State Bank and Trust of Fargo, N.D. is safeguarding its online banking customers with the VeriSign® Identity Protection (VIP) Fraud Detection Service. The VIP Fraud Detection Service conveniently protects State Bank and Trust clients by learning how each customer normally behaves online and then requiring additional authentication when the service detects anomalies.
"The costs of online fraud are far too great for us to provide anything less than the best fraud protection available," said Jeremy Neuharth, Software Engineering Manager at State Bank and Trust, which manages $1.8 billion in assets and serves customers in North Dakota and Minnesota. "With its proven model, VeriSign enabled us to offer state-of-the-art protection without incurring major hardware and software costs. The service is simple for us to deploy and virtually transparent to our customers. The VIP Fraud Detection Service was just what we needed."
The VIP Fraud Detection Service reduces the risk of online transactions in financial services, retail, government, and healthcare. With the capacity to scale up to meet the most demanding applications, the VIP Fraud Detection Service detects potential fraud in real time and with no perceived delay in the user experience. A rules engine and a self-learning behavior engine process each event to determine the level of 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 State Bank and Trust's internal security teams investigate and resolve potential fraud quickly and efficiently.
"Fraudsters are growing increasingly organized in their attempts to steal consumers' identities and money, and this makes advanced fraud detection a vital part of any bank's security profile," said Kerry Loftus, vice president of User Authentication at VeriSign. "To make world-class anti-fraud and authentication easier and more cost-effective for online businesses to deploy, VeriSign offers the VIP Fraud Detection Service. This allows State Bank and Trust to focus on serving customers, managing risk, and building the kind of trust that ensures loyal, long-term banking relationships that last for generations."
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