Background

In response to the evolving threats against online banking and the growth in fraud stemming from the online channel, the FFIEC updated its guidance to financial institutions on Internet Banking security. The guidance raised the bar for risk assessments, layered security and customer education.

In the 2011 Guidance, the Agencies are very specific about the need for layered security and provide explicit directions for the minimum elements every layered security stack should have. One page five of the 2011 FFIEC Authentication Guidance Supplement, the Agencies state that an institution's layered security should include the ability to detect anomalies and effectively respond to suspicious or anomalous activity. In their discussion of the requirements, the Agencies comment'

Anomaly detection is a proven approach to defending against the array of threats facing online banking. Institutions of all sizes on a variety of different platforms are successfully using anomaly detection to address today's sophisticated threats including Man-in-the-Browser threats.

This presentation will provide a practical view of anomaly detection from experts Craig Priess and Terry Austin. In a unique Q&A format, the presenters will cover the most commonly asked questions about anomaly detection. Their discussion will cover:

• Why anomaly detection has been so successful at stopping online fraud;
• Real-world fraud cases stopped by anomaly detection;
• How anomaly detection compliments other security solutions;
• Time and effort required to implement anomaly detection solutions;
• Operational considerations;
• ROI drivers for anomaly detection.