OneSpan has launched a new Risk Analytics solution aimed at the financial services sector.
It’s a cloud-based, open API platform that leverages AI to spot potential fraud attempts. Backed by machine learning, its AI system is designed to assess a range of metrics including device information, transaction data, and user behavior in order to deliver a risk score of a given transaction. When high risk transactions are detected, the system can then take the appropriate action “based on intelligent workflows incorporating bank-defined security policies and rules,” according to a statement from the company.
In announcing the solution, OneSpan cited Javelin research indicating that ID fraud accounted for $16.8 billion in 2017 in the US alone. “Wherever money and data flows, fraud will certainly follow,” explained CEO Scott Clements, adding later, “it’s critical for financial institutions to take proactive measures and a layered approach to security to monitor, detect and block fraudulent transactions from happening before they occur, ensuring the best possible experience for the user.”
The API platform’s announcement comes after OneSpan’s mobile authentication platform won Best in Class in Javelin’s 2018 Mobile Biometrics Platform Awards last autumn, further building the company’s portfolio of digital security solutions.