Grandma or the Wolf? Red Gets Smart About Fraud Protection
Little Red Riding Hood is stressed out. A job in fraud protection is no picnic — far from it. As the digital banking fraud manager for Fairy Tale Bank, she’s constantly assessing her customers to make sure no fraudulent activity is occurring. After all, fraud is no myth — it’s as real as can be. If Red has her way, her customers will stay safe along every step of their journey. Even in the darkest corners of the financial forest, Red’s customers deserve to feel secure and protected.
A Wolf in Grandma’s Clothes?
As she sips her coffee and scrolls through some reports, Red is feeling a little more confident. Things seem to be going well today. But wait a minute — what is that? One case in particular sends her stress levels instantly skyward. Red pulls up a customer called Mrs. Grandma. She looks like Grandma, she acts like Grandma and she has all the right answers to every question, but something is off. Red has a feeling she can’t shake: This isn’t Grandma. What if it’s a wolf — Mr. Big Bad Wolf? She needs to take action, and fast. If she hesitates at all, it may be too late.
Red has a few choices when it comes to fraud protection: She could allow Grandma to continue on her way, she could authenticate Grandma or she could restrict Grandma’s activity. Each choice has a serious outcome. If Red restricts Grandma’s activity and it’s really her on the other end, Grandma may lose access to her account. She won’t be happy, and she may even take her business elsewhere. Not good.
If Red requires additional steps for authentication and it’s really Grandma on the other end, Grandma may get frustrated. Again, not good. But what if Red’s intuition is correct? Grandma will be thrilled to know that Red saved her account from a fraud like Mr. Big Bad Wolf. So what should Red do?
Awareness Is the Best Fraud Protection
Little Red Riding Hood turns to the hunter: IBM Trusteer. These guys can deliver a dynamic digital identity fraud assessment with actionable risk recommendations using machine learning and advanced analytics, without impacting the customer experience. Little Red Riding Hood turns to IBM Trusteer, and it turns out she was right. It was a Big Bad Wolf. Grandma is saved.
Maximizing fraud protection for enterprise data and customers starts with training employees about security best practices and the dangers that await on the web. That’s why malware detection and phishing awareness need to be an essential part of any security training program. Next time there’s fraudulent activity, Red will feel confident that it’s the Big Bad Wolf in Grandma’s clothes.
Click here to read more lessons in security and discover how all our favorite fairy tale characters learned to live securely ever after.