DefenseStorm expands security for financial institutions with CyberFraud – Digitalmunition




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Published on April 7th, 2021 📆 | 5120 Views ⚑

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DefenseStorm expands security for financial institutions with CyberFraud

DefenseStorm announced the addition of CyberFraud to its product offerings, providing an integrated solution for Information Security and BSA/AML Fraud departments in a single platform to prevent losses and protect account holders.
With CyberFraud, alerts are delivered in real-time to block activity, perform step-up authentication and/or route for human investigation.
The DefenseStorm GRID provides investigation tools for deep analysis, links threats across multiple accounts and sources, gathers evidence for SAR reporting, enables on-the-fly strategy configuration and streamlines dashboard reporting.
This allows a financial institution (FI) to proactively detect and immediately respond to account takeover attempts, fraudulent loan applications, ACH/PTP/Wire fraud and money laundering activity.
“Malicious attacks against the banking sector are up over 200% year over year,” said Steve Soukup, chief executive officer of DefenseStorm.
“This increase is not unexpected when you consider the growth in digital customer interactions and the increased prevalence of remote workers.
“Fraudsters are exploiting these dynamics using increasingly sophisticated tools and techniques to leverage the vast quantity of breached identity data flooding the dark web.
“CyberFraud enables FIs to balance ease of use and convenience against security and privacy in a way that protects themselves, their employees and their account holders with confidence, keeping them threat ready, team smart and board accountable.”
Historically, DefenseStorm has been focused on monitoring cyber risks associated with the network/server/workstation environment of FIs.
CyberFraud expands that security with threat detection for online banking, mobile banking and internal systems to provide real-time actionable alerts for both external and internal attacks.
DefenseStorm’s CyberFraud solution:

Allows FI Information Security and BSA/AML Fraud departments to see all necessary information in one place by consolidating banking operations and security data from all sources, without volume limits.
Empowers fraud investigators to focus on the threats that matter by connecting data points into a view that shows account compromise linked across multiple customers and fraud suspects.
Enables easy SAR filing by providing detection, triage, response and audit trail information in a portable case format.
Provides consortium data sets to share emerging threat sources across the customer base to stay ahead of fraud as it migrates from one FI to another.

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