Online fraud threatens more business sectors

Online fraud threatens more business sectors

Kaspersky Lab has released a new generation of fraud prevention solutions that include two independent products: Kaspersky Advanced Automation, which aims to prevent account theft scenarios when developing digital channels, and Kaspersky Automated Solutions, which keeps fraudulent activities under surveillance, Allows accurate and timely decisions when investigating complex fraud and money-laundering between companies. This diversity of fraud prevention products aims to provide companies and organizations with tailor-made solutions to protect against various fraud challenges. Online fraud has become a major challenge for a wide range of business activities in the financial and related fields, such as loyalty program providers and e-commerce companies, because of the rapid development and growth of digital channels. The importance of improving these companies to levels of security in online transactions and reducing the risks of fraud, such as account capture and fraud in new accounts, has increased, while maintaining user experience excellence and reducing the costs of implementing additional security measures, such as multi-factor authentication. The first solution utilizes a set of techniques that identify potential fraudulent or phishing activity in both the sign-in and transaction phases and draws the company’s attention to additional testing and user identity verification to help overcome these challenges. This solution analyzes behavioral and biometric data, device reputation and any other non-character valuable metadata, while complex machine learning techniques and complex mathematical algorithms ensure high rates of detection of fraudulent attempts and reduced detection time for anomalies. Authentication does not require any user-specific actions, allowing companies to retain users and grow their digital channels and give them high priority. Financial crimes, including fraud and money-laundering, continue to be a major concern for modern economies, explaining why regulatory authorities are keen to pay new legislation to prevent such crimes and place responsibility on financial institutions that will have to achieve full transparency in their operations. For the safety of its business only, but also to maintain compliance with the evolving regulations. The new Kaspersky Lab solution, Kaspersky Automated Product Analysis, is designed to help companies reduce costs related to fraud and exposure to fines for non-compliance by regulatory authorities. This solution adds an additional level of knowledge of fraudulent and money laundering scenarios by accessing information gathered about fraud, combining this knowledge and advanced techniques that automatically detect dangerous incidents in their early stages. During the user’s process, the solution collects and analyzes hundreds of non-personal indicators derived from the user’s hardware and environment, user behavioral and biometrics patterns, remote system intrusion attempts, malware targeting mobile devices, and injection programming. With the help of machine learning algorithms, the solution then correlates these results with account capture, fraud and new money laundering through Kaspersky Fraud Prevention Cloud and information gathered globally on the basis of large data. The solution can also, in view of its linkage and mapping functions, identify money laundering between institutions by automatically searching for correlations between natural diagnostics, devices and behavior patterns, as well as many other details related to the transaction being performed, Similar operations. The new vice president of new business at Kaspersky Lab, Alessio Acetti, said online fraud still threatens more sectors at risk, saying it is investing money and resources in developing digital aspects of its business, although it remains “a more disturbing fact for financial institutions” . “This is why we have made innovative adjustments to our products to include more diverse solutions specifically designed to address specific scenarios and meet business requirements.”

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