North Dakota-based State Bank and Trust of Fargo has selected VeriSign, a provider of internet infrastructure services, to protect its online customers with an advanced, fraud detection service that works behind the scenes to help prevent fraud without disrupting user online activity.
State Bank and Trust of Fargo is safeguarding its online banking customers with the VeriSign Identity Protection (VIP) fraud detection service. VeriSign claims that its VIP fraud detection service will protect State Bank and Trust clients by learning how each customer normally behaves online and then requiring additional authentication when the service detects anomalies.
The VIP fraud detection service reduces the risk of online transactions in financial services, retail, government, and healthcare. With the capacity to scale up to meet demanding applications, the VIP fraud detection service detects potential fraud in real time and with no perceived delay in the user experience.
A rules engine and a self-learning behavior engine process each event to determine the level of fraud 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 require a higher level of authentication. The service also includes fraud investigation and case management tools to help State Bank and Trust’s internal security teams investigate and resolve potential fraud quickly.
Jeremy Neuharth, software engineering manager at State Bank and Trust, said: “The costs of online fraud are far too great for us to provide anything less than the best fraud protection available. With its proven model, VeriSign enabled us to offer state-of-the-art protection without incurring major hardware and software costs. The service is simple for us to deploy and virtually transparent to our customers. The VIP Fraud Detection Service was just what we needed.”