VIP Fraud Detection Service Money Transfer Module

Problem: Growing Sophistication of Online Banking Fraud

The rise of online banking and electronic money transfers has brought with it a new breed of criminals, malware and online financial scams. Thieves have developed elaborate cross-account, cross-channel and cross-institution schemes to transfer funds from compromised online accounts to controlled accounts. They disappear with the money before the illegal transfer is discovered. A layered security approach provides better fraud protection by monitoring access to the account as well as the legitimacy of each transaction.

Solution: VIP Fraud Detection Service Money Transfer Module

The VeriSign® Identity Protection (VIP) Fraud Detection Service (FDS) Money Transfer Module has the power to evaluate and analyse thousands of transactions per second. Real-time monitoring and proactive fraud detection is designed to stop suspicious transfers before funds leave the account. If a transaction exceeds the risk score threshold, your fraud team receives an alert and the account user may be required to respond to a challenge from a range of authentication options. If they fail, the transaction is terminated according to rules set by your institution.

The VIP FDS Money Transfer Module uses unique, customisable models to monitor funds transfers, electronic bill payments and online check requests.

• Source account-based detection compares recent activity with average daily balance and account history.
• Destination account-based detection automatically accumulates risk levels for destination institutions with suspicious activity.
• Account details-based detection monitors recent changes to account details such as address and contact changes.
• User behaviour-based detection raises the risk if the current transaction is anomalous when compared to historical user behaviour, including transaction amount, destination account and dates and frequency of transfers.

Whether added "off the shelf" to your VIP Fraud Detection Service or tailored to your business needs*, the VIP FDS Money Transfer Module provides a layered approach to fraud prevention with one log-in for you to view activities across multiple channels.
*Customisation service offered separately.

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