Fraud monitoring is the core of a modern fraud prevention strategy. Continuous fraud monitoring is the process of constantly monitoring all actions on a bank account – not just the initial login and ensuing financial transactions such as payments and funds transfers. Continuous fraud monitoring looks at all actions and events, whether they are monetary or non-monetary. This includes things like changes to an account owner’s profile, adding a beneficiary or payee, and device registrations.
When monitoring for suspicious activity, an anti-fraud system must analyze vast amounts of data, events, and their context in a continuous way to spot anomalies in user behavior patterns. It’s an approach that allows financial institutions to respond in real-time to the risk of a threat and stop a fraud attack. Continuous fraud monitoring looks at and analyzes the data related to online and mobile banking sessions, devices, IP addresses, behavior, and all the events that users perform – as they occur – to determine the level of risk.