BeFit.Fraud Monitoring

Fraud Monitoring - the solution for detection, the analysis, investigation and prevention of attempts of fraud in RBS.

On May 14, 2015 the Bifit company announced release of the update of the Monitoring Fraud system in July, 2015.

A system analyzes transactions and applied requests for identification of suspicious transactions and abnormal activity. Risk assessment of payment and the recommended action is result of check of transaction: "permit" or "check".

Except a normal technique of assessment of payment according to transaction data, the solution uses two mechanisms:

• Detector of threats. Reveals signs of activity of a malicious code and attempt of intervention in work of the client application.
• Activity analyzer. Analyzes the chains of applied requests arriving from the client application. Reveals the anomalies impossible without intervention of malware and also the transactions uncharacteristic for normal work of the user.

In the course of the analysis of bank transactions of Fraud monitoring checks more than 60 criteria and generates information on a risk degree of each separate payment. In addition to document fields external factors are exposed to the analysis:

• characteristics of a workplace,
• daily turnovers
• other behavioural factors of each client.

By means of function of adaptive authentication a system requests additional confirmation of authenticity only in case of real threat - at detection of signs of suspicious transaction, and the bank independently defines criteria for use of this or that mechanism of additional confirmation.

Advantages of use of adaptive authentication:

• Lack of need to confirm each payment
  • a System automatically determines what payments are entrusted and to confirm properly suspicious transactions. Thus, use of adaptive authentication in the Fraud system of monitoring protects the client from actions of swindlers, and at the same time does not create additional time expenditure.

• Increase in attention to the procedure of payment confirmation
  • Function of adaptive authentication allows to lower a share of the payments requiring additional confirmation, less than to 1%, thus, concentrating attention of the client on each suspicious payment.

• The choice of mechanisms of additional payment confirmation depending on a transaction risk degree
  • the Bank can independently define need of application of means of additional confirmation depending on a risk degree of each payment.