ArcSight aids in detecting and preventing financial fraud
ArcSight announced ArcSight FraudView, an appliance that aids in detecting and preventing financial fraud. It connects multiple pieces of transaction and account information to evaluate the risk of a financial transaction as it occurs.
Unlike legacy fraud prevention technologies, ArcSight FraudView can correlate activity across multiple banking channels to aid in the detection of sophisticated fraud schemes that span online, ATM, telephone, and bank branch activity.
ArcSight FraudView works by collecting transaction, account, and other information from a variety of systems – including other fraud detection technologies – and then applies three types of analyses to detect fraud:
- Pattern Recognition – it examines large sets of transactions to discover statistically significant activity patterns that are linked to fraudulent or suspicious transactions. It then automatically creates new detection rules based on patterns found in order to block new fraud events or flag suspicious events for further review
- Fraud-Focused Correlation – it generates a transaction risk score based on correlating across multiple risk areas, including: device, account, transaction and destination risk
- Automatic Account Escalation – it can aggregate the results of multiple risk rules to flag a particular account for closer observation.
It can also aggregate information from a variety of risk and fraud scoring products, to create a single, high-level risk score of any transaction, as it occurs. ArcSight FraudView is a key component in the ArcSight SIEM Platform.