Gemalto launches machine learning-based fraud prevention solution for banks

Gemalto is releasing the Gemalto Assurance Hub, a machine learning-powered fraud prevention solution for online banking that analyzes the profile and the behavior of customers in real time.

The platform only activates additional authentication measures when required, providing a seamless user experience.

The solution comes amid the growing occurrence of cyberattacks against online banking services, as well as financial institutions requiring to comply with emerging banking regulations such as Revised Payment Service Directive (PSD2) and Federal Financial Institution Examination Council Appendix (FFIEC).

Gemalto Assurance Hub processes millions of transactions built from thousands of attributes — including device profiling, location, user behavior, biometric data or keypad style — to analyze behavior in real time and activate appropriate authentication checks when necessary.

For example, if an individual makes a high-value transfer from an unusual location, the platform will request an additional biometric authentication to validate the transaction, such as fingerprint or facial recognition.

“A recent Gemalto study showed that 44 percent of consumers would leave their bank in the event of a security breach, and 38 percent would switch to a competitor offering a better service. At the same time, consumers suffer from both unjustified rejection and excessive authentication steps when banking online or on mobile,” said Bertrand Knopf, executive vice president of banking and payment at Gemalto. “The challenge is to minimize and simplify security procedures, without compromising trust in the digital banking domain. This is what the Gemalto Assurance Hub does so easily.”

The Gemalto Assurance Hub differs from other banking fraud prevention systems in that it offers banks a single platform which integrates best-in-class fraud detection technologies. It comes with a single policy and fraud intelligence console.

Using a flexible hub approach, the platform can easily integrate banks’ existing solutions as well as evolve over time to include the newest fraud protection technology.

Earlier this week, Gemalto announced it partnered with Caliber Public Safety (Caliber) to provide law enforcement and other government agencies with strong authentication technology to adhere to Criminal Justice Information Services (CJIS) policies.

Article Topics

authentication  |  banking  |  biometrics  |  fraud prevention  |  Gemalto  |  machine learning