Security information and event management firm ArcSight today introduced a
new product that it says will offer systems integrators in the financial
industry an opportunity to deliver a higher level of value to customers in
their fraud detection campaigns.
Cupertino, Calif.-based ArcSight pulled the covers today off ArcSight FraudView
at its annual user conference. Designed directly in response to banking
customers who had been customizing the ArcSight security correlation engine in
home-grown solutions to fight fraud, FraudView offers a prepackaged solution
that helps banks minimize fraudulent activity across their online banking
infrastructure.
“We had enough customers sort of hacking it out own their own that we said,
‘Well, we can formalize this.’ So we took what we learned from them and we
built the new technology and then we packaged it up into a stand-alone server
appliance,” says Rick Caccia, vice president of product marketing for the
company.
The principle behind FraudView is to take the information streaming from
multiple banking channels and bring them together to form a risk assessment
picture by correlating risky factors such as whether the destination of the
transaction is to a high-risk location such as Russia or China, whether the IP
address used to initiate the transaction is one that has been used to conduct
fraud in the past, whether the account itself is high risk or not and so on.
"As the amount of money flowing through online transactions rises, online
criminals are becoming more aggressive and more sophisticated,” said Adel
Melek, partner for Deloitte & Touche, in a statement. "To ensure trust
in cyber transactions, organizations, especially banks and financial
institutions, require effective, holistic and sophisticated monitoring controls
for detecting and responding to online fraud."
Caccia sees the new appliance as a product that can help systems integrators
drive more ROI from existing fraud technologies installed in customer
environments.
“I think this is one of those areas for banks where over the past few years
they’ve spent a lot of money on various types of security and fraud detection
technologies and projects to secure their data,” Caccia says. “This gives SIs
an opportunity to come in and provide some high-value services around strategy.
They can say, ‘OK, you spent money on these various fraud detection products;
now we can tie those together and give an ROI on those.’”
That could be a huge opportunity for systems integrators in the financial space
who have been hit hard lately by customers’ cost cutting and cancellation of
projects that do not offer high ROI.
“I think for system integrators one of the big challenges they have in this
economy is making sure that they’re delivering value,” Caccia says. “Customers
are cutting budgets, and the SIs need to make sure they’re working on high-value
projects. I think the interesting thing for them is that cyber-fraud remains
both a hot topic for banks and financial services institutions and one that’s
growing.”