Minsait enhances protection against online fraud

Minsait, an Indra company, has developed Onesait Behavior Fraud, a state-of-the-art cybersecurity solution for detecting fraud in online payment and transfer transactions that greatly enhances the levels of protection thanks to the application of pioneering artificial intelligence techniques that are capable of replicating the procedures and working methods of specialized banking analysts.

A cyberattack on an airline results in the theft of thousands of credit cards. €12.2 million have been withdrawn from accounts in just a few minutes. This is a real case that took place a year ago, but which is a recurring trend that is generating significant losses in the income statements of banks and companies in many other sectors that operate electronically all over the world.

Onesait Behavior Fraud can put a stop to this type of situation by establishing controls that are far superior to those offered by the anti-fraud tools used until now.

The solution applies automatic and machine learning techniques to ensure fraud detection, even if attackers use new techniques for which there is no known precedent.

The key lies in an algorithm capable of reproducing and automating the complex analysis procedures employed by bank anti-fraud analysts.

The ultimate goal of the Minsait system is to support the work of these specialists, who have to cope with an increasing number of online transactions that run at enormous speeds. In addition, increasingly demanding regulations and the risk of incurring massive