Kaspersky Lab has released a new generation of Kaspersky Fraud Prevention solutions, comprising two standalone products.
Kaspersky Advanced Authentication, aims to prevent account compromise scenarios when developing digital channels; Kaspersky Automated Fraud Analytics keeps fraudulent activity under control, enabling accurate and timely decisions when investigating sophisticated fraud cases and cross-organisational money laundering schemes.
The diversification of the Fraud Prevention offering aims to provide organisations with tailored solutions against different fraud-related challenges.
Due to the rapid development and growth of digital channels, online fraud has become a problem for a broad range of businesses beyond the finance sector, including loyalty program providers and e-commerce organisations. It has become increasingly important for these businesses to improve the security of online transactions and minimise the risk of fraud (for example, account takeover, new account fraud), while maintaining a greater user experience and reducing the costs of implementing additional security measures, such as multifactor authentication.
To help businesses overcome these challenges, Kaspersky Advanced Authentication leverages a set of technologies that identifies an anomaly or possible fraudulent activity at both the login and session stages, and flags it to the organisation for additional checks and confirmation with the user.
The solution analyses behavioral and biometric data, device reputation and other valuable non-personalised metadata, while machine learning and complex mathematical algorithms ensure high detection rates and reduce anomaly detection time. The authentication process does not require any specific actions from the user, allowing businesses to prioritise high user retention and growth of their digital channels.
Financial crimes, including fraud and money laundering, remain a serious concern for the modern economy, which explains why regulating bodies push new legislations to prevent such crimes. This puts a responsibility on financial organisations who must achieve complete transparency in their operations, not only for the sake of their businesses, but also to maintain compliance with evolving regulations.
Kaspersky Lab’s Automated Fraud Analytics helps businesses minimise fraud-related costs and reduce the risk of fines for non-compliance from regulating organisations. It adds an extra level of knowledge of industry-specific fraud and money-laundering scenarios, through access to fraud intelligence, combining this knowledge with advanced technologies that automatically detect serious incidents at early stages.
During the entire user session, Kaspersky Automated Fraud Analytics gathers and analyses hundreds of depersonalised indicators, such as user’s device and its environment, behavioural and biometric patterns of a user, RAT and bot usage, mobile malware and web injects.
With the help of machine learning algorithms, the solution then correlates these findings with the patterns of account takeover, new account fraud and money laundering, via Kaspersky Fraud Prevention Cloud and global fraud intelligence based on big data. Due to the linking and mapping functionality, the solution can also automatically identify cross-organisational money laundering schemes by looking for correlations between typical profiles, devices used, behavioral patterns and many other details of the sessions that are known to be involved in similar operations.
Alessio Aceti, vice-president new business, at Kaspersky Lab comments: “While online fraud continues to be a disturbing reality, primarily for financial organisations, more and more industries are at risk, as they invest money and resources in developing the digital part of their businesses. That is why we have revised our offering to include more diversified, tailored solutions for specific scenarios and business requirements: whether it’s a secure authentication of users without extra layers, or more in-depth fraud analysis and intelligence.”