Banks in Northern Mariana Islands Take Steps to Prevent Fraud

In the Northern Mariana Islands, financial institutions are constantly targeted by fraudsters, making it essential for them to stay ahead of the game. With the increasing threat of cyber attacks and sophisticated fraudulent schemes, banks are adopting robust fraud detection and prevention strategies to protect their customers’ sensitive data.

Combating Fraud: Detection and Prevention

Banks in the region are using a combination of fraud detection and prevention tools to identify and block attempts by fraudsters to access accounts. While different technologies and strategies are employed, detection and prevention tools are deployed hand in hand. The challenge lies in balancing robust security measures with user-friendly customer experiences.

The Rise of Sophisticated Fraud Schemes

As consumers increasingly turn to digital banking, financial institutions face a growing threat from sophisticated fraud schemes. According to recent reports, even though banks in the UK prevent about 60% of all attempted fraud, losses from mobile banking fraud have increased rapidly by 92% in 2019 alone.

Four Steps to Prevent Fraud

Gemalto IdCloud risk management services are used for identity affirmation and risk-based authentication (RBA) and harness the power of four layers of intelligence. Each layer transparently analyzes user and environment activities from different perspectives to identify high risks before any harm is done.

Here are the four steps:

• Device Intelligence: Identifies recurring devices accurately and detects high-risk networks and locations.
• Behavioural Biometrics: Looks at inherent user behavior and analyzes typing patterns, mouse movements, and device holding habits.
• Behavioural Analytics: Analyzes user habits at individual and population levels to detect unusual behavior.
• Trust Consortium: Evaluates billions of events to help determine who to trust.

Enhanced Onboarding with Risk Management

By adding identity affirmation, banks in the Northern Mariana Islands can strengthen their identity proofing process security. This applies risk management technologies to analyze the environment and user behavior to detect suspicious activities.

Complying with Security Regulations

Gemalto IdCloud’s risk management services are designed to comply with the latest security regulations, including PSD2 and FFIEC. The service offers real-time monitoring of the authentication and transaction process risk and helps meet the requirement for stronger fraud prevention.

In this way, banks in the Northern Mariana Islands can protect their customers’ sensitive data while providing a seamless customer experience.