On page five of the 2011 FFIEC Authentication Guidance Supplement, the Agencies state that an institution's layered security should include the ability to detect anomalies and effectively respond to suspicious or anomalous activity. Anomaly detection is a proven approach to defending against the array of threats facing online banking and institutions using anomaly detection today are experiencing a wide range of business and operational benefits. This presentation will provide a practical view of anomaly detection from experts who have designed and implemented anomaly detection solutions at a broad array of institutions.
In a unique Q&A format, the presenters will provide rich details on:
What anomaly detection is and how it identifies compromise and fraudulent wire, ACH, bill pay and external transfer fraud in the fact of current and future threats
How to technically and operationally implement anomaly detection
Real-world case studies illustrating operational and fraud prevention successes
Answers to the most common questions about anomaly detection
In response to the evolving threats against online banking and the growth in fraud stemming from the online channel, the FFIEC updated its guidance to financial institutions on Internet Banking security. The guidance raised the bar for risk assessments, layered security and customer education.
In the 2011 Guidance, the Agencies are very specific about the need for layered security and provide explicit directions for the minimum elements every layered security stack should have. One page five of the 2011 FFIEC Authentication Guidance Supplement, the Agencies state that an institution's layered security should include the ability to detect anomalies and effectively respond to suspicious or anomalous activity. In their discussion of the requirements, the Agencies comment'
Anomaly detection is a proven approach to defending against the array of threats facing online banking. Institutions of all sizes on a variety of different platforms are successfully using anomaly detection to address today's sophisticated threats including Man-in-the-Browser threats.
This presentation will provide a practical view of anomaly detection from experts Craig Priess and Terry Austin. In a unique Q&A format, the presenters will cover the most commonly asked questions about anomaly detection. Their discussion will cover:
Why anomaly detection has been so successful at stopping online fraud;
Real-world fraud cases stopped by anomaly detection;
How anomaly detection compliments other security solutions;
Time and effort required to implement anomaly detection solutions;
Terry Austin is the CEO of Guardian Analytics, a provider of anomaly detection and transaction monitoring solutions. Under his leadership, Guardian Analytics has expanded its offerings to make sophisticated fraud prevention solutions available to institutions of all sizes resulting in consistent and rapid growth in the number of banks and credit unions using its solution, FraudMAP. Terry is also the company's expert on the Business Banking Trust Study, original research conducted in conjunction with the Ponemon Institute. He is a regular speaker and contributor at security, payments and financial industry events, sharing best practices for protecting retail and commercial banking customers from current and emerging cyber threats. Prior to joining Guardian Analytics, Terry has held CEO and executive leadership roles at MarketLive, Good Technology, Manugistics and Accenture.
Founder and Vice President, Products and Services, Guardian Analytics
Priess founded Guardian Analytics in 2005, introducing the industry's first individual behavior-based fraud prevention solution. He leads the company's fraud prevention product and service innovations. He also directs the company's Fraud Intelligence and Analyst teams, producing unique insights into fraud trends and fraud prevention best practices. Priess offers expertise in threats, banking and payment systems, and layered security strategies.