Case study: KeyCorp embraces Actimize to fight fraud

Banks cannot sit back and assume their anti-fraud measures are working (fraud news). The adversary is constantly gaining in knowledge, in the power of their software and in their ability to target the most vulnerable areas.

KeyCorp spoke to Bank Systems & Technology about its latest plans in anti-fraud technology, which revolve around deploying software from Actimize. The first focus will be on remote banking channels; the software "compares incoming transactions against existing bank data, scoring them based on such risk factors as familiarity of the IP address and consistency with a customer's past behavior. Rules can be set to identify suspicious activity."

This is an ambitious project, as the software must be integrated with data from online banking, mobile banking, ATM and other applications. The goal, however, is more than worthy: To provide analytics that can flag crime in process, halting transactions before the money is gone.

An important complement to this with be efforts aimed at customers, especially small businesses that seem more vulnerable these days. We've noted the trend toward hijacking small entity-accounts. KeyCorp says it will offer customers an array of fraud prevention tools--such as text alerts for suspicious activity, keystroke tools and even biometric tools. Some this may require a fee. The point here is that all companies, no matter how small, need to be rethinking their efforts.

For more:
- here's the article

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