At a fall summit, iovation (News - Alert) announced that it will be presenting a panel titled “Mobile, Phone and Online Fraud Detection and Prevention,” which will reveal the mobile banking impact on the financial services fraud landscape, details about identifying and preventing account takeover, and the impact of Federal Financial Institutions Examination Council (FFIEC) guidelines.
John Haney, sales executive at iovation, will be present at the panel explaining how the iovation’s cybercrime intelligence network was instrumental in detecting mobile fraud in its own early stages.
Haney commented, “With more people than ever conducting banking activities from mobile devices, being able to proactively detect risk and suspicious activity in real-time is essential to protecting financial institutions and their customers. Although mobile banking is a powerful tool, it can also be used as a weapon for cybercrime and we want financial institutions to be prepared to fight mobile fraud. This is especially poignant given the FFIEC guidelines that established expectations for companies to adopt a layered approach to prevent cyber-attacks”.
Recent studies estimated that by 2017, the number of mobile banking users in the U.S. will touch 108 million, and iovation’s own figures showed a 300-percent increase of mobile usage among its clients’ site from 2010 to 2011. Fraudsters usually rely on mobile gateways that are unmonitored, and this kind of rapid mobile adoption supposedly provided them with means to finding opportunities in low protection levels at these entry points, frequently targeting websites using their smartphones, tablets, netbooks and laptops.
The iovation ReputationManager 360 service provides complete protection against the risks posed by mobile devices. Combing through dozens of attributes including operating system, browser type, geolocation, and stated and real IP address, the service is capable of showing users the whole picture of device type, device associations, device reputation and risks.
iovation’s capabilities make it possible to proactively identify devices associated with abuse, and stop bad actors before they can strike.
The fraud prevention discussion will be moderated by Beth White, second vice president at Travelers Insurance, and will be joined by Tiffany Riley, vice president of marketing at Guardian Analytics, and Vijay Balasubramaniyan, CEO and cofounder at Pindrop Security.
Edited by Braden Becker