Imagine being the chief security officer for a global financial institution and telling your team that basic, entry-level malware and antivirus software is all your organization needs for fraud protection purposes. Every member of your team would look at you as though you had lost your mind. Why? Because enterprise-level fraud protection requires enterprise-level tools.
DarkOwl provides such tools with its advanced dark web threat detection platform. Its platform is capable of continually scanning even the darkest and most hidden spaces in the darknet universe, looking for everything from stolen credentials to account numbers to personally identifiable information (PII).
The advanced tools DarkOwl provides could be used by any organization regardless of size and scope. But the bigger and more prolific an organization is, the more it needs the enterprise-level tools provided by DarkOwl and its competitors.
Advanced Analytics and AI Integration
Today’s financial institutions cannot leave fraud protection to chance. They need the latest tools and strategies they can get their hands on. At the top of the list are advanced analytics and AI integration. Both set the stage for identifying data breaches before customers are negatively impacted. Consider the following:
- Machine Learning – Monitoring used to be governed by rigid rules-based systems. Today, machine learning is combined with adaptive algorithms capable of analyzing everything from data to behavioral patterns in an evolving manner.
- Real-Time Monitoring – A threat detection platform enhances fraud protection by monitoring transactions in real time. Analyzing transactions with AI allows for flagging anomalies including unusual transaction amounts, suspect transaction locations, and even transaction speed.
- Predictive Analytics – What modern fraud protection strategies can accomplish in real time is further enhanced by predictive analytics. By comparing historical data against current conditions, systems can predict potential breaches before they happen.
These are all things financial institutions will not get if they fail to invest in enterprise-level solutions. But investing is worth every dime. The latest in advanced analytics and AI integration levels the playing field between financial institutions and cybercriminals.
Implementing Multi-Layered Security
Combining dark web monitoring with advanced analytics and AI integration is essentially a proactive strategy designed to prevent attacks from being launched. But once an attack is in motion, financial institutions need to be able to protect themselves and their data. Thus, the need for multi-layered security.
Biometric authentication is one of the latest security features being implemented to protect consumers. For example, stolen PII is of little value when a financial institution requires voice, facial, or fingerprint recognition to verify customer identity.
Internally, financial institutions should be deploying unified fraud platforms that leverage case management, report filing, and combined alerts across every channel. Institutions should also be deploying cross-channel defense strategies. These include things like monitoring mobile app transactions and verifying the integrity of their support systems to prevent coordinated attacks.
No Shortage of Enterprise-Level Fraud Protection Tools
There is so much more that could be written on this topic. Everything from operational and strategic enhancements to advanced behavioral profiling is on the table. Here is the bottom line: there is no shortage of enterprise-level tools financial institutions can employ for the purpose of beefing up fraud protection.
The only real question is how many of the tools financial institutions will actually invest in. Fraud protection requires money, time, and effort. Those willing to invest can protect themselves and their customers against cybercriminals. Those unwilling to invest we’ll ultimately find themselves answering for it.
It’s not a matter of whether financial institutions will be hit. It is only a matter of when it will happen and how prepared an institution will be when that day comes.
