MOUNTAIN VIEW, Calif., Oct. 8, 2013 /PRNewswire/ -- Guardian Analytics today announced FraudMAP Connect, a real-time collaboration platform and fraud intelligence community for financial institutions to securely exchange actionable information and improve fraud prevention practices. By pooling experiences and expertise through FraudMAP Connect, financial institutions are better prepared to defend against sophisticated and continually evolving attacks and fraud schemes. Further, the unique cross-institution data provided by FraudMAP Connect enhances insights into industry-wide fraud threats and trends. The innovative new online community extends Guardian Analytics' industry leading behavior-based fraud prevention solutions that are protecting tens of millions of account holders at nearly three hundred financial institutions.
"Financial institutions have been fighting an isolated and therefore asymmetric battle against organized criminals, and there is an overwhelming demand to join forces, level the playing field and address the growing fraud problem," said Terry Austin, Guardian Analytics President and CEO. "We experienced wide-scale adoption of FraudMAP Connect with nearly 80 percent of our customers immediately reaping the benefits of cross-institution collaboration. FraudMAP Connect is a true force multiplier."
Trent Trimble, VP of Business Integration Treasury at Texas Capital, a Guardian Analytics customer and active member of FraudMAP Connect, commented, "We're always looking to improve operational efficiency and productivity. FraudMAP Connect gives us immediate access to threat updates, new ideas for improving internal processes, and best practices for using FraudMAP to track and prevent fraud attacks."
Financial institutions are challenged to stay up to date on the many facets of effectively fighting fraud. FraudMAP Connect is organized to facilitate engagement and provide actionable insights across all of the topics essential to securing client accounts, banking channels and payments. The community is tightly integrated into all FraudMAP solutions and offers a secure forum for live discussions with peers, fraud and security experts and Guardian Analytics Fraud Intelligence staff. Through FraudMAP Connect, members:
- Stay current on new fraud threats and detailed fraud schemes across banking channels and payment types
- Explore new ideas for internal and customer-facing fraud prevention procedures and operational processes
- Interact with Guardian Analytics Fraud Intelligence researchers and fraud analysts
- Discuss layered security successes and challenges
- Exchange industry resources and best practices
- Learn best practices for using FraudMAP fraud prevention solutions
"The cybercriminals are winning right now—their nimble ability to innovate and adjust tactics is outpacing financial institution resources to effectively prevent fraud," said Julie Conroy, Research Director at Aite Group. "The active collaboration around fraud intelligence and best practices created by Guardian Analytics' FraudMAP Connect not only increases each individual FI's ability and preparedness to fight criminals, but also provides a new and unique industry view of how fraud is impacting FIs of all shapes and sizes. This pooling of resources and knowledge, combined with the right fraud prevention technology can help the FIs regain the edge in the battle against cybercrime."
Tim Cates, Online Support Project Manager at Kitsap Bank and another FraudMAP Connect community member, added, "FraudMAP Connect helps us maximize our investigative resources. Connecting with peers in real time allows us to share information about current fraud trends and is a great benefit to us. It's like we now have an extended fraud team helping us protect our customers."
About Guardian Analytics
Guardian Analytics is the pioneer and leading provider of behavior-based fraud prevention solutions for financial institutions. With nearly 300 customers, more financial institutions trust the company's FraudMAP solutions to protect their clients' assets and conform to FFIEC expectations for anomaly detection than any other solution. Based in Mountain View, Calif., Guardian Analytics is privately held. For more information, please visit www.GuardianAnalytics.com.
For more information, please contact:
Philosophy PR + Marketing
For Guardian Analytics
SOURCE Guardian Analytics