New Guidebook Surveys Customers and Fraud Detection Strategies, Finds Guardian Analytics’ Behavioral Analytics Approach Goes Beyond Traditional Rules-Based Solutions
Mountain View – May 23, 2017 – Guardian Analytics, the market leader in behavioral analytics and machine learning solutions for preventing banking and enterprise portal fraud, today announced a powerful new resource to help financial institutions better manage and mitigate fraud risk. Nucleus Research’s Guidebook for Guardian Analytics Fraud Detection helps organizations address the growing challenge of financial fraud by leveraging behavioral analytics to proactively detect and protect against transactional anomalies such as suspicious wire and ACH payments as well as online and mobile banking fraud.
“Financial institutions are increasingly challenged to combat fraud in many areas, with wire transfers and transactions through the Automated Clearing House (ACH) service an increasing concern,” said Rebecca Wettemann, Vice President of Research at Nucleus Research. “Guardian Analytics’ behavioral analytics approach has enabled clients to reduce fraudulent transactions despite increasing transactional volumes and the evolving sophistication of perpetrators.”
Guardian Analytics is the first fraud prevention solution to pioneer the use of behavior-based anomaly detection and actively study fraudsters’ techniques to keep a step ahead of global cyber criminals. In addition to fraudulent payments, Guardian Analytics helps customers detect account takeover, reconnaissance, and fraud set-up activity that indicate possible criminal activity in the early stages of an attack before any money is transferred.
The Guidebook, prepared by independent industry analyst firm Nucleus Research, examines the strategies of financial institutions to prevent wire and ACH fraud. Nucleus found that applying behavioral analytics solutions went beyond the traditional rules-based approach to reduce overall fraud, while dramatically reducing false positives, driving improved security, reducing staff burden, and improving customer relationships.
Data for the guidebook was gathered by Nucleus through interviews with several Guardian Analytics customers. These fraud prevention and cybersecurity professionals reported:
- A reduction of fraudulent transactions by 80 to 90 percent
- False positive rates of fewer than 1 percent
- A 5-fold reduction in false positives compared to other systems
- The ability to maintain the current size of the fraud analyst team while increasing both fraud detection and transaction volumes
“It’s no secret that cyber criminals are constantly evolving their tactics with increasing sophistication. To keep pace, financial institutions must also continually grow their capabilities in proactively detecting and protecting against fraud, in whatever form,” said Prashanth Shetty, Vice President of Marketing for Guardian Analytics. “Nucleus Research’s new Guidebook provides further validation that our behavioral analytics approach stands out as the most sophisticated and comprehensive fraud prevention solution in the marketplace.”
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