The US banking industry has made a significant leap forward by launching Zelle, a real-time p2p platform for moving money from the user’s bank account to an email/mobile contact. In Q3 2019, Zelle traffic was reported to be 196 million transactions with a volume of $49 billion, and many banks in US are now offering Zelle functionality via their online and mobile banking applications.
This tier-one credit card issuer suffered from millions of dollars in fraud losses caused by the use of stolen personal information or synthetic IDs in the application process. Their existing fraud detection model was based on traditional means of verifying identity – personal data, device reputation, etc.
Malware infections and Remote Access Trojan (RAT) attacks are on the rise, enabling cyber criminals to take over accounts from afar and automate fraud. Despite traditional fraud detection measures and cybersecurity safeguards, malware and RAT attacks remain prevalent. Undetected malware attacks can result in direct losses to account holders and have a long-term detrimental effect on business and customer confidence.