Fraud Management & Cybercrime

Banking Fraud: Actual Attacks and Why They Work

Banking Fraud: Actual Attacks and Why They Work

You can't prevent fraud if you don't understand the attacks.

See Also: Splunk Predictions 2020

This webinar dissects recent, real-world online and mobile banking fraud attacks. We will present a step-by-step view of the fraudsters' activities and behaviors, their use of malware and how they were able to successfully compromise the accounts and circumvent the fraud prevention solutions that were in place. Only by understanding how these sophisticated schemes actually work can financial institutions decide on the most effective defenses.

In this research-based webinar, Guardian Analytics' fraud experts will present:

  • Specific attack schemes, including the automated attacks recently discovered by Operation High Roller, and how they were able to avoid detection;
  • Examples of how fraudsters are able to use one channel to set up fraud attacks in other channels;
  • Data from recent research that highlights why fraud prevention is strategically important for financial institutions;
  • What's working today for preventing online and mobile banking fraud.


In June, Guardian Analytics and McAfee announced the results of a joint fraud investigation. Operation High Roller describes a new breed of automated attack that uses cloud-based servers to control the attacks instead of running off of the victim's computer. This is just one example of the highly sophisticated schemes that we'll describe in detail during this webinar. The conclusions are clear: financial institutions must continue to improve their fraud prevention capabilities.

We'll reinforce the fraud threat content with highlights from our recent Business Banking Trust Study that reports on the impact fraud can have on an organization's relationship with its financial institution. For example:

  • 74 percent of businesses have experienced online fraud - 52 percent in just the past 12 months;
  • 56 percent indicate that it takes only one fraud incident for them to lose confidence in their FI;
  • 40 percent of businesses that were hit by fraud took all or some of their banking business elsewhere.

The bottom line business impact for FIs - which makes fraud prevention such a strategically important issue - is lost dollars, lost trust and lost customers.

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