SOURCE: The 41st Parameter

November 15, 2005 08:21 ET

Multi-National Bank Detects Fraudulent Online Activity With 95.6 Percent Accuracy in 41st Parameter Pilot

Covert Detection Technology Helps Banks Comply With FFIEC Guidance

SCOTTSDALE, AZ -- (MARKET WIRE) -- November 15, 2005 -- The 41st Parameter, a leading provider of anti-fraud and anti-phishing solutions, today announced the results of a recent sixty-day pilot with a multi-national financial institution. During the pilot, the 41st Parameter's covert detection solution, PhishingNet™, parsed approximately three million account logins and successfully identified 44 out of 46 accounts that involved fraudulent activity. The pilot was conducted in Brazil and ran from August to October, 2005.

The bank has been battling highly sophisticated fraudsters using some of the most advanced technology for years. Despite using the best 'radar' in a highly active fraud market, it still had fraud that was undetectable by current technology. PhishingNet demonstrated its value by accurately detecting fraudulent logins when neither the amount nor the locations were suspicious in any way. The solution will help put the bank on the forefront of the battle against fraud, and will give their customers a new sense of security not previously available.

PhishingNet, with its patent-pending TimeDiff Linking technology, provides a layer of fraud controls that go beyond the typical transaction analysis employed by the majority of fraud vendors today. The solution leverages multiple parameters and more than 273 algorithms to recognize fraudulent PCs and detect suspicious online activity. PhishingNet enables investigators to achieve higher detection rates, fewer false positives, and gain insights into fraudulent behavior to monitor future patterns.

According to an August 2005 IDC study, financial institutions were the targets for 80 percent of the phishing attacks in 2004. Gartner research also reports that 33 percent of Americans are buying less online due to fraud concerns and 2.4 million consumers lost money directly from phishing schemes.

"Fraud is a moving target," commented Ori Eisen, CEO of the 41st Parameter. "Visibility of suspicious online activity is critical for all phases of planning, implementing, and maintaining risk-based, security strategies. The 41st Parameter is committed to providing banks with solutions that drive effective, fact-based strategies for detection, prevention, and rapid containment of online threats."

About The 41st Parameter

The 41st Parameter is a fraud detection and financial services risk management company with solutions designed for e-commerce and the online banking industry. The flagship product, FraudNet™, provides highly accurate, non-intrusive fraud control measures for Internet, mail-order, and telephone-order merchants. PhishingNet is the company's anti-phishing solution for the online payment and financial services industries. The 41st Parameter's fraud and phishing products are "zero imposition" solutions that require no action on the part of customers or end-users. For more information, please visit www.the41.com.

Contact Information

  • Contact:
    Kim Halmekangas
    Phone: (480) 544-6990
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