RiskShield – the next generation of fraud prevention

Banks around the world fear a huge loss of reputation and dwindling customer confidence in their Internet platforms through very clever and increasingly successful Internet banking attacks. Furthermore, experts are now convinced that securing Internet banking through IT security methods (user authentication, encryption, authorisation codes) is not enough, since almost every security system can be cracked in practise (man-in-the-middle and man-in-the-browser attacks have a high success rate nowadays), especially if the security system has to remain affordable and user-friendly. IT security measures can be ideally supplemented by a risk assessment of every transaction on the Internet banking server.

Even internet provider such as airlines (online ticket sale) or online shops are confronted with a high number of fraud losses.  An international study conducted by the consulting agency Deloitte proved that 79% of all airlines have to fight against fraud. Most of the fraud cases are caused by payment via credit card. During the last years, the losses due to fraud have increased worldwide fivefold. The losses in total add up to 600 millions US$.

RiskShield is the software solution for risk assessment and fraud prevention for banks, payment and processing service providers. RiskShield is a rule-based expert system that automatically assesses the fraud risk for an Internet transaction. RiskShield works similar to a human expert: The fraud risk is classified on the basis of the long-standing experience of human fraud experts, whereby both fraud as well as non-fraud indicators are taken into account.