Onespan: Machine Learning-Driven Fraud Mitigation

Top 10 Fraud and Breach Protection Solution Companies - 2019

Sadly, 2018 was yet another difficult year for protecting online businesses against fraud. It cost the economy a whopping $4.2 Trillion, continuing an upward trend. Cyber challenges exist in many forms, some of which an individual or business can control and others over which they have limited, if any, control. Cyber challenges can also be a result of internal or external conditions or both. First and foremost, it is important to consider that technology itself poses a challenge for an individual or business because of its nature of frequent changes and advancements. Therefore, users are not always familiar with the changes and do not recognize the vulnerabilities that can inherently exist until the occurrence of a cybercrime. Some cyber challenges can be controlled through cybersecurity and safeguards such as encryption and two-factor authentication; however, like all aspects of fraud, these security measures are inherently most effective when they are implemented prior to the occurrence of any intrusion.

Phishing is the perfect example of a potential cybercrime that presents challenges. Although this intrusion is the result of an external condition (that is, someone sending an email that is not legitimate), the response to the receipt of that email is the internal condition that affects the ultimate result—providing the perpetrator with sensitive data. Consider an employee receiving a phishing email. If the employee does not recognize that an email is suspicious, he or she may, for example, provide a key password to the intruder. If that occurs, there are two likely scenarios: (a) if the business has weak cyber protection, it may fall victim to the perpetrator; or (b) if the business has two-factor authentication, the perpetrator will not be able to gain access to any business records; this potential cyberattack will be thwarted.

Simply put, two-factor authentication (also known as “2FA”) adds a second level of authentication to an account that requires any type of login. If one only needs to enter a username and a password, that is considered single-factor authentication. A 2FA login requires users to have two types of login credentials before accessing an account. For example, a username and password are required when using Microsoft SharePoint. However, using 2FA, Microsoft has an authenticator app for a martphone. The authenticator app requires users to approve access from the app. Under this 2FA, even if someone obtains a user’s name and password via a phishing email, the user still maintains access control because of the authenticator app.

Although the traditional concepts of the fraud triangle and the red flags of fraud may still be relevant in some context to white-collar crime, the challenges of cybercrime go beyond these parameters. Those who commit cybercrime often are from another country, and they are unknown to the victim. The idea of someone stealing information solely because of personal or business pressure and rationalizing it under the banner of the fraud triangle may not apply in the world of cybercrime. Traditional fraud prevention methods are not going to prevent the attacks on business for competitive intelligence gathering or denial of service. But the stakes could be much higher than the risk of an internal theft. Loss of trade secrets, theft of proprietary information and loss of reputation and goodwill are far greater.

We present to you, our “Top 10 Fraud and Breach Protection Solution Providers - 2019.”

    Top Fraud and Breach Protection Technology Companies

  • ChequeGuard is a leading innovator in check fraud solutions that allow businesses to integrate and rapidly deploy secure, controlled check printing and electronic payment solutions, while concurrently creating a Positive Pay file for the bank. The robust check fraud prevention solutions from the company are simple to use and easy to integrate into clients’ existing systems, empowering them to wipe out the menace of check forgery altogether. ChequeGuard's solutions dramatically reduce operating costs borne by both businesses and banks, while increasing the security of financial information shared. The company’s scalable solutions find many cross-vertical applications, ranging from small businesses to large corporate firms and from single user to multi-user platforms

  • IDIQ is recognized as one of the fastest-growing industry leaders in credit and identity theft monitoring and data breach management. With its DataBreachIQ services, IDIQ brings businesses the planning and support they need—from pre-breach to post-breach—to be fully equipped to act if a data breach occurs. DataBreachIQ services include a dedicated account manager to help each business develop a customized response plan, response preparation resources, discounted credit and identity theft monitoring products for employees, and a secure partner portal along with cyber insurance coverage. With the DataBreachIQ, IdentityIQ, CreditScoreIQ, and CreditReportIQ brands, the company delivers credit and identity theft monitoring and data breach management that benefits consumers and businesses

