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Flagstar Bank Goes Live with Fraud Detection from VeriSign

Flagstar Bancorp (Troy, Mich.) is deploying the VeriSign Identity Protection (VIP) Fraud Detection Service from Mountain View, Calif.-based VeriSign for its online banking and mortgage processing applications.

The VIP Fraud Detection Service provides protects by learning how each user behaves and then requiring additional authentication when the service detects suspicious activities.

The VIP Fraud Detection Service can process more than 1,000 transactions a second and is designed to help banks detect anomalies in real time. A rules engine and a self-learning behavior engine process each event to determine fraud risk based on pre-determined parameters including location, device, time, network address, transaction type, and user information. If the risk threshold is exceeded, the intervention engine can require a higher level of authentication. The service also includes fraud investigation and case management tools to help Flagstar's internal security teams investigate and resolve potential fraud quickly and efficiently.

"Fraud is serious and costly, and no one can afford to ignore it," said Jason Dufner, senior vice president at Flagstar, in a release. "By implementing the VIP Fraud Detection Service from VeriSign, we are able to closely monitor online activity and engage an additional layer of authentication whenever normal usage patterns are abandoned. Although VIP Fraud Detection Service works behind the scenes, we were impressed with the way it battles fraud on the front lines to safeguard all of our online customers."

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