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Tag: Fraud Prevention

LexisNexis Announced LexisNexis AmplifyId to Boost Identity Management

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LexisNexis AmplifyID improves identity management across critical agency tasks, from benefits access to beneficiary enrolment. AmplifyID is a reliable and secure platform, and it offers improved coordination of services, fraud prevention, program integrity, policy comprehension, and decision-making. 

LexisNexis Risk Solutions developed the LexisNexis AmplifyID platform to help federal, state, and local governments ensure equitable access and fraud prevention. A comprehensive understanding of the individuals and families served by public benefits programs is required. The government agencies are tasked to balance user-friendly access to critical services quickly and accurately while maintaining privacy, security, and fraud mitigation.

Haywood Talcove, CEO Government, LexisNexis Risk Solutions said, “In our communities, successful outcomes are driven by connection not division. Data is no different. Silos are purpose-built for grain, not people. Eliminating the huge backlog agencies are facing in unemployment insurance distribution is just one of the ways this new solution will prove invaluable for government agencies. The power of AmplifyID to create cross-agency visibility, coordination, and trust is truly innovative and we are incredibly excited by the potential of this person-centered platform to bring agencies and people together.”

The AmplifyID platform combines government program data with unique identifying information to produce person-centred analytics and visualizations that help government decision making. The result is a best-in-class identity view tailored to government agencies looking to modernize and scale their approach to helping underserved populations. AmplifyID is a module-based platform that addresses government identity concerns with its two significant services LexisNexis AmplifyID Identity Risk Navigator and LexisNexis AmplifyID Master Person Index.

AmplifyID Master Person Index provides a consistent view of an individual to government agencies, allowing for data sharing and care coordination across programs. It also gives government organizations the ability to comprehend important identity insights, such as regularly updated contact and demographic data, as well as clinically proven socioeconomic determinants of health.

AmplifyID Identity Risk Navigator increases fraud protection by combining and integrating data from different sources, including internal agency information and donated identity intelligence from throughout the government, to guard against the full range of existing and emerging identity fraud threats. The importance of shared intelligence cannot be overstated. It provides authorities with a much more comprehensive view of known fraudulent identities, habits, and fraud schemes. The advantages of such scrutiny are substantial.

Read more articles:

Identity and Access Management – All You Need to Know

Enterprise Fraud Management – An Overview

Sertifi Announced Partnership with Seccom Global

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Sertifi, a leading company dedicated to assisting companies worldwide in finalizing business more rapidly through the provision of electronic Agreements and Authorization Platforms, and Seccom Global, Australia’s leading provider of managed security services, have announced their partnership. Seccom Global’s clients will benefit from a compliant and secure electronic signature, payment and authorization service as a result of the partnership.

With technology playing an extremely important role in every aspect of business, Sertifi enables organizations to complete transactions more quickly by providing convenient, efficient, and secure eSignature and online payment platforms. Furthermore, the platforms enable businesses to remain compliant while also reducing fraud. Seccom Global will serve as Sertifi’s authorized distributor and reseller.

“As a business focused on cybersecurity, we understand the importance of a more efficient and secure way to manage the entire contract process. We investigated numerous solutions for this problem and found Sertifi to be the standout solution.  Seccom required a platform to create, send and collect agreements and payments from one secure platform. Sertifi met these requirements and was also intuitive to use,” added Michael Demery, Managing Director at Seccom Global.

“We are excited to partner with Seccom Global because of their extensive customer base across numerous industries and their ability to achieve success by opening new offices during a pandemic. This partnership will no doubt propel Sertifi’s global presence,” said Jo Masters, VP of Channel Partnerships and International Sales for Sertifi.

SentiLink Identity Verification startup raised $70 million in Series B funding

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SentiLink announced that they have raised $70 million in Series B funding, led by David Sacks of Craft. The funds are already being used to develop new products, beginning with the launch of “KYC Insights” product at the end of September, as well as to research new fraud issues such as credit washing, J1/F1 fraud, and the laundering of stolen public benefits funds. And as new issues arise with their partners, they will address them as well.

Identity verification is especially bad in the United States. The SSN is the United States’ national identifier, which is supposed to be unique and secret but is neither. Citizens’ identification cards are rarely used and are easy to fabricate. Organizations spend a lot of time and money on this problem, but fraud persists, and honest people are subjected to unnecessary friction and false positives.

SentiLink believes that determining whether someone is who they claim to be can and should be simple and effective. Organizations should be able to detect and prevent fraud in such a way that consumers are unaware. It should be simple, inexpensive, and functional.

SentiLink announced that they’ve raised $70M in Series B to make this vision a reality, led by David Sacks at Craft. The company is already using these funds to develop new products, starting with the launch of our “KYC Insights” product at the end of September, and to research new fraud issues, like credit washing, J1/F1 fraud, and the laundering of stolen public benefits funds.  And as they discover new issues with our partners, they will tackle those as well.

Nethone raises $6.7M Series A Funding to combat online fraud

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Nethone’s passive behavioural biometrics enables online businesses to stop over 95.3 percent of account takeovers (ATO), which have been spreading at an alarming rate around the world. Aside from ATO, the Polish fraud fighter has been prospering in its payment and financial application use cases, consistently demonstrating a fraud detection precision of over 10 p.p. greater than traditional methods.