  • E-HAWK is a technology innovator in the web and mobile fraud detection and prevention space. The company delivers a world-class solution that provides quality, actionable cyber intelligence to help combat fraudulent registrations, bogus leads, account hijacking and organized cyber criminals. E-HAWK's service helps identify risk profiles of account registrations, leads, and profile updates in real-time. E-HAWK helps in tagging and preventing cyber issues and fraudsters across multiple sectors. The company's cloud based API service evaluates risk for every user so that the clients can stay focused on what they do best

  • Enzoic offers an award-winning, streamlined solution to detect compromised credentials with minimal friction for end-users, which is changing the narrative in the cybersecurity world. Its continuous password protection prevents ongoing use of compromised credentials and simplifies meeting the NIST requirements for real-time detection of insecure passwords and eliminating the need for periodic password expiration. Enzoic solutions empower organizations to screen customer and employee accounts to mitigate the risk associated with attacks and helps secure user credentials proactively, rather than reactively. While organizations focus on collecting compromised credentials on their own by implementing small tools, Enzoic goes the extra mile to enable continuous monitoring, and provide access to constantly updated research information

  • OneSpan enables financial institutions and other organizations to succeed by making bold advances in their digital transformation. The company establishes trust in people’s identities, the devices they use, and the transactions that shape their lives. We believe that this is the foundation of enhanced business enablement and growth. More than 10,000 customers, including over half of the top 100 global banks, rely on OneSpan solutions to protect their most important relationships and business processes. From digital onboarding to fraud mitigation to workflow management, OneSpan’s unified, open platform reduces costs, accelerates customer acquisition, and increases customer satisfaction

  • Auth0


    Located in 70+ countries, Auth0 is a leading provider of Identity-as-a-Service (IDaaS) and offers enterprise customers a universal Identity platform for their web, mobile, IoT, and internal applications. Company's extensible platform authenticates and secures more than 2.5 billion logins per month and hence trusted by enterprises and developers around the globe. With 24/7 availability, the support teams of Auth0 assists its customers worldwide. The company caters to the different industries from retail, financial services to real estate, travel, and media. Built for Developers, Trusted by Global Enterprises the firm solves the most complex and large-scale identity use cases for global enterprises

  • Baffle


    Baffle offers its client’s easy data encryption to combat threats and risks of data breach. the company strives to solve issues with encryption complexities, data breaches, and insider threats in organizations. In light of these challenges, Baffle provides simple, easy-to-use, fast, and secure solutions. The company offers application level encryption on a per field level, via a no-code model. Furthermore, the company has several successful partnerships including AWS, Microsoft Azure and Gemalto. The company further protects enterprise assets in public and private clouds. Baffle’s solution also keeps data encrypted while it is being processed by databases and applications

  • DataVisor


    DataVisor adopts a comprehensive approach in delivering a real-time fraud signals, insights, and protection that helps in preserve vital trust and security. With a mission to keep companies and their customers safe from fraud and abuse, the firm offers the most sophisticated AI-powered solutions. The powerful combination of AI, machine learning, investigative workflows, and intelligence network enables their fraud and data science teams to proactively defeat emerging fraud with speed and agility. The firm’s Patented and proprietary unsupervised machine learning (UML) algorithms work without labeled input data to automatically detect new and previously unidentified fraud and abuse patterns

  • Featurespace


    The company's mission is to protect customers across the world by risk scoring every transaction in real time. To adapt and outsmart the risk, the company is looking for bright inquisitive individuals to join our team and help its clients stay one step ahead of the criminals. Its solutions detect anomalies in real-time to spot new fraud attacks and suspicious activity. The solutions have the capability to harness machine learning and Adaptive Behavioral Analytics for powerful transaction monitoring to spot and block fraud and financial crime. Featurespace recognizes your genuine customers without blocking their activity. It all means reduced fraud and financial crime costs, happier customers, and increased revenue

  • Lastline


    Lastline® is dedicated to continuous innovation to provide the best defense against, and complete visibility into advanced threats and malicious behaviors. The firm’s solutions rapidly detect the advanced threats that other security solutions miss, eliminating the risk of a data breach. Informed by years of threat research and attack investigation, Lastline’s products provide high fidelity insights into advanced threats entering or operating inside its client’s network. The firm’s AI-powered threat detection generates the highest-fidelity insights into advanced threats attempting to operate in their client’s entire network, both on-premises and cloud