Solution – Fraud Detection

Solution-FraudWhen it comes to cybercrime, no organisation is secure, particularly those with an online presence.

Large banks, insurance companies and retailers are obvious targets. So are government departments and critical infrastructure providers. We are also starting to hear more about fraud affecting electoral and gaming organisations.
They are continually under attack by cyber criminals keen to exploit vulnerable online, automated or electronic transactional systems to gain bank account and credit card details, as well as personal information. Increasingly, these attacks are resulting in staggering losses and exposures, and causing reputational risk.
Insider fraud is also on the rise. Worse still, it’s harder to detect than external fraud, and the warning signs may only be evident through the behaviour of users, or unusual patterns of access to records or systems.

 

Why is fraud prevention so difficult to prevent?

One major problem with fraud prevention is that organisations can never ‘set and forget’. As soon as the IT security community adopts better solutions, or tightens controls, cyber criminals seem to find ways to circumvent them. That’s why some experts refer to an ‘arms race’ between cyber criminals and organisations.

 

So, what’s the best way to fight fraud?

Whatever the situation, the goal is generally the same: to reduce overall losses, to detect fraud quickly, and to allow rapid diagnosis and resolution.

Many organisations in high-volume-transaction environments are using fraud detection systems to detect and prevent fraud.

While they can be worthwhile in certain environments, they are expensive and cannot prevent all fraudulent activity. Worse, they can be ‘silo-centric’ – as they are isolated from the wider security defences  – they are over-reliant on patterns, and they need thresholds to be set correctly.

In addition, smaller organisations, working to tight margins, where performance is critical or where there is less reliance on online trade, can rarely justify the expense of using such systems or hiring the specialists needed to run them.

Which is why a growing number of organisations are turning to Tier-3 Huntsman as their go-to solution to fight cybercrime.

 

Why choose Huntsman to fight cybercrime

Unlike other systems, Huntsman uses an integrated approach to fraud prevention and IT security.

This is the ideal solution for organisations that need a fraud detection and prevention system but can’t justify the expense of buying and deploying separate systems.

It’s also ideal for organisations that realise it makes little sense to have separate security and fraud teams with their own systems doing similar work – trying to detect, prevent and minimise financial fraud, theft and data loss.

 

How Huntsman works

Huntsman works at the application level and extends existing fraud management and detection systems. It provides:

  • A complete understanding of cyber risk, particularly where the exposure of a cyber incident is fraud related;
  • Integration with dedicated fraud detection systems to maximise loss reduction;
  • Fast identification of common occurrences of fraud and security incidents through real-time analysis, correlation and alerting;
  • True Behaviour Anomaly Detection – based on machine learning and profiling to detect anomalies, misuse, unknown unknowns and ‘unknowables’;
  • Rapid response to incidents with better information and context;
  • Extensive reporting and dashboard capabilities to give historic and live views of risk.

 

Want to find out more?

Arrange a meeting with our Security Specialists  Click here

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