Another great conference at the Moscone Center in San Francisco. On the heels of RSA Conference, it's fair to ask: When was the last time you counted the number of anti-fraud tools you are using to protect your consumer-facing environment? Now, when was the last time you thought about the connective tissue tying data sources together, to make a smart decision at the right time throughout your consumer's lifecycle?
Think about the speed of a consumer checking their email, transferring money and signing up for a new credit card. Consumers move fast, and so does fraud. To put things in perspective, the RSA Anti-Fraud Command Center identified over 1.2 million phishing attacks alone in 2016. That equates to a new phishing attack about every 30 seconds. The cost to organizations in losses from phishing last year was an estimated $10.8 billion. That is just phishing. Malware and ransomware continue to be rampant. Our fraud analysts look at an average of 400,000 malware samples a week. We also saw a record number of password breaches in 2016 resulting in the compromise of over 3 billion account credentials. Fraud is a very real industrialized threat, and cybercriminals are moving fast. This is why organizations must be enabled to act faster than the speed of fraud to minimize the impact on their customers and their brand.
Visibility and response is a huge issue for organizations. In a recent survey, RSA found 72% of organizations take days - or longer - to identify the source of fraud on their website. In addition, an inverse relationship exists between the amount of fraud occurring and the size of the teams assigned to investigate it. In fact, 82% of organizations in the same survey revealed their online fraud investigation team numbers fewer than ten full-time employees. To combat these challenges, organizations must be able to integrate anti-fraud data elements together, from a variety of sources, for best-in-breed real-time risk assessments across consumer facing digital channels.
The RSA® Fraud and Risk Intelligence Suite is designed to empower organizations with the visibility and controls they need to identify and stop the source of fraud fast - whether it is a real-time threat occurring in their digital channels or a threat in the wild. The RSA Anti-Fraud suite offers a platform enabling continuous monitoring across web and mobile sessions for better detection and faster investigation of fraud incidents. Our fraud detection rates are unparalleled in the industry. We boast consistent fraud detection rates up to 95%, and organizations can now further enhance their fraud detection capabilities by leveraging insights from their own business as well as other anti-fraud tools they use to impact fraud risk assessments in real-time.
By using the RSA Adaptive Authentication Eco System approach, organizations can leverage internal business knowledge that is only known to them, to further infuse a risk assessment with pertinent information about their consumers. Through feedback, we hear that organizations, depending on their size, are using 10-15 tools, on average, to combat fraud. Through the RSA Adaptive Authentication Eco System approach, organizations can infuse their risk assessments with various data elements by leveraging existing tools to further elevate their fraud detection rates. Salvador Dali is famously quoted as saying, "Intelligence without ambition is a bird without wings". I say that intelligence without integration is a bird without insights. In today's world, where cybercriminals are evolving at a rapid pace, organizations require solutions that can generate new insights by centralizing information for smarter risk-based decisioning, by infusing proven pre-defined data elements in conjunction with additional anti-fraud data elements and internal business feeds.
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Author: Mathew Long
Category: Archive, Anti-Fraud, Blog Post
Keywords: Fraud, Risk Assessment, RSA Adaptive Authentication, RSA Conference