Guardian Analytics has rolled out fraud detection software for mobile banking services called FraudMAP Mobile. The software is meant to identify suspicious mobile banking activity across SMS, mobile Web and mobile applications. According to the company, it provides the anomaly detection capabilities expected by the FFIEC for all electronic banking channels.
FraudMAP Mobile uses behavioral analytics to find potentially fraudulent behavior and send out alerts.
"The rise of mobile banking introduces a whole new set of security issues for financial institutions and their customers," said Julie McNelley, research director in the Retail Banking Practice at Aite Group, in a statement. "A mobile phone in the hands of a criminal provides them with access to all of the victim's personal information that can not only lead to mobile banking fraud, but fraud in other channels as well as identity theft. To prevent this from happening, banks can't rely on the device for security — they need to proactively prevent fraud before it occurs."
