Prevent Banking Fraud
Challenges
For a banking business to run efficiently, its security operations system must rapidly identify incidents, respond to them, and meet requests of the demanding security regulations. And a basic security information and article management (SIEM) device can not suffice such intelligence requirements of an evolving banking business’s security operations.
Results
With Binaryflux you not only gain security, IT, regulatory, and business value but also get the chance to meet these requirements at a single, cost-effective platform.
Rapidly identify & meet Compliance
The novel Covid-19 has brought with it a substantial spike (238%) of cyber attacks in the financial sector. Within the first 3 months of the pandemic, the sector, especially the banking industry, saw a significant spread of phishing, suspicious scanning, and malicious activities. Where, the attacks went up from 5,000 a week to more than 200,000 per week, globally.
Today, as employees continue working in a ‘home network, vulnerabilities are at its peak and cybercriminals plan to leave behind no opportunities to take the advantage of this situation. For a banking business to run efficiently, its security operations system must rapidly identify incidents, respond to them, and meet requests of the demanding security regulations. And a basic security information and article management (SIEM) device can not suffice such intelligence requirements of an evolving banking business’s security operations.
With Binaryflux you not only gain security, IT, regulatory, and business value but also get the chance to meet these requirements at a single, cost-effective platform.
Compile data from multiple systems and gain visibility into your security, network, and business operations to detect potential frauds faster, improve financial oversight of ATMs, and meet regulatory compliance.
Cyber Attacks in Financial Sector
How Binaryflux Improves Operational Efficiency And Customer Satisfaction
Centralized visibility and monitoring
Experience greater visibility and detect both internal and external threats to neutralize them with collected forensic notable incidents in no time. Establish baseline performance metrics with Binaryflux to assess your system’s health, monitor and receive alerts, and quickly identify and resolve threats
Fraud reductions
Deploy an effective solution of statistical modeling to discover abnormal activities, the vendor’s risk profile, and transaction characteristics (location, amount, time of the transaction, etc). With the help of the combination of these dimensions, our software helps you determine a risk level to take appropriate actions - disabling the debit card or pushing a proactive notification to the customer.
Improve overall operations
With Binaryflux your banking business can track real-time fraud and business analytics across all your devices and ATM networks. Gain in-depth insights into potentially fraudulent activities in near real-time via our advanced dashboards that display indexed data from multiple sources.
