Cybersecurity

Cybersecurity & Fraud Prevention

Our Story

PSSOFT has a team of ethical hackers who discovered something astonishing yet painfully simple: the fraud prevention systems that banks have in place are not up to the task, especially when the fraud is scams and social engineering. No matter how prestigious the brand or large the price tag, these systems are flawed . They are falling behind in a world where fraud threats refuse to slowdown . Here's the problem — the bad guys are evolving, but most fraud prevention systems cannot evolve.

It's 2023, and yet, mostfraud detection systems are still operating like it's 2017. They’re stuck, clinging to outdated models and procedures, getting bogged down by false positives, and losing the very essence of what they are supposed to provide: Trust. The fraud teams atthe financial institutions are overwhelmed. The customer experience? It's broken.

But , at PSSOFT, we're here to help fix these issues. So, what are you doing?. Contact us for any of your issues.

No matter how prestigious the brand or large the price tag, these systems are flawed. They are falling behind in a world where fraud threats refuse to slow down. Here's the problem — the bad guys are evolving, but most fraud prevention systems cannot evolve.

PSSOFT has become an organization of fraud fighters who are driven by a passionate,deep- seated belief in safeguarding financial institutions’customers froms cams and social engineering.

PSSOFT AN ALLY IN THE WAR AGAINST FRAUD

Currently there is an ongoing global war on fraud, and PSSOFT leads in the war against fraud by deploying behavioral intelligence to help financial institutions protect their customers from scams and social engineering fraud.

PSSOFT is a leader in the war on fraud, using behavioral intelligence to proactively protect financial institutions and their customers from scams and social engineering fraud. Our defense surpasses traditional, transaction-based controls and authentication mechanisms, which often fall short in addressing scams where legitimate customer credentials are used. By analyzing untapped data from digital channel behavior and user-device interactions, PSSOFT not only identifies transactions performed under unusual circumstances, but also reduces false positives, cuts operational costs, and aids partners in customer retention and revenue growth.

PSSOFT Behavioral Intelligence Platform is a category-defining technology for fraud-fighting across all digital channels designed for banks and the financial services ecosystem. PSSOFT unifies ML- based Transactional Monitoring, Digital Banking Threat Detection, and Advanced Behavior-based Invisible User Authentication under one analytical roof. This allows, for the first time ever, the security, compliance and risk teams to have a holistic view over all the digital channels, entities and transactions. Driven by our proprietary industry-proven Behavioral Biometrics and Cyber Threats research, we deliver unparalleled detection results and play a key role in your fraud stack right now as well as in the future. Our customers enjoy significant reductions in fraud rates & false positives, while their customers enjoy a frictionless user experience. This all is delivered in a hassle-free, fully managed package that will allow you to focus on your business and let the fraud be tackled by a professional and passionate Fraud Fighters from PSSOFT.

Differentiation

Easy to understand commercial model – single license cost
Multiple deployment options- ON- P RE M / CLOUD / HY BRID
Web and mobile capability
It’s a partnership not a vendor relationship with our clients
End t o end solution – not point solution Solution designed to protect the full digital journey
Created to combat all digital fraud
Speed & ease of deployment
Single integration
One platform
No historic customer data
Time to value
Better accuracy due to volume of data signals collected
Reduce false positive rates
Pro-active, preventative & predictive

CHALLENGES WE ARE SOLVING

Authorized PushPayment(APP) Remote Access Tool(RAT)
AccountTakeover(ATO) RemoteAccessTool (RAT) BehaviourBiometrics Automated Access (bots) Malware Detection
Phishing Mitigation
Early Warning Threat Intelligence(CFFC)
Application Fraud/Account Opening

Authorised Push Payments

What problem are we solving

PSSOFT stops fraudulent transactions that are the result of APP scams.

Customer pain points

The authorized push payment (APP) scam represents a dangerous threat since it allows scammers to fraudulently transfer money from a victim's account with the victim's permission The scammer may impersonate a trusted person or provide false information to convince the victim to authorize the payment. Once the payment is authorized, the funds are transferred to the scammer's account. The victim has little recourse to recover the stolen funds, negatively impacting the bank's reputation.

Capabilities

The key to detecting the APP is the ability to spot even the most subtle difference and specific markers that indicate the A P P is happening. This can be achieved by leveraging passive behavioural biometrics, which stems from the premise that combined habits, physical features, and environments can reliably identify someone.PSSOFT uses passive behaviour biometrics to spot the most subtle difference between the non-coached client's session and the session where the fraudster guides the client via phone.

Eliminating authorised push payment fraud is the key to safeguarding billions of dollars and maintaining confidence in the financial system.

