Group-IB, a global cybersecurity firm headquartered in Singapore, is proud to announce that its Fraud Protection platform has been recognized as the most complete anti-fraud solution currently on the market by Frost & Sullivan, an international research and consulting firm. Out of nine vendors and products surveyed by Frost & Sullivan in its Global Fraud Detection & Prevention (FDP) Market Study, Group-IB’s Fraud Protection differentiated itself from other offerings by being the only anti-fraud solution to contain all seven key functionalities listed by Frost & Sullivan, including bot detection, behavioral biometrics, explainable AI, and API security.
Group-IB Fraud Protection is a solution that combines device fingerprinting, fraud intelligence, and behavioral analysis and already protects more than 500 million users of web and mobile apps for banking and fintech services, e-commerce marketplaces, and gambling sites across the globe against advanced digital threats, malware, payment fraud, social engineering attacks, and bad bots. Fraud Protection is enriched with high-quality explainable AI that can issue transparent and understandable explanations for its actions, ensuring compliance with ethical and responsible use frameworks. The solution acts in real-time and across all digital channels. Group-IB Fraud Protection utilizes key Threat Intelligence insights contained in Group-IB’s Unified Risk Platform to provide the company’s experts with full visibility of the fraud landscape, and they are able to leverage this, and their professional expertise, to turn these insights into actionable anti-fraud strategies for Group-IB’s clients.
This latest accolade is another feather in the cap of Group-IB’s Fraud Protection. Previously, analysts from Forrester analyzed the performance of a bank transitioning from one solution to Group-IB Fraud Protection. This study revealed that the bank could expect to receive a three-year ROI of 130%, with payback in less than six months after implementation. The Forrester study also concluded that Group-IB’s Fraud Protection generated significant operational cost savings by reducing false positives by 20%.
“Over recent years, Group-IB’s focus has been to create a solution that is both transparent and offers the most complete session monitoring functionality on the market. As attested by Frost & Sullivan, our Fraud Protection solutions utilizes explainable AI, to ensure that there are no black boxes for our clients. Risk managers who use Group-IB’s Fraud Protection are in full control of their operations; they understand how our solution operates and makes its decisions. Group-IB Fraud Protection adapts to our client’s risk models, not the other way around. These factors are at the heart of our success,” Julien Laurent, Product Marketing Manager (Fraud Protection) at Group-IB, said.
Group-IB’s patented anti-fraud technologies enable the company to stop the continued spread of banking Trojans throughout the digital space. More than 89% of consumers now use banking apps, and according to Group-IB’s recent Hi-Tech Crime Trends 2022/2023 report, 14 Android banking Trojans were active from H2 2021 to H1 2022. One of these banking Trojans, Godfather, was the subject of a major investigation by Group-IB’s Threat Intelligence team, who detailed how threat actors repurposed the Anubis Trojan to target users of 400 banks, crypto services, and fintech companies in 16 countries, including the US, France, Spain, Italy, Germany, Turkey, and the Netherlands. Group-IB experts, together with their colleagues from the Orange CERT Coordination Center, also published their findings into the financially-motivated threat actor named OPERA1ER in late 2022. This French-speaking hacker group was linked to the successful breach of 35 banks and telecommunication companies in Africa, Asia, and Latin America from 2018 to 2022, with confirmed losses amounting to $11 million, although the potential damage could be as high as $30 million. Most notably, OPERA1ER leveraged a vast network of 400 money mule accounts to carry out fraudulent cash withdrawals.
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