Halloween is tomorrow, and do you know what that means? For starters, it means you can dance under the rare blue moon. A full moon visible for all time zones on Earth hasn’t happened since 1944, and won’t happen again until 2039. It also means you can don a costume and be anything you like. Kind of like a fraudster, that assumes a new persona every time there is a payment fraud attack.
In the Association of Certified Fraud Examiners’ benchmarking report Fraud in the Wake of COVID-19, 60% of the organization’s 1851 members saw a rise in payment fraud, including credit card fraud and fraudulent mobile payments. As fraudsters continue to target a myriad of financial services, there has never been a better year for you to don the role of a superhero – Complete with a super-powered security information and event management (SIEM) system shield.
Modern SIEM solutions play an important role when it comes to speeding up the detection, investigation and prevention of payment fraud attacks. According to the Gartner Glossary, the security information and event management market is defined by the customer’s need to analyze security event data in real time, which supports the early detection of fraud attacks and security breaches. SIEM systems are designed to collect, store, investigate, support mitigation and report on security data for incident response, forensics and regulatory compliance.
Now – It used to be enough for your security threat monitoring to store logs, and stitch together what went wrong – after the event had already occurred. But this method is simply not designed to match the speed and complexity of today’s digital threat landscape and multi-vector payment fraud attacks. Armed with a more modern security information and event management solution that can process other forms of data beyond logs, such as end-to-end transaction flows and packets, you can now perform true real-time analysis of network security, user activity and regulatory compliance.
So before you go charging into your next big payment fraud attack, remember that security event monitoring, adaptive machine learning and fraud analytics will only be as reliable and fast as your data. Think about advanced threat detection, and what SIEM features you require to monitor user activity and identify suspicious behavior across all your payment systems and channels in real-time. Make sure you can continuously look at in-flight transactions, scrutinize user access patterns and configure real-time supervised and unsupervised machine learning models to reduce false positives, speed up forensics and shorten incident fraud investigation times. Ask yourself if the data you have is what you need to be extremely precise in the real-time scoring and blocking of suspicious transaction-level payment activities. Can a more modern security information and event management system make a difference to your customer experience, reputation and the financial bottom line?
And if you don’t have real-time access to the payment data you need? Draw on that superhero courage, ask some questions about today’s security information and event management (SIEM) technology, and do something about it.