Research & Resources: Research and White Papers

This section offers in-depth information from Guardian Analytics and third parties on various aspects of online banking, fraud attacks, and how to prevent them. Please check here periodically to see what new materials we have made available.

  • Whitepapers - In-depth explorations into topics associated with preventing online banking fraud.
  • Research Studies - Third-party research on the state of the online banking industry and related fraud risks.

White Papers

Dissecting Wire Fraud: How it Happens, and How to Prevent It

Dissecting Wire Fraud: How it Happens, and How to Prevent It

This white paper provides examples of actual fraud cases that illustrate the breadth of schemes in play, available fraud prevention solutions, and the strengths, weaknesses, and limitations of each. It also explains how a behavior-based fraud prevention strategy can detect wire fraud regardless of how the wire request was submitted or what fraud scheme is in play.

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Best Practices for Detecting Banking Fraud

When Criminals Defeat Authentication

Subtitled "Lessons Learned From Unauthorized Access to Financial Portals," this white paper features four threat scenarios, each involving a different type of attack against a different type of customer or employee portal. It also describes a strategy for detecting unauthorized access to all types of financial and employee portals.

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Best Practices for Detecting Banking Fraud

Best Practices for Detecting Banking Fraud

Drawn from our own fraud analysts' decades of field experience, this paper presents overall strategies for preventing fraud, specific tactics for detecting fraud while clients are engaged in online or mobile banking, and how business operations can be prepared to respond quickly and effectively when fraudsters do strike.

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The Double Edged Sword of Mobile Banking

The Double Edged Sword of Mobile Banking

The increased customer demand for mobile banking services carries increased risk of fraud threats. FIs must wield this combination carefully to avoid fraud losses if they move too quickly or customer churn if they move too slowly. This white paper presents the current trends in mobile banking, fraud threats and consumer behavior that result in increased risk, and strategies for preventing mobile banking fraud.

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Anomaly Detection Toolkit

Anomaly Detection Toolkit

Includes:

  • 1) "A Practical Guide to Anomaly Detection" white paper, 2nd Edition.
  • 2) Anomaly Detection info graphic showing how anomaly detection works
  • 3) A voice-over video talking through the info graphic
  • 4) "Anomaly Detection in Action" provides some real-world examples of fraud attacks stopped by anomaly detection solutions
  • 5) "Beyond Conformance" explains additional benefits beyond simply stopping fraud and conforming to the FFIEC Guidance

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A Practical Guide to Anomaly Detection

A Practical Guide to Anomaly Detection, 2nd Edition

This paper, revised and updated in December 2013, describes what "anomaly detection" is and why it is so effective at preventing fraud. It offers practical answers to commonly asked questions about the capabilities, implementation, and benefits of behavior-based anomaly detection solutions, and how they really work to stop banking fraud.
PDF, 328k

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A Practical Guide to Customer Education

A Practical Guide to Customer Education

The FFIEC is asking financial institutions to improve customer education as part of their overall fraud defenses. This white paper, written with input from ICI Consulting's Greg Schratwieser, offers practical suggestions for what to cover and how to deliver customer education training in order to meet this requirement.
PDF, 239k

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Fighting Cyber Crime: Ordinary Institutions Providing Extraordinary Fraud Protection

Fighting Cyber Crime: Ordinary Institutions Providing Extraordinary Fraud Protection

This paper offers first-hand accounts of how some financial institutions are winning the war against online fraud, and in the process, making big fans of their account holders. It describes successful strategies that are built upon knowing how fraudsters attack, putting fraud defense into a strategic business context, identifying the primary advantage that FIs have over cyber criminals, and best practices for identifying and preventing attacks before the money is gone.
PDF, 328k

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Best Practices for Building a Holistic Security Strategy

Best Practices for Building a Holistic Security Strategy

Read how a holistic strategy, rooted in behavioral analytics instead of rules and algorithms, can protect ALL account holders from the widest array of online fraud threats, with minimal inconvenience and disruption of legitimate online banking activity.
PDF, 451k

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Authentication: The Weak Link in the Battle Against Online Fraud PDF

Authentication: The Weak Link in the Battle Against Online Fraud

Cyber criminals are successfully getting past multi-factor authentication and stealing millions. This paper explains the methods criminals use to compromise accounts, what they do when they get into accounts, and how they get the money out. It also explains a new style of fraud prevention technology – Dynamic Account Modeling™ – that has been proven to recognize fraud attacks before the money leaves your bank.
PDF, 1.1 MB

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Stopping Multi-Channel Attacks at the Source PDF

Stopping Multi-Channel Attacks at the Source

This Security Curve white paper describes how seemingly innocuous access to online account could be contributing to the rise in offline fraud, and provides a look at how stopping unauthorized online access could reduce fraud across multiple channels.
PDF, 621k

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Research Studies

Dissecting Operation High Roller

This report documents a new and particularly threatening fraud scheme uncovered by a joint fraud investigation conducted by Guardian Analytics and McAfee. Operation High Roller uncovered an international fraud ring that has stolen $78M or more by targeting high-balance accounts and using advanced automated cloud-based malware.

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FFIEC Online Banking Security Readiness Study

This study, conducted in November 2011, reflects what financial institutions are doing - and have already done - to meet the 2012 deadline set forth in the FFIEC Guidance Supplement issued in June 2011. Findings cover overall business drivers plus specific action related to risk assessments, anomaly detection, and technology investments.

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Read our announcement of this study >

2012 Business Banking Trust Study

Our third annual study is larger and more far-reaching than prior years. Input from nearly 1000 small and medium businesses includes detailed experiences with fraudulent transactions suffered through ACH payments, mobile banking and wire transfers. The findings show that fraud is widespread, businesses are looking to their banks to secure online banking, and despite expanded use of online and mobile banking and increasing fraud risks, businesses have not significantly changed their own ability to prevent fraud losses. The results for banks are lost money, lost trust, and lost customers.

Executive Summary
The Executive Summary provides an overview of the state of business banking fraud, key findings of the study, and conclusions and opportunities for banking institutions and small and medium businesses.
PDF, 3 MB

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Full Report
Published by Ponemon Institute, the Full Report provides comprehensive results of the study, complete with data reflecting all responses to all questions plus the demographics for the participants.
PDF, 573 kb

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Prior Years Studies

  2011 2010
Executive Summary Download Now PDF, 3 MB Download Now PDF, 3 MB
Complete Report Download Now PDF, 4.1 MB Download Now PDF, 1.1 MB

 

Customer Case Studies

Customer Case Studies

Our case studies offer detailed descriptions of a particular bank's or credit union's situation, why they implemented FraudMAP Online, and the results.

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FraudMAP Demo

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Fraud Informer

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