Guardian Analytics, a provider of online account fraud prevention software, has launched FraudMap for business banking, designed to prevent fraud in online business banking accounts from login to logout. FraudMap helps financial institutions deploy the new line of defence needed to protect against sophisticated, large dollar fraud attempts, including man-in-the-browser attacks and schemes that leverage networks of mules to execute automated clearing house (ACH) fraud.
“In 2009 smart and targeted attacks aimed at online business banking accounts increased dramatically, resulting in widely reported six figure fraud attacks. Unprecedented warnings of the dangers of online banking were issued from the FDIC, the FBI, Gartner and other industry experts,” said Terry Austin, chief executive officer (CEO), Guardian Analytics. “Unless financial institutions take a new approach to detecting and preventing fraud, we anticipate 2010 will yield losses of even greater magnitude. With FraudMap for business banking, financial institutions can start proactively protecting themselves and their business customers from these bold attacks.”
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