Along with Innovation Nest, Plug and Play Ventures, Firlej Kastory, and numerous business angel investors, Atmos Ventures and ARIA are headlining Nethone’s most recent fundraising round. Nethone will use the Series A funding to accelerate its go-to-market activities and strengthen its exclusive Know Your User (KYUTM) profile technology, giving global leaders the tools, they need to fight fraudsters.

Given the pandemic-induced surge in demand for direct-to-customer online commerce (both web and mobile) and the associated next-generation financial services, COVID-19 elevated the importance of cybersecurity. Nethone has been able to more than double its customer base in the last year, as well as increase the volume of onboarded clients across the eCommerce, digital products and services, and financial services verticals.

Hubert Rachwalski von Rejchwald – Nethone’s CEO said, “The last year has seen an unprecedented spike in fraudsters’ activities. COVID-19 has fueled a ‘professionalization of fraud’ trend that Nethone has been observing systematically escalate since the company’s inception in 2016. “Barriers to entry for fraudster-wannabes have been steadily decreasing. More and more sophisticated SaaS-based tools became available for anyone with some financial resources at their disposal. Today, these are advanced technical solutions built by well-organized, highly experienced groups of rogue IT experts. Wrapped in a user-friendly interface and excellent customer support they allow for complex anonymisation and automation functionalities as well spoofing of historically trusted digital identities that most of the incumbent fraud detection solutions stand no chance of spotting.”

“The forward-looking answer to anyone who wishes to effectively transact online is to deeply understand every single user, as they browse the website or use a mobile app. Our KYU profiling technology gives access to first-hand real-time insights about what is really happening with the device, how this device interacts with the servers of the platform and, last but not least, what is the raw behavior – keystrokes, mouse movements, gyro or accelerometer readings, touches on mobile). These are currently over 5000 attributes that we are extracting passively in the background about every single user thanks to years of targeted research and engineering, Importantly our goal is never to affect the customer journey by staying invisible in the background nor invade end-user privacy thanks to the low-level nature of the attributes we collect” – adds Aleksander Kijek, Nethone’s CPO.

Apart from extending its go-to-market operations, the business intends to use the funds to accelerate roadmap advancement, with a focus on features that will optimise perceived value among the company’s target categories.

“With the post-COVID critical significance of fraud prevention and the fierce competition in creating the frictionless user experience, Nethone has a novel approach to profiling technology fueled by machine learning. And since Atmos is focusing on developing deep technologies in ML-driven commercial solutions, Nethone Profiler combined with the explainability of the machine learning models was an obvious choice for us. We are elated to join the team to arm online merchants with deep tech tools against fraudsters,” said Hadi Solh, Managing Partner at Atmos.

Dariusz Lewandowski, CEO of ARIA said, “The accelerated growth of eCommerce in the pandemic era – up 30% in value by 2020, naturally increases the scale of fraud in the digital space. Nethone solves the problem of online payment and identity fraud, with annual losses worth around $50 billion. Their technology provides maximum protection without affecting the end-user experience. I see huge potential for the application of this technology, including other companies in our portfolio – wherever payments are involved. I am impressed with Nethone’s highly motivated team, as well as the organizational maturity for an early-stage company. Nethone has proven successful in onboarding clients ranging from traditional banks to fast-growing start-ups across the globe.”

Enterprise Fraud Management – An Overview

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Enterprise Fraud Management (EFM) is a centralized framework for risk management, providing comprehensive risk analysis and application of controls for identifying internal and external frauds across all users, accounts, and channels in the organizations by transaction monitoring and customer profiling. Furthermore, it helps in identifying malicious behaviour and corruption in real-time thereby combating risks, minimizing losses, ensuring regulatory compliance, and optimizing operational efficiencies across the organization and entities.
EFM platform gives higher visibility in identifying threats and mitigating these threats. EFM solutions also offer a unified dashboard, enabling real-time monitoring of transactions and raising alerts for anomalies if required.

