Continuous fraud monitoring helps detect fraud in online and mobile banking because of its ability to keep watch on all events as they happen in real-time. From the moment someone lands on a webpage, continuous fraud monitoring enables behavioral understanding as it identifies a user’s normal online journey and interactions with their bank accounts and devices.
Unlike many legacy anti-fraud systems, a solution that relies on continuous fraud monitoring tracks more than just the login and the transaction. As the behavior of the user becomes known, new behavior can be identified that might indicate an attacker or a bot. Typical indicators of attacks, such as new or known nefarious devices, cookies, bots, beneficiaries, or others, can be identified in real-time. This approach establishes a continuous risk profile, which can change with each action undertaken by the end-user or their device. Not only does this allow the financial institution to take real-time action when anomalies are detected, but it also allows the bank to reduce friction for legitimate sessions by decreasing the number of authentications required for legitimate user interactions. This in turn diminishes the possibility of an attack and losses, as well as enhances the user’s experience.