Group-IB launches new banking cyberprotection
Smart Bank designed to protect financial institutions from emerging threats
Cybersecurity company Group-IB has launched a new solution to help protect financial institutions from client-side fraud and attacks across sessions, platforms, devices, channels, and entities.
The Secure Bank solution leverages Group-IB's experience in threat intelligence, signature, behavioural, and cross-channel analytics to detect threats invisible to traditional transactional anti-fraud-systems.
Group IB noted at launch that financial services had the highest annualized cost of cybercrime in 2017 at $18.28m. The average cost of cybersecurity incidents involving online banking services accounts is $1.75m. Banks will likely continue as a primary target for cybercriminals, therefore, banking institutions must focus efforts on detecting blended attacks that combine phishing, malware, and fraud across multiple channels.
Secure Bank is equipped with a full stack of anti-fraud technologies which protects banks and their customers across all layers while identifying fraud at the preparation stage. Complementing other anti-fraud systems, Secure Bank can block thefts in real time and detect attacker's logins, social engineering scams, botnets, money laundering, and the possible infection or compromise of a user's device.
The solution will leverage Group-IB's threat intelligence, forensics offerings and ‘smart' behaviour analytics, to detect and alert Smart Bank users to new threats. Secure Bank continuously processes 9.5m sessions a day. This is accomplished by analysing and comparing the typical actions of both real users and those of fraudsters during the sessions.
By using a number of bio-chronometrics parameters (velocity and navigation, mouse movements, keystrokes, typing cadence, delays, etc.), Secure Bank uses behavioural analytics to identify if a legitimate user or fraudster is logged in, reducing false positives by 79%.
The company said that it also focused on protection against Android Trojans, as a growing threat to banking channels, including analysis of user behaviour on end devices to protect different channels.
"Secure Bank enables a bank to ensure the highest standards of customer protection possible by detecting fraud before it actually takes place. It significantly enhances the security of banking transactions, both for individuals and legal entities," said Pavel Krylov, Head of Secure Bank/Secure Portal. "We have created a "smart" product that incorporates unique Group-IB technologies, such as an extra system of identification for customer devices (device fingerprinting), a number of patented methods of detecting remote connections, and in-house methods of machine learning. Secure Bank is already used commercially by several banks to prevent client-side fraud and attacks across sessions, platforms, and devices."