Account Takeover

By implementing friction-free, invisible to the customer, strong customer authentication, institutions can improve the customer experience, while also stopping account take over

What problem are we solving?

PSSOFT can eliminate account takeover by looking at a customer’s behaviour, including behavioural biometrics

Customer pain points

Account take over is a type of fraud where a criminals use a variety of means to gain unauthorized access to accounts. Once a fraudster has gained access they can cause substantial financial harm to the victim of the attack, which can in turn lead to reputational harm to the financial institution of the account holder.

Capabilities

In order to stop account, take over, institutions need a way to ensure that the user of any set of credentials is the legitimate owner of those credentials. One approach to ensuring that a user is the owner of the credentials being presented is to implement multi- factor authentication, but this usually requires more friction in the customer’s login journey. A better, friction-free, approach is to use behavioural biometrics to ensure that a user is who they are claiming to be when they present their credentials. Beyond just looking at credentials and behavioural biometrics of a user, clear insight into the environmental cues of the user must be considered as well. These cues will include geolocation, internet service provider, time zone, device information, and more. This will give a clear picture of the context of the user attempting to gain access as well.

Remote Access Tools (RAT)

By efficiently detecting usage of RAT during an online session, fraudsters can be prevented from executing their malicious intentions. This keeps clients from losing money, and institutions from damaging their reputation.

What problem are we solving?

PSSOFT detects when RAT is used during a banking session and can help stop the exploitation of the customer.

Customer pain points

RAT (Remote Access Trojan) represents a critical cybersecurity issue for banks and financial institutions. RATs are malicious software programs that allow cybercriminals to gain remote access and control over a victim's computer system. Once a RAT infects a bank's computer system, cybercriminals can access sensitive financial information, customer data, and other confidential information, leading to financial loss, reputation damage, and legal repercussions. RATs can be used in various cyber-attacks, including phishing attacks, social engineering attacks, and malware attacks. In some cases, cybercriminals can use RATs to conduct fraudulent transactions, transfer funds, and steal sensitive data from banks and financial institutions.

Capabilities

As it is difficult to sufficiently train every single end client susceptible to social engineering-based scams, it is vital for the bank to adopt state-of-the-art behavioural intelligence tools not only capable of detecting usage of specific software, i.e., RATs, within the online sessions but also capable of complex behavioural profiling to detect any signs of anomalous behaviour in it.

Application Fraud & Account Opening Fraud

Stopping application and account opening fraud can prevent bad actors from becoming customers, speeding digital transformation, saving costs, reducing reputational risks, and avoiding regulatory penalties.

What problem are we solving?

PSSOFT can stop bad actors from becoming a customer with the intention of defrauding the institution.

Customer pain points

Fully digital onboarding relies on online identity verification, which can be susceptible to fraud, hackers can steal personal information and use it to open synthetic identities, money mule accounts or unrightfully claim referral bonuses. Such opened accounts flood the anti-fraud team, spending resources to validate them.

Capabilities

PSSOFT can augment the KYC process with a novel data layer which describes how users interact with the online application when creating new accounts. Information on where they hesitate, how fast they type, do they use copy/pasting or how many shortcuts they use are vital to identify fraudulent intents. The solution connects the interacting device with the fraudulent behaviour discovered before, validates data inputted to the field and analyses behavioural and cognitive patterns.

Behavioural Biometrics & Authentication Factor

Using a tool that provides a factor of authentication while obfuscating the complexity of the protection from the customer, financial institutions can increase customer satisfaction while both decreasing friction and increasing protection

What problem are we solving?

Threat Mark provides sophisticated behavioural biometrics that can be used as an authentication factor--transparent to the user

Customer pain points

To most effectively protect their customer accounts financial institutions may look to strong customer authentication, but can make the login process more complex, which can be frustrating for customers. Banks are seemingly faced with a degraded customer experience when attempting to implement more secure access to banking services.

Capabilities

In order to have the security assurance that Strong Customer Authentication provides, without increasing the burden of the customer, financial institutions need a way to implement a two-factor authentication in a manner that is transparent to the customer, and this is what PSSOFT does. The PSSOFT way to accomplish this transparent second factor of authentication, is to leverage behavioural biometrics as inherence--or the something the customer is.

Phishing Mitigation

By detecting and eliminating phishing sites, banks can significantly decrease financial losses due to fraud, thereby safe guarding their revenue and bolstering their bottom line. Additionally, it reinforces the trust and confidence of their customers, cultivating a secure banking environment and driving customer retention and satisfaction.

What problem are we solving?

