Tackling Fraud

The threat landscape is developing at such a rate that traditional IT security controls can no longer protect us. Legacy IT security mechanisms deal with rules and signatures for known threats coming from the outside. But today the threats are coming from inside. The risks are from malicious employees, stealthy malware and remote access Trojans. But innocent employees are not safe from this scourge and are being fired and their reputations ruined as they are deemed to be collaborating with the attackers. Of course it is not them, it is the embedded Trojans that take over their accounts and can now mimic their work and execute fraudulent transactions and the losses are staggering. Furthermore payments and fund transfer fraud is escalating as we can never be certain as to who is driving the transaction. We see increasing examples of friendly fraud, CEO fraud and insider fraud even account takeovers that deprive businesses and their customers from their legitimate funds because we cannot be sure who is making the transfer.
But it doesn't have to be that way, behavioural Biometric analysis empowered by machine learning can profile employee and customer activity and can flag anomalies in user behaviour. As a result strange actions that fail to match a profile will almost instantly trigger an alert and prevent fraudulent or malicious activity and more importantly protect the innocent from being blamed for the malicious actions of another fraudulent actor.