Takeover

Wednesday 13 February 2019 13:35 CET | News

OneSpan has launched an 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 US alone, ID fraud accounted for USD 16.8 billion dollars in fraud losses in 2017, according to Javelin.

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.

During a financial transaction, Risk Analytics collects and analyses data from a variety of sources, including devices, user behaviour, 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.

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Keywords: OneSpan, AI, account takeover, New Account Fraud, fraud prevention, risk analytics, user behaviour, data, product launch
Countries: World