DefenseStorm, a leading cloud-based cybersecurity and cybercompliance management provider to banks, credit unions and fintechs, today announced the addition of CyberFraud to its product offerings, providing an integrated solution for Information Security and BSA/AML Fraud departments in a single platform to prevent losses and protect account holders.
With CyberFraud, alerts are delivered in real-time to block activity, perform step-up authentication and/or route for human investigation. The DefenseStorm GRID provides investigation tools for deep analysis, links threats across multiple accounts and sources, gathers evidence for SAR reporting, enables on-the-fly strategy configuration and streamlines dashboard reporting. This allows a financial institution (FI) to proactively detect and immediately respond to account takeover attempts, fraudulent loan applications, ACH/PTP/Wire fraud and money laundering activity.
“Malicious attacks against the banking sector are up over 200% year over year,” said Steve Soukup, chief executive officer of DefenseStorm. “This increase is not unexpected when you consider the growth in digital customer interactions and the increased prevalence of remote workers. Fraudsters are exploiting these dynamics using increasingly sophisticated tools and techniques to leverage the vast quantity of breached identity data flooding the dark web. CyberFraud enables FIs to balance ease of use and convenience against security and privacy in a way that protects themselves, their employees and their account holders with confidence, keeping them threat ready, team smart and board accountable.”
Historically, DefenseStorm has been focused on monitoring cyber risks associated with the network/server/workstation environment of FIs. CyberFraud expands that security with threat detection for online banking, mobile banking and internal systems to provide real-time actionable alerts for both external and internal attacks.
DefenseStorm’s CyberFraud solution:
- Allows FI Information Security and BSA/AML Fraud departments to see all necessary information in one place by consolidating banking operations and security data from all sources, without volume limits;
- Empowers fraud investigators to focus on the threats that matter by connecting data points into a view that shows account compromise linked across multiple customers and fraud suspects;
- Enables easy SAR filing by providing detection, triage, response and audit trail information in a portable case format; and
- Provides consortium data sets to share emerging threat sources across the customer base to stay ahead of fraud as it migrates from one FI to another.
For more information, check out DefenseStorm’s CyberFraud data sheet here: https://www.defensestorm.com/resources/data-sheets.
DefenseStorm provides cybersecurity and cybercompliance solutions specifically built for banking to achieve and maintain Cyber Safety & Soundness. The DefenseStorm GRID is the only co-managed, cloud-based and compliance-automated solution of its kind, operating as a technology system and as a service supported by experts in FI security and compliance. It watches everything on a bank or credit union’s network and matches it to defined policies for real time, complete and proactive cyber exposure readiness, keeping security teams smart and executives accountable. FFIEC CAT and ACET requirements are built-in and automated, as can be other frameworks and an FI’s own policies, to achieve Active Compliance. A Threat Ready Active Compliance (TRAC) Team augments a bank or credit union’s internal team to protect business continuity and skills availability while also ensuring cost-effective coverage and management. DefenseStorm is a NAFCU Services Preferred Partner for cloud-based cybersecurity. www.DefenseStorm.com