EQUATORIAL GUINEA BANKS EMBRACE ADVANCED FRAUD DETECTION METHODS

As Equatorial Guinea’s economy continues to grow, banks and financial institutions (FIs) are facing increasing threats from sophisticated cyber attacks and fraudsters. To combat these risks, FIs in the country are adopting advanced fraud detection methods to protect their assets, systems, and customers.

Banks Take a Proactive Approach to Fraud Detection

In Equatorial Guinea, banks are using a combination of traditional and modern techniques to detect and prevent fraudulent activities. This includes the use of device intelligence, behavioral biometrics, and trust consortiums to analyze user behavior and identify potential threats.

Device Intelligence: A Key Tool in Fraud Detection

Device intelligence is a crucial component in Equatorial Guinea’s fraud detection efforts. By analyzing recurring devices, detecting high-risk networks and locations, and spotting device anomalies, banks can identify and prevent fraudulent activities before they occur.

Analyzing recurring devices to detect patterns of suspicious activity
Detecting high-risk networks and locations to prevent cyber attacks
Spotting device anomalies to identify potential threats

Behavioral biometrics is another important tool used by Equatorial Guinea’s banks to detect social engineering fraud. By analyzing user behavior, such as typing patterns and mouse movements, banks can identify potential threats and prevent account takeover.

Analyzing typing patterns to detect anomalies in user behavior
Monitoring mouse movements to identify suspicious activity
Using behavioral biometrics to prevent account takeover

Trust Consortiums: A Collaborative Approach to Fraud Detection

Trust consortiums are a collaborative approach to fraud detection used by Equatorial Guinea’s banks. By sharing anonymized and encrypted insights from online events across clients, banks can identify potential threats and prevent fraudulent activities.

Sharing anonymized and encrypted insights to detect potential threats
Identifying suspicious activity through collaborative analysis
Preventing fraudulent activities through real-time monitoring

Enhanced Onboarding with Risk Management

Equatorial Guinea’s banks are also using risk management technologies to strengthen their identity proofing process security. By analyzing the environment and user behavior, banks can detect suspicious activities and prevent ID fraud during digital onboarding.

Analyzing the environment to identify potential threats
Monitoring user behavior to detect suspicious activity
Preventing ID fraud through real-time monitoring

Enhanced Access with Risk Management

Banks in Equatorial Guinea are also using smart risk management services to analyze the risk level of every customer transaction. This helps FIs make informed decisions about authentication methods, minimizing risk and preventing account takeover fraud.

Analyzing the risk level of every customer transaction
Making informed decisions about authentication methods
Preventing account takeover fraud through real-time monitoring

Compliance with Security Regulations

Equatorial Guinea’s banks are also ensuring compliance with security regulations such as PSD2 and FFIEC. Gemalto IdCloud’s risk management services provide real-time monitoring of the authentication and transaction process risk, meeting regulatory requirements.

Ensuring compliance with security regulations
Providing real-time monitoring of authentication and transaction process risk
Meeting regulatory requirements through Gemalto IdCloud’s risk management services

As Equatorial Guinea’s economy continues to grow, banks and financial institutions must remain vigilant in their efforts to detect and prevent fraudulent activities. By embracing advanced fraud detection methods, Equatorial Guinea’s FIs can protect their assets, systems, and customers from emerging threats.