Story image

IBM Security wants to stop identity fraud in its tracks

06 Nov 2017

IBM Security is helping to fight global identity fraud by launching a new solution designed especially for financial institutions that wish to stop cybercriminals from opening fraudulent accounts.

Identity fraud has cost Australia more than $2.2 billion per year according to the Australian Attorney-General’s department, with around $600 million lost to personal fraud. The costs of preventing identity crime are a further $390 million.

A 2016 report titled Identity Crime and Misuse in Australia 2016 also states that between 4-5% of Australians lose money from identity crime each year.

According to IBM Security, these trends are likely to continue alongside significant breaches that expose personally identifiable information such as credit cards, names, addresses and birthdates.

The company’s new solution, called IBM Trusteer New Account Fraud, aims to help financial institutions distinguish between genuine and fraudulent accounts.

The company has applied behavioural analytics and machine learning to bring together device and network information at the time an account in created. This helps organisations detect fraud, the company says.

It also compares positive information with negative indicators surrounding a transaction, as well as analytics to verify identity and potential fraud patterns.

“Details such as the IP address of where the account is being created, geolocation/time zone, and the health of the device that is being used can all be helpful in detecting fraudulent activity. If these details differ from the usual appropriate user, then it’s a sign that a new account may be fraudulent,” the company explains.

Trusteer will be available as an add-on to IBM Security Trusteer Pinpoint Detect.

Last month IBM appointed David La Rose as its new managing director for its A/NZ operations. He replaces Kerry Purcell, who is leaving to take up a senior leadership role in IBM Japan.

“Digital disruption continues to reshape industries and markets around the world. IBM remains a trusted partner for delivering value and solving business issues, and I look forward to working closely with our clients as they tackle these challenges,” La Rose comments.

“I regard it as a real privilege to be given the opportunity to lead this business. I have a strong appreciation for the talent that exists within IBM across Australia and New Zealand, and a great respect for the innovation and industry leadership shown by our clients.”

Cloud application attacks in Q1 up by 65% - Proofpoint
Proofpoint found that the education sector was the most targeted of both brute-force and sophisticated phishing attempts.
Huawei picks up accolades for software-defined camera ecosystem
"The company's software defined capabilities enable it to future-proof its camera ecosystem and greatly lower the total cost of ownership (TCO), as its single camera system is applicable to a variety of application use cases."
Gartner: Good talent put off by old tech
Technology now ranks in the top ten reasons Australian employees will leave their current role, according to Gartner’s 4Q18 Global Talent Monitor.
App downtime costs businesses over $700k per event
One hour of business-critical application downtime can cost larger companies $144,062.52 per hour, with an average repair time of over five hours.
Why application downtime costs Aussie businesses more than $762,000 on average
“These findings highlight the critical need for all Australian businesses to ensure ongoing monitoring of applications."
How AI is changing the medical industry
With NVIDIA Clara, developers can speed up their medical imaging applications and implement AI.
The Data Literacy Project expands its library of free courses
Upskilling the workforce in data literacy is fundamental to unlocking business growth.
Digital experience managers, get excited for Adobe Summit 2019
“Digital transformation may be a buzzword, but companies are trying to adapt and compete in this changing environment.”