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Combating e-Crime in a rapidly evolving digital market

Explore the evolution of cyber crime and learn strategic tools and defense strategies to combat e-crime in the rapidly evolving digital market. Topics include multi-layered defense strategies, essential tools for the future, and the evolution of organized crime syndicates. Presented by Suncorp.

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Combating e-Crime in a rapidly evolving digital market

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  1. Combating e-Crime in a rapidly evolving digital market Annual Future of Security in Banking & Financial Services March 2011

  2. Combating e-Crime AGENDA EVOLUTION ENTERPRISE STRATEGIES TOOLS • The evolution of cyber crime – a Suncorp perspective • Building an enterprise financial crime solution • Multi-layered defence strategies • Essential tools and the future • Questions

  3. Cyber Crime Evolution AGENDA EVOLUTION ENTERPRISE STRATEGIES TOOLS Cyber Crime (n): Offences against computers and computer systems and technology enabled crime Source: House Standing Committee on Communications 2010

  4. Cyber Crime Evolution AGENDA EVOLUTION ENTERPRISE STRATEGIES TOOLS OLD WORLD NEW WORLD • Hacking • Denial of Service Attacks • Internet Banking Fraud • Hacking • Denial of Service Attacks • Internet Banking Fraud • Card Skimming • Terminal Tampering • Wire Intercepts • Phone Banking • Vishing • Porting

  5. Cyber Crime Evolution AGENDA EVOLUTION ENTERPRISE STRATEGIES TOOLS Multi-layered organised crime syndicates RISK Evolution of gangs Individual hackers 1990 2000 2010 2020 TIME

  6. Enterprise Financial Crime Solution AGENDA EVOLUTION ENTERPRISE STRATEGIES TOOLS • We wanted to produce a system which provided detection capability across: • AML/CTF (including sanction monitoring) • Internet Banking Fraud • Phone Banking Fraud • Cheque Fraud • Branch Transaction Fraud • Merchant Fraudand • Internal Fraud • Near real time coverage • Leverage data elements across multiple channels • Increase amount of data elements • Deliver single platform efficiencies • Increase data history holdings to improve analytical effectiveness • Move away from Black Box reliance to fluid analytics

  7. Enterprise Financial Crime Solution AGENDA EVOLUTION ENTERPRISE STRATEGIES TOOLS Fraud management for Suncorp – a hands on approach • Seized control back from Business Technology. • Uplift in effectiveness • Control timeliness • Employed analysts who have the skills and drive to pro-actively detect fraud. • Own, know and understand our data.

  8. Multi-layered Defence Strategies AGENDA EVOLUTION ENTERPRISE STRATEGIES TOOLS High Tech Crime Operations / AusCert Strategic Interbank e-Crime Operational 3rd Party Intelligence Sharing Collaborative

  9. Multi-layered Detection Strategies AGENDA EVOLUTION ENTERPRISE STRATEGIES TOOLS The Irony! Classic e-fraud is the easiest to detect of all frauds TXN • Data is Key • Transaction attributes • IP attributes • Packet Information • Receiver Information

  10. Multi-layered Detection strategies AGENDA EVOLUTION ENTERPRISE STRATEGIES TOOLS • Why is it ironic? • Internet Banking Fraud normally contains the following traits: • The transfer is from a different IP address • The transfer is going into a new account • The transfer is often larger than normal • What’s beginning to develop? • 2 Factor bypass • Proxying through customers PC

  11. Multi-layered Detection strategies AGENDA EVOLUTION ENTERPRISE STRATEGIES TOOLS • Current multi-layered detection strategies • Accumulative risk scoring on below • The transfer is from a different IP address • The transfer is going into a new account • The transfer is often larger than normal • Strategies to combat recent developments • Reliance on the Profile (normality) • Packet comparison • Industry IP Sharing

  12. What tools are essential for the future AGENDA EVOLUTION ENTERPRISE STRATEGIES TOOLS/FUTURE Main Threats to consider

  13. What tools are essential for the future AGENDA EVOLUTION ENTERPRISE STRATEGIES TOOLS/FUTURE Multi-layered organised crime syndicates RISK Evolution of gangs Individual hackers Socially engineered Cybercrime 1990 2000 2010 2020 TIME

  14. Essential tools for the future AGENDA EVOLUTION ENTERPRISE STRATEGIES TOOLS/FUTURE Fluid analytics which can model on the fly Real time intelligence sharing Real Time Fraud Intervention Intervention in only high-risk transactions Detect more complex fraud indicators such as authentication bypass

  15. E-crime in a rapidly evolving digital market Questions?

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