if you are wiring a million dollars to an external account you are higher risk than transferring $10 to your loan account. Other banks perform a contetxt-sensitive risk check with each and every transaction, e.g. Some banks will do this check only when you sign on. The risk engine calculates a score and decides whether the prompt you for a second factor of authentication, which can sometimes be a one-time password or a KBA (knowledge based authentication) question (e.g. Rules include IP geolocation and blacklisting, known browser security issues, and risk exposure particular to your profile (e.g. The risk engine uses the above data and compares to various risk rules that are configured by the bank. The presence of data in another persistent store, such as a Flash wallet token.prevention system, where a decision engine and machine learning model analyze. Your brower's "signature," which incudes the user agent header and detectable display properties such as screen resolution Investors can consider the worst-case scenarios before making an investment. RISK ANALYTICS FOR FRAUD PREVENTION: TOP USE CASES IN BANKING.Browser fingerprinting (much less likely)Īdditionally, the storage mechanisms can be combined (as it appears Bank of America does, or at least did at one point.) The ultimate example of this, so far, is a project known as evercookie which aims to make persistent browser tracking as difficult to defeat as possible.īanks like BoA use a risk-based decision engine that examines several variables, including but not limited to: Job Description:Job Description: Risk Engine computes Risk, PL Explain, Ledges and complexSee this and similar jobs on LinkedIn.Web Storage (Also known as local storage). If you delete the cookies for the Bank of America website and then try to login again, you should get the "You're using a new computer" workflow again if indeed they are using a cookie to determine which workflow should be presented to you.īesides cookies, there are a number of methods they could be using to recognize your machine. The solution delivers end-to-end functionality for managing the entire compliance lifecycle including risk assessment, compliance planning, control management. Greener is a member of the company’s executive management team. He is responsible for overseeing the company’s governance and strategy for global risk management and compliance, including relationships with key regulators and supervisory institutions worldwide. You should be able to test this quite easily using something like Firefox's Web Developer toolbar which will let you both examine all of the cookies that you're sending to a specific domain, and will let you delete the cookies for a specific domain. Greener is chief risk officer of Bank of America. I'm willing to bet that they don't actually identify the computer, they just send you a persistent cookie once you've successfully logged in, and as long as your browser returns that cookie, they know it's a previously used machine.
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