June 28th presentation – “Machine Learning and Behavioral Analytics, The New Frontier in Fraud Detection” – explains how powerful new technologies are enabling financial institutions and enterprises to combat fraud
Mountain View, CA, June 21, 2017 – Guardian Analytics, the market leader in behavioral analytics and machine learning solutions for detecting fraud, today announced an executive webinar — “Machine Learning and Behavioral Analytics, The New Frontier in Fraud Detection” — that will explain how these technologies have become critical tools for detecting and preventing a new brand of sophisticated financial and enterprise fraud.
The webinar will be held on Wednesday, June 28 at 11:00 am PDT and will be presented by Aite Group Research Director Julie Conroy, Kim Syrop, SVP of Fraud Loss & Management for Webster Bank and Vice President of Marketing at Guardian Analytics, Prashanth Shetty. To register, please go here.
Financial Crime is an increasingly serious multi-billion dollar problem affecting financial institutions and enterprises alike. While fraud losses in banks can go up to 1% of revenues, in enterprises, the number is closer to 3-4% of revenues. In April, Google and Facebook publicly acknowledged that they were successfully targeted with a Business Email Compromise (BEC) scam that resulted in losses of US$100 million to the tech giants over the course of two years.
In this presentation, Conroy will share the latest Aite research highlighting how machine learning and behavioral analytics works to prevent modern day fraud attacks. Syrop will highlight the steps Webster Bank has taken to combat attempted fraud and how they are leveraging behavioral analytics to reduce fraud, streamline operations, and ensure compliance.
“Fraud is evolving too fast for the legacy approaches that rely on rules and annual model refreshes to be effective. We realized that we needed to significantly upgrade our arsenal with tools that can continuously adapt and keep pace with rapidly changing financial fraud,” said Webster Bank’s Syrop. “We’ve been pleased with our results from leveraging a solution using behavioral analytics.”
“The recent high profile news of fraud attacks that bilked the world’s most sophisticated and tech savvy companies out of tens of millions highlight the growing imperative for new solutions designed to combat the evolving sophistication of today’s global cybercriminals,” said Aite Group’s Conroy. “Every day fraudsters are continually adapting and directing their tactics, not only on financial institutions, but increasingly on enterprises.”
Registered webinar attendees will receive a free copy of Aite Group’s new whitepaper on machine learning and behavioral analytics, which includes industry research and projections highlighting the evolving fraud threat landscape.
The Guardian Analytics webinar is targeted to professionals working for both financial institutions and companies in roles that include: heads of fraud and compliance, Controllers, Chief Financial Officers, and heads of Information Security.
About Aite Group
Aite Group is a global research and advisory firm delivering comprehensive, actionable advice on business, technology, and regulatory issues and their impact on the financial services industry. With expertise in banking, payments, insurance, wealth management, and the capital markets, we guide financial institutions, technology providers, and consulting firms worldwide. We partner with our clients, revealing their blind spots and delivering insights to make their businesses smarter and stronger. Visit us on the web and connect with us on Twitter and LinkedIn.
About Webster Bank
Webster Financial Corporation is the holding company for Webster Bank, National Association. With $26.0 billion in assets, Webster provides business and consumer banking, mortgage, financial planning, trust, and investment services through 167 banking centers and 346 ATMs. Webster also provides mobile and Internet banking. Webster Bank owns the asset-based lending firm Webster Business Credit Corporation; the equipment finance firm Webster Capital Finance Corporation; and HSA Bank, a division of Webster Bank, which provides health savings account trustee and administrative services. Webster Bank is a member of the FDIC and an equal housing lender. For more information about Webster, including past press releases and the latest annual report, visit the Webster website at http://www.aitegroup.com.
About Guardian Analytics
Guardian Analytics is the pioneer and leading provider of behavioral analytics and machine learning solutions for preventing banking fraud and anti-money laundering. Hundreds of financial institutions have standardized on Guardian Analytics’ innovative solutions to mitigate fraud risk and rely on the company to stop the sophisticated criminal attacks targeting retail and commercial banking clients. With Guardian Analytics, financial institutions build trust, increase competitiveness, improve their customer experience and scale operations. Guardian Analytics is privately held and based in Mountain View, CA. For more information, please visit www.GuardianAnalytics.com.
Guardian Analytics is a registered trademark of Guardian Analytics, Inc.
Media contact: Choua Wu