An American multinational bank better protects itself from cyber fraud

IBM i2 software helps detect cyber fraud before it happens

Published on 12-Nov-2013

Customer:
An American multinational bank

Industry:
Banking

Deployment country:
United States

Overview

This American multinational bank is headquartered in New York City and was formed as the result of a merger between two giant financial conglomerates. With 260,000 employees in 16,000 offices spanning 140 countries, the institution is ranked as a big four bank in the United States and is one of the world’s largest financial services networks.

Business need:
An American bank needed to conduct deep analysis of previous fraud incidents to better detect and prevent future threats.

Solution:
The bank implemented IBM® i2® software to help detect fraud and reconstruct schemes to better predict and prevent future incidents.

Benefits:
The bank ingests and uses multiple data sources to help pinpoint par ticipants and piece together fraud schemes, improving prediction and prevention methods by painting a picture of how fraud is committed.

Case Study

This American multinational bank is headquartered in New York City and was formed as the result of a merger between two giant financial conglomerates. With 260,000 employees in 16,000 offices spanning 140 countries, the institution is ranked as a big four bank in the United States and is one of the world’s largest financial services networks.

Challenge
This American multinational bank was using IBM i2 Analyst’s Notebook software on a higher level and smaller scale to manage small-time fraudsters, but it wanted to implement a new cyber analysis initiative using more complex aspects of the software. It was challenging
for the bank to integrate multiple forms of data from various internal and external sources in assorted formats to conduct deep analytics. The bank felt that having a cohesive picture of a fraud scheme’s complexities, from participant IP addresses to social media channels, would help it determine compromised credentials, persistent threats, fraud connection attempts and money mules. This would add to the arsenal of data the bank could use to find trends and patterns to better predict fraud and implement methods to prevent it.

Solution
The bank decided to use the more complex aspects of i2 Analyst’s Notebook software to help it gain insight into larger, more complicated schemes. The bank also implemented IBM i2 iBase software to help it collect, analyze and manage enterprise event data from multiple sources, including internal security information provided by HP ArcSight, an onsite security and event management system, and external sources such as McAfee Global Threat Intelligence and the National Cyber-Forensics and Training Alliance (NCFTA). The i2 software helps the bank identify fraud by participant and paint a picture of how fraud is committed by ingesting data into the database and quickly generating a chart to highlight associations among participants, IP addresses, social media channels and even malware use.

The software also provides a multisource, multidatabase environment and the ability to check IP addresses when they enter the system and verify whether they are malicious.

These capabilities give the bank better insight into who is perpetuating cyber fraud and how, allowing for better fraud prediction. They also help the bank implement preventive measures to reduce incidents and provide better security.

Benefits
• Provides better prediction and prevention of cyber fraud
• Helps the bank ingest multisource data in various formats for quick and easy processing
• Improves analysis abilities to better detect scheme complexities

For more information
To learn more about IBM i2 software, please contact your IBM marketing representative or IBM Business Partner, or visit the following website: ibm.com/software/industry/i2software

Products and services used

IBM products and services that were used in this case study.

Software:
i2 iBase, i2 Analyst's Notebook

Legal Information

© Copyright IBM Corporation 2013 IBM Corporation Software Group Route 100 Somers, NY 10589 Produced in the United States of America November 2013 IBM, the IBM logo, ibm.com and i2 are trademarks of International Business Machines Corp., registered in many jurisdictions worldwide. Other product and service names might be trademarks of IBM or other companies. A current list of IBM trademarks is available on the Web at “Copyright and trademark information” at www.ibm.com/legal/copytrade.shtml. This document is current as of the initial date of publication and may be changed by IBM at any time. Not all offerings are available in every country in which IBM operates. The performance data and client examples cited are presented for illustrative purposes only. Actual performance results may vary depending on specific configurations and operating conditions. THE INFORMATION IN THIS DOCUMENT IS PROVIDED “AS IS” WITHOUT ANY WARRANTY, EXPRESS OR IMPLIED, INCLUDING WITHOUT ANY WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND ANY WARRANTY OR CONDITION OF NON-INFRINGEMENT. IBM products are warranted according to the terms and conditions of the agreements under which they are provided.