PSSOFT can detect and interdict phishing sites and does the 24 hours a day/7 days a week.

Automated Access or (BOT's)

Stopping automated access attacks saves an institution reimbursements, protects customer’s money, and the organization’s reputation by eradicating credential stuffing, automated malware, and other types of malicious actions relying on automation behaviour /bots’ misusage.

What problem are we solving?

PSSOFT can detect automated access attacks and helps stop them from happening.

Customer Pain Points

Bots are very frequently employed to take a critical part in account takeover (ATO), a type of digital identity theft where malicious actors attempt to access another user's account illicitly. The automation of this attack is often carried out through brute force techniques, with Credential Stuffing being the most common method. This technique exploits a significant vulnerability among online banking users - the tendency to reuse passwords across multiple sites. Studies show that at least 65% of individuals use the same password across multiple accounts, which puts the banks and clients’ money at risk if their credentials are compromised.

Capabilities

To stop automated access attacks, PSSOFT provides combination of real-time monitoring, behaviour analysis, bot detection, multi-factor authentication, and threat intelligence capabilities

Customer Pain Points

Thousands of phishing e-mails land in the inboxes of bank clients daily, leading them to the phishing page that steals their login credentials, credit card details, or other personal information by pretending to be a trustworthy source. Successful phishing attacks have serious consequences for banks, both financially and reputationally.

Capabilities

PSSOFT helps banks address phishing holistically. Helping them to find a reliable way to locate phishing sites and identify victims, and if that identification fails for s o me reason, detect account takeover in progress.

Malware

With a proper regime that detects and prevents malware attacks, financial institutions can mitigate the potential financial losses, prevent degradation of
customer satisfaction, and avoid the revenue loss brought about by reputational damage.

What Problem are we solving?

PSSOFT detects malware that is in use on customer devices and helps stop the attacks that use malware

Customer Pain Points

Hackers and fraudsters continuously attack financial institutions in an attempt to damage or disrupt systems, steal sensitive data, or gain unauthorized access to customer accounts. One of the tools they leverage is malware. A malware attack can lead to reputational damage, financial fraud, and compliance issues

Capabilities

In order to stop malware attacks, PSSOFT provides a detection system that actively monitors for the signs of attacks, including web injects, overly tools, S M S hijacking, or accessibility abuse.

CFFC

PSSOFT’s Cyber Fraud Fusion Center (CFFC)services can significantly bolster an institution’s fraud and cyber security posture, better ensure regulatory compliance, and achieve financial savings but also build customer trust and loyalty.

What Problem are we solving?

PSSOFT’ s Cyber Fraud Fusion Center (CFFC) helps organizations to stay ahead of cyber threats, respond effectively to incidents, and reduce their overall risk of cyber fraud.

Customer Pain Points

Financial institutions operate in a world where cybersecurity and fraud threats continue to evolve and become more sophisticated. Understanding and countering a myriad of threats is increasingly more difficult to accomplis h with internal resources alone. Reacting to threats in a timely and effective manner can make the difference between a minor hiccup and a major disaster.

Capabilites

PSSOFT’ s Cyber Fraud Fusion Center (CFFC ) offers consulting and advisory services to help institutions prevent and respond to cyber fraud. C F F C provides expertise in cyber fraud prevention and response, threat intelligence, incident response, and risk management. CFFC provides proactive monitoring and analysis of the cyber threat landscape, incident response services, and prevention guidance

PSD 2 Compliance

Through implementing a system that complies withPSD2’s requirement to monitor transactions, monitor devices, and ensure SCA, financial institutions can remain competitive and offer innovative payment services while complying with PSD2. Using a tool that provides the PSD2 compliance while obfuscating the complexity of the protection, financial institutions can increase customer satisfaction while both decreasing friction and increasing protection

What Problem are we solving?

PSSOFT fully complies with the PSD 2 requirements.

Customer Pain Points

Payment Services Directive 2, or PSD2, is an EU directive whose goal is to regulate payment services and define a framework for protecting those payments facilitated by the service. Financial institutions are challenged by the complexity and thoroughness of the regulations found in PSD2, and if they don’t comply with PSD2 they will lose the ability to provide innovative payment services to their customers.

Capabilites

PSSOFT offers payment service providers a complete threat and fraud detection system which provides transaction monitoring and transaction risk analysis. W e also help them to protect the integrity of the authentication/ authorization process by using SCA. Transaction monitoring, device monitoring, and S C A should have a minimal impact on the customer journey. In all three cases--even when performing multi-factor authentication as defined by S C A, the customer should not know that the monitoring or authentication is happening. PSSOFT does this for institutions.