According to the solution producer, FraudMAP Mobile provides anomaly detection across all the three segment of mobile banking, including SMS, mobile Web and mobile applications.
The latest offering meets the anomaly detection requirements recommended by FFIEC for all electronic banking channels, leveraging both the financial institutions and users with a critical layer of security.
Guardian Analytics CEO Terry Austin said that consumers are looking for more convenience and more from mobile banking.
"To stay competitive, financial institutions will need to rapidly advance their mobile offerings and FraudMAP Mobile provides the protections they need to manage the risk of more users and more financial management and transactional capabilities," Austin said.
According to a study conducted by Aite Group, mobile banking is the best way for financial institutions to connect with customers and currently, over 19 million consumers are using mobile banking, which is expected to touch 44 million users by 2013.
Aite Group retail banking practice research director Julie McNelley said that the rise of mobile banking introduces a whole new set of security issues for financial institutions and their customers.
"A mobile phone in the hands of a criminal provides them with access to all of the victim’s personal information that can not only lead to mobile banking fraud, but fraud in other channels as well as identity theft. To prevent this from happening, banks can’t rely on the device for security – they need to proactively prevent fraud before it occurs," McNelley added.
FraudMAP Mobile alerts financial institutions beforehand about the dubious mobile behavior across all mobile experiences, including SMS banking, mobile Web banking and downloadable mobile applications.
The application also performs link analysis to proactively identify multiple accounts at risk and support for mobile banking platforms integrated with online banking platforms as well as standalone mobile platforms.
