DNS - North Dakota Bank Picks VeriSign for Fraud Detection Services

VeriSign (News - Alert), a provider of Internet infrastructure services, has stated that North Dakota's largest privately owned bank has picked their identity protection fraud detection service to protect its online customers.

According to the company, State Bank and Trust of Fargo, N.D. have been safeguarding their online banking customers with the VeriSign Identity Protection (VIP) Fraud Detection Service. The VIP Fraud Detection Service protects State Bank and Trust clients by learning how each customer normally behaves online and then requiring additional authentication when the service detects irregularities.

Software Engineering Manager at State Bank and Trust, Jeremy Neuharth has stated that the costs of online fraud are far too great for them to provide anything less than the best fraud protection available. VeriSign has enabled them to offer state-of-the-art protection without incurring major hardware and software costs. 

The VeriSign service provides convenient protection by learning user behavior. More than a thousand transactions per second may be processed to detect anomalies in real-time and fraud investigation and case management tools help internal teams investigate and resolve potential fraud quickly and efficiently.

A rules engine and a self-learning behavior engine process each event to determine risk, based on pre-determined parameters including location, device, time, network address, transaction type, and user information. If the risk threshold is exceeded, the intervention engine can be invoked to require a higher level of authentication. 

The VeriSign Identity Protection (VIP) Fraud Detection Service (FDS) ATM Module monitors suspicious ATM transactions in real time, quickly and proactively identifying compromised cards and accounts. By relying on a combination of risk-based authentication and software-based fraud detection, the VIP FDS ATM Module considers multiple factors—including complex behavioral patterns—to ensure that transactions exceeding a pre-determined risk score generate an instant alert. Banks can even choose to block the most suspicious transactions in real time.

Vice president of user authentication at VeriSign, Kerry Loftus added that the fraudsters are growing increasingly organized in their attempts to steal consumers' identities and money, and this makes advanced fraud detection a vital part of any bank's security profile. To overcome this issue, VeriSign offers the VIP Fraud Detection Service that offers world-class anti-fraud and authentication easier and more cost-effective for online businesses.