August 7th, 2019 – Guardian Analytics, the market leader in real-time behavioral analytics and machine learning solutions for banking payment fraud detection, anti-money laundering, and enterprise B2B portal fraud, announced their attendance at the WesPay 2019 Payments Symposium in Phoenix, AZ on September 11-13.
With new technology comes new risks, mobile banking and remote deposit capture (mRDC) are no exception. Analysis from Guardian Analytics across hundreds of financial institutions found that 72% of mobile banking fraud included the use of RDC and fraudulent checks. Most of the successful mobile check fraud starts with a scam whereby the fraudster will access the mobile banking credentials of the victim after abusing their trust with well-known scams such as sweetheart or fake online payday lender scams. With mobile RDC, a fraudster can take a picture of a check and submit it for deposit without having to be physically present. The fraudster then deposits the stolen or counterfeit checks into the victim’s account and waits for the all-clear moment.
“Once the transactions have cleared, the criminal needs to retrieve the fraudulent money by asking the victim to send the money directly via payment channels such as Wire, ACH, or P2P transfer to an account controlled by the criminal,” said Eric Tran-Le, VP of Product Management. “Unless the financial institution utilizes a multi-channel machine learning & behavioral analytics fraud detection, it will not be able to detect mobile RDC, unusual payments behavior, and prevent illicit money transfers.”
The WesPay 2019 Payments Symposium takes place at the Arizona Grand Resort & Spa. Guardian Analytics will be attending as a sponsor and speaker. Our session, “Fighting RDC Mobile Banking Fraud with Machine Learning,” will take place on September 12th from 11:15am – 12:15pm. This session will provide insights on how criminals are using mobile banking to commit check fraud and how financial institutions can successfully prevent losses and proactively help their customers avoid future fraud problems.
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.