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The 5 key capabilities to keep today's online banking fraud at bay


Financial fraud attacks have notably increased in recent times, accelerated by a new push towards digitalization observed during Covid19 pandemic. Together with the development of new and more efficient technologies comes the fraudsters’ ability to elaborate more sophisticated means to attack financial systems and bypassing modern countermeasures adopted by financial institution.

Banks and financial institutions need to increase the level of protection of their client’s data and improve their internal processes and fraud management systems. Now more than ever, when choosing a digital financial service, customers need to feel safe and to complete activities across devices in the fastest and easiest possible way.

Managing online fraud doesn’t have to be a headache, though. 

In this article we summarized the 5 key capabilities that will increase the efficiency of your fraud management processes and help prevent online banking fraud. 

How does online banking fraud actually work? Read our previous article “Online banking fraud: what is and how to prevent it” to learn more.

Fight online banking fraud with the right fraud management solution

To make sure to safeguard your business and your people’s mental health, it is essential to choose the right fraud management solution. Which is to say the one that combines all the key features to monitor and stop fraud quickly and efficiently, reduces customers friction and ensures the best online user experience

Total visibility

Seeing all details of each user session is important because it allows you to shift from blocking all to responding with surgical precision and setting up the best response for each micro-scenario. 

The right fraud management system provides you with atomic visibility that goes behind risk scores, which can’t tell you enough about each session: risk scores are numbers used as estimate of the level of riskness of digital sessions. Such a concept assumes that the overall complexity of today’s patterns of attacks can be reduced to a single number. Unfortunately though, it isn’t the case. That’s why making decisions based on risk scores is far from optimal.

Atomic visibility speeds up the process of identifying new pattern of attacks that are new and still not classified, which also remove the need to rely on external classifications.

Early detection

As you may already know, it can take weeks to understand where to focus on when looking for new suspicious patterns. To avoid giving fraudsters the time to hit, it’s important for your analysts to focus fast on what really matters.

The right technology combines all key detection capabilities to highlight potential malicious activities (via Multidimensional Analysis of all data across your channels), verify the user identity (via Behavioral Biometrics and Behavioral Analysis), assess the device integrity (via Malware and Bot Detection), and check all transactions (via Transactional Risk Analysis). 

The right fraud management system helps you find what’s off in a matter of minutes.

Tailored Threat Intelligence

Monitoring fraudsters’ move is a stressful and time-consuming task. A Tailored Threat Intelligence team can do the heavy-lifting job by identifying and classifying all the possible threats that target your systems.

Integrating a Tailored Threat Intelligence support with the right technology eases your processes and relieve your team from stress, improving the efficiency of your fraud management. 

Reducing stress for your fraud analysts can be a game-changer to improve your fraud management processes. We have shared some useful insights on this in our previous article “The 3 actual reasons why working in fraud management today can be stressful”.

Real-time operations

Today, customers expect to get things done within a few seconds. If the detection tool doesn’t respond instantly it could:

  • Slow down your customers’ activity, making them wait impatiently.
  • Force the app to block the activity, causing frustration and anger.
  • Force the app to finalize the activity, possibly giving the green light to a fraudster.

The right fraud management system provides you with an accurate and instant response, ensuring smooth usability of your digital services and minimizing the risk of fraud. 

Automated and adaptive response

Often, configuring and testing all the integrations and conditions to set up a response for each scenario can be a headache. And too often this leads to a tight trade-off between high friction or high-risk. 

To ensure the safest and smoothest experience for your customers it is important to set up the best response and automate it. The right technology allows you to easily set up smart rules to do that, so that you can make sure the right thing is done, always. Even when your digital channels are under a massive attack. 

In this way, you can set up your security posture with no headache and gives you more time to focus on developing your product.

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Online banking fraud prevention: Long story short

To prevent and stop modern online banking fraud, it is paramount to integrate multiple advanced detection mechanisms with the right processes, mindset and tools. 

At Cleafy, we kept this in mind when developing our solution. A solution that continuously analyses online activities across digital channels, combining multiple detection technologies with threat intelligence data. 

To make things easier for you, we have prepared a downloadable check list summarizing all the key capabilities that the right fraud management technology should have to work efficiently.

Checklist fraud management system

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