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Gemalto introduces fraud prevention solution for banks

Sibahle Malinga
By Sibahle Malinga, ITWeb senior news journalist.
Johannesburg, 29 Jun 2017
Marwan Elnakat, Gemalto digital banking solutions manager for Africa and Middle East.
Marwan Elnakat, Gemalto digital banking solutions manager for Africa and Middle East.

Digital security company Gemalto has introduced the Gemalto Assurance Hub (GAH), to help prevent online banking fraud.

According to Gemalto, GAH is an open hub that allows banks to assess every single online banking session of users in real-time. It comes with pre-integrated solutions to analyse a range of attributes and signals from the user and the device, such as geo-location, device profiling, IP address, device assessment and behavioural biometrics.

Targeted at banks that have digital banking channels and wish to enhance their fraud prevention strategies, the hub is based on big data; processing millions of transactions built from thousands of attributes.

It uses machine learning to analyse user behaviour and trigger appropriate authentication checks when needed - allow the transaction, block the transaction or challenge the customer with a step-up authentication, adds the company.

"GAH is a software-as-a-service solution, which easily integrates into any bank's system through API," says Marwan Elnakat, Gemalto digital banking solutions manager for Africa and Middle East.

"It provides one single point of interface. Whatever the risk assessment layers that the bank wants to use, based on device ID, true location, user reputation, user behaviour or behavioural biometrics, GAH is the single point of integration."

Machine learning, he adds, allows the system to adjust automatically to changes in behavioural patterns.

"Machine learning is an efficient way to process big data to define trends that would normally take more time to identify to a rules engine. The more data you get access to, the more accurate you are in defining precise profiles and patterns of devices, users and behaviour to identify normal from abnormal behaviour," explains Elnakat.

As banks deliver a growing number of digital services, they need to distinguish genuine users from potentially fraudulent ones, thereby giving legitimate customers a hassle-free service and blocking unauthorised users, says Gemalto.

"A recent Gemalto study showed 44% of consumers would leave their bank in the event of a security breach, and 38% would switch to a competitor offering a better service. At the same time, consumers suffer from both unjustified rejection and excessive authentication steps when banking online or on mobile," says Bertrand Knopf, Gemalto executive VP of banking and payment.

"The challenge is to minimise and simplify security procedures, without compromising trust in the digital banking domain."

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