San Jose, CA (PRWEB) June 03, 2013
nProtect, a global Internet and mobile security leader, announced the release of nProtect Fraud Detection System, to provide financial institutions with a solution to proactively prevent online banking fraud.
Detecting online banking fraud and taking actions after they occur can cost financial institutions millions of dollar in loss. Once online fraudsters have already made fraudulent transfers, financial institutions may not be able to recover the lost money. Often malware used by fraudsters target specific financial institutions infecting several clients at once, the financial loss can be high and brand significantly damaged.
Before fraudulent attacks occur, financial institutions need to focus on detecting anomalous transactions and stopping them in advance. Financial institutions have all the necessary information – transaction amount, date, location, and frequency to monitor and detect abnormal activities to protect their online banking clients.
nProtect has released the nProtect Fraud Detection System (NFDS) to monitor and analyze online transactions for abnormal behaviors and protect financial institutions and users against web fraud. The NFDS solution collects information to create a pattern DNA for each online banking client and detects paterns and blocks the transactions in real-time. Administrators are alerted of policy rule violations and reports and statistics are available for regulatory compliance and auditing.
The financial institutions can monitor the online banking client’s geo-location to IP address to be used to create individual analysis of pattern. By selecting more in-depth information such as the client’s operating system, MAC address, and proxy IP, financial institutions have a higher probability of blocking fraudulent transactions and tracking down online fraudsters.
While it’s always important for online banking clients to have anti-malware tools that can help prevent online frauds from occurring, adding multiple layers of security is recommended to protect the financial institutions and online banking client’s personal identity and money.
About nProtect, Inc.
Founded in January 2000, nProtect, also known as INCA Internet, is headquartered in San Jose, California and provides online and mobile banking/payment security to financial institutions. Over 100 million endpoint users from more than 1,020 organizations rely on nProtect’s online security solutions to secure their computer and mobile devices against malware, phishing, and number of other security threats while meeting regulatory compliance requirements such as FFIEC Guidance. Global financial institutions such as Bank of America, Deutsche Bank, ING, and HSBC trust and use nProtect security solution.
nProtect was awarded one of the Fastest Growing Companies by Deloitte.
For more information, contact nProtect Inc.