Group-IB, a global cybersecurity provider, launched two new technologies at a virtual event streamed from its new European headquarters in Amsterdam.

The first is an integrated solution for digital identity protection and fraud prevention: Fraud Hunting Platform, which guards 130 million users daily. The other is a Preventive Proxy module, a tool designed to combat malicious bots.

A Centralized Solution

Malware attacks, social engineering and bad bots have been identified as some of the most significant cybersecurity attacks to e-commerce and online banking users, with 3 out of 100 user sessions flagged as fraudulent over the past six months. In order to protect against these problems, companies often resort to a large number of cybersecurity solutions, which often compromises user experience.

The new Fraud Hunting Platform, improved off of Group IB’s previous Secure Bank/Secure Portal technology, consolidates fraud prevention into one integrated platform.

The Fraud Hunting Platform analyzes user behavior, including keystrokes and mouse movements, for each session in real time. Using this data, the platform is able to create a unique digital “Global ID” for each user and device and then matches users with their devices to stop fraud in its tracks. The technology also leverages threat intelligence data to proactively detect threats and investigate suspicious activity.

With global e-commerce retail sales topping 209% year-over-year revenue growth, it’s now more important than ever to be vigilant about protecting online transactions.

“We are delighted to introduce Fraud Hunting Platform to market. The solution operates in a high-load mode, protecting 130 million users of web resources and mobile apps while blocking related malicious activity,” said Dmitry Volkov, CTO of Group-IB. “The new system evolved from Group-IB’s range of online fraud protection products. It is high-performance and easy to integrate, and it uses patented technologies to detect attacks at early stages.”

Bot Barrier

Group-IB estimates that about 20% of internet traffic comes from good bots used for testing purposes or designed to automatically snatch the best deals. However, the company also estimates that 30% of internet traffic is attributed to malicious bots that could hack into personal accounts, steal data and attack mobile APIs.

Group-IB launched the Preventative Proxy module to combat bad bot activity that is prevalent on e-commerce sites and government portals. The module runs user sessions through behavioral analysis algorithms to determine whether a human or bot is using the session. The module is designed to safeguard e-commerce and financial transactions, both of which are common targets of bad bots.

Bad bots are particularly detrimental to online financial services, where they can imitate real users to scrape data, harvest personal and financial information, and conduct transaction fraud. Financial services are particularly hard hit, as almost half of bad bot activity occurs on these sites and could cost institutions hundreds of millions of dollars.

As our world migrates to an increasingly digital realm, vulnerable companies are striving to keep their cybersecurity up to pace. Financial institutions, already 300 times more vulnerable to cyber attacks than other companies, invest 0.3% of their revenue into cybersecurity. Group-IB’s new platform is a step in the right direction toward a future where a varied range of cybersecurity concerns can be managed all in one place.

ABOUT THE WRITER

Lydia You is a computer scientist from Princeton University living in New York City. She is a Tech Innovation Fellow at Identity Review covering the intersection of technology, internet culture and the future of digital media.