Some Noteworthy Features of EFMs are –

  • Centralized Data Repository – Businesses are developing centralized data repositories for clients’ accounts and transactions data for various products and services across multiple channels. EFM solutions process large quantities of data in real-time to create detailed profiles of clients and employees using high-performance computing technology based on machine learning, which can be used to detect and investigate money laundering and fraud.
  • Fraud Risk Assessment – A fraud risk assessment is a vigorous and continuously improving process. Organizations do thorough fraud risk assessments to identify individual fraud schemes and risks, assess their probability and magnitude, check existing fraud control actions. They introduce new rules and regulations to improve fraud detection. EFM solutions use risk scores to assess fraud based on guidelines provided by enterprise firm and analysed historical information. The new cloud-based EFM solutions are flexible enough to adapt these new rules and risk assessment tasks.
  • Real-Time Detection using Analytics – Since fraudsters are becoming more advanced, EFMs must evolve at a faster rate. EFM solutions allow for in-depth analysis of internal and external data collected from all resources for real-time fraud detection. In addition to rule-based fraud detection, sophisticated predictive fraud models fuelled by analytics on massive quantities of data are being developed. Risk is assessed in real-time for each transaction using a combination of parameters, algorithms, and cumulative statistics by comparing the characteristics of each customer’s or employee’s conduct with the fraud models and recorded patterns of behaviour. Techniques like graph visualization are used to identify underlying patterns and irregularities in data. EFM’s have forensic tools for e-fraud investigation. The aim is to use all available data to detect illegal activity before it happens and to avoid it before a customer’s account is compromised.
  • Scalability and Performance – EFM solutions are cloud-based, so there are no data storage and processing limitations. Financial institutions like banks with millions of customers and billions of transactions can be monitored with EFMs while retaining the fast detection needed in real-time environments. These organizations can leverage EFM’s cross-channel fraud management, user-centric fraud detection based on advanced AI. EFM solutions can easily correlate fraud events across the organization.
  • Enterprise Case Management – Enterprise Case Management uncovers hidden relationships in financial transactions. It is created primarily for financial fraud detection and investigations in the EFM solutions, it is built on previous fraud cases. These prebuilt and streamlined cases include key areas of fraud, which ease the process of fraud detection.

In the digital era, with evolving technologies, fraud attacks are also increasing at an alarming rate, indicating organizations to include Enterprise Fraud Management solutions to mitigate threats and frauds in the risk landscape.

Kaspersky Industry Analyst Summit 2021

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Global cybersecurity solution provider, Kaspersky, recently hosted its industry analyst summit 2021. Research analyst Sachin Birajdar attended the virtual event on behalf of Quadrant Knowledge Solutions (QKS).
The summit was opened by Kaspersky CEO Eugene Kaspersky, who talked about ‘Cyberimmunity on CyberAge’. Next, Kaspersky CTO Andrey Efremov elaborated on Kaspersky’s product vision and strategy. Alexander Moiseev (Chief Business officer) explained Kaspersky 2020 performance/2021 Outlook, while Sergey Martsynkyan explained the Kaspersky stage-by-stage approach.

Following this, discussions concerning Kaspersky Optimum Security EPP EDR, MDR and Sandbox security awareness, Kaspersky Hybrid Cloud Security, Kaspersky Expert Security: xDR (EDR, KATA, MDR), Kaspersky Cybertrace and threat intelligence, Kaspersky MDR services, Kaspersky OS/transportation, Kaspersky industrial cybersecurity, and Kaspersky fraud prevention took place. Kaspersky also announced the launch of its Optimum Security solution, which integrates EPP, EDR, and MDR in a single platform to help users create critical incident response process and protect from evasive attacks. The Kaspersky analysts further informed that the company is focusing on providing comprehensive multi-layered protection to the hybrid environment, supporting advanced level security, robust, granular visibility and control, and seamless integration with Kaspersky Optimum Security and Kaspersky Expert Security.

On this occasion, Kaspersky analysts also explained about their new technology and service framework Kaspersky Expert Security. This solution helps users to detect and respond to threats in the network, including APTs and targeted attacks and helps to enhance their current security system. Kaspersky informed that it offers threat intelligence services to contextualize various aspects of security operations and helps minimize the detection and response time. The analysts added that the company’s MDR (Managed Detection and Response) service offers continuous machine learning-driven protection to analyze, investigate and respond to threats in real-time. Kaspersky also informed the attendees about their efforts to secure organizations’ operational technology layers and elements, including SCADA servers, HMIs, engineering workstations, PLCs, network connections with their product and service portfolio. The company informed that it also provides training programs and technical support to manage organizational endpoint security and control industrial networks centrally. Kaspersky explained how they are allowing and securing organizational global client interaction on the web or mobile channels and how they are using machine learning and risk-based authentication to secure access to the accounts and resources.

Kaspersky introduced a new Operating system (KasperskyOS) to protect web integrated systems in emerging digital transformation use cases such as wired and autonomous vehicles. the analysts also showcased customer stories and use cases as proof of customer satisfaction and efficiency of the Kaspersky’ products.

Quadrant Knowledge Solutions would like to thank the Kaspersky team for providing an opportunity to attend the event.

About the Author

Sachin Birajdar
Analyst – Data Analytics and Security Domain

Sachin is a part of Quadrant’s global research and consulting team. He is responsible for data analytics & security research.
Sachin is responsible for conducting global strategic market outlook, SPARK Matrix Analysis, and client consulting assignments. He has worked on strategic research and vendor evaluation projects for Data Preparation Tool, Application Security Testing, Bot Management, Deception Technology, Identity as a service, Mobile Threat Management, Privileged Access Management (PAM), and such others. Sachin is also a part of Quadrant’s best practice team in identifying the most promising companies in the data analytics & security domain space. He was part of the team for consulting assignments including detailed market mapping, custom market intelligence, analyst briefing, and such others.
Sachin holds an MBA in Marketing and BSC in Physics from Savitribai Phule Pune University, India.

InfoSecurity Outlook Magazine focuses on keeping track of Information Security, Data Security, Cloud Security, IoT Security and Fraud Management related technology to help entrepreneurs protect their organizational data from threats and misuse.

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