At The State Bank, we know ease of banking is very important.  Options such as online and mobile banking are very convenient for our customers, so we work hard to provide the utmost level of security possible to protect you while using these services. That being said, below we have outlined some of our newest security measures.

 

Guardian Analytics

 

 Guardian Analytics is up and running but is still learning what is “normal” behavior for our Internet Banking customers.  It will be live within the next 60 days. Once live, if suspected fraud is found, a case will be opened automatically and the Bank Operations staff will work the case to determine what steps (if any) are necessary.  

 

Online Business

 

Key Features

 

  •  Analyze all online banking activities from login to logout
  • Detect anomalous behavior based on device, geo-location, time, activities, transaction details, and many other factors
  • Rich commercial account history with individual user behavior
  • Prioritized alerts based on risk score

 

Benefits

 

  • Reduce fraud losses and risk by detecting the widest array of current and emerging fraud threats
  • Improve operational efficiency and team productivity by providing prioritized alerts and rich context for unusual activity
  • Enhance compliance by conforming to FFIEC guidance that recommends anomaly detection as part of your layered security strategy
  • Enhance brand reputation and customer trust by proactively protecting online assets
  • Improve competitiveness by expanding online offerings and service levels while mitigating associated risks

 

Online Retail

 

Key features

 

  • Analyze all online banking activities from login to logout
  • Detect anomalous behavior based on device, geo-location, time, activities, transaction details, and many other factors
  • Prioritized alerts based on risk score
  • Rich session-specific context and account  history
  • Streamlined investigations with easy-to-use interface

 

Benefits

 

  • Reduce fraud losses and risk by detecting the widest array of current and emerging fraud threats
  • Improve operational efficiency and team productivity by providing prioritized alerts and rich context for unusual activity
  • Enhance compliance by conforming to FFIEC guidance that recommends anomaly detection as part of your layered security strategy
  • Enhance brand reputation and customer trust by proactively protecting online assets
  • Improve competitiveness by expanding online offerings and service levels while mitigating associated risks

 

FraudNet 

 

FraudNet is also up and running and is live as of June 26, 2018.  This is the fraud detection portion that looks for anomalies and potential fraud activity on Bill Pay transactions. If there is suspected fraud and it warrants contacting the customer for further investigation, the company (Fiserv) will contact the customer on the bank’s behalf.

 

General

 

What is FraudNet and why do I need it?

FraudNet is a turnkey online payments anti-fraud solution, using Fiserv’s fraud database and in-house security analysts. The FraudNet service analyzes payments to identify likely instances of fraud (“alerts”), and then allows investigators to work those alerts in a real-time environment where payments can be stopped and fraudulent accounts can be frozen. FraudNet links partners to a detection network that includes more than 700 Institutions, allowing partner institutions to share confirmed fraud details anonymously with other members of the FraudNet community, allowing the network to become larger and more intelligent over time for the benefit of all.

 

FraudNet uses consumer transactional history as well as velocity and tenure rules around payees and payments to proactively hold transactions that have been identified as potentially fraudulent. If fraudulent activity is suspected, a fraud alert is generated and the suspected transaction(s) are held within the FraudNet system before the transaction is reviewed and released to the payment recipient. The FraudNet service employs attributes such as cumulative unit and dollar velocity thresholds, transactional limits, and transactions per day in its assessment of potential fraudulent transactions.

 

FraudNet also utilizes Internet Protocol (IP) Geo Location technologies when checking payment transactions entering the system. These IP addresses are evaluated against the consumer’s profile, as well as various lists of malicious IP addresses and suspect countries, to identify likely cases of fraud.

 

When a given payment transaction generates an alert in FraudNet, the online banking user is not alerted in any way, ensuring that fraudsters are not aware they’ve been identified. The alert is generated in near real time and only to the FraudNet Alert Management system, where Fiserv fraud investigators may interrogate the transactions prior to processing. The institution does not have to disclose that they are monitoring for fraud in the bill pay channel.

 

How does the FraudNet service work?

FraudNet is a fully managed fraud detection service to monitor all bill payment transactions for fraud, including retail, small business, same day, and overnight checks used by both CheckFree RXP and Small Biz clients. FraudNet operates in the background in automated fashion, identifying fraud and reducing your losses by stopping transactions before they process.

The FraudNet service does not affect any features of the bill pay system other than potentially stopping questionable transactions. FraudNet monitors transactions for enabled Institutions 24 hours a day 7 days a week.

 

What transaction types are monitored by FraudNet?

FraudNet monitors all bill payment transactions for fraud, including retail, small business, same day, and overnight checks used by both CheckFree RXP and Small Biz clients. Popmoney transactions do not process through the FraudNet engine. The Popmoney product operates independently and uses a different approach for managing risk and reducing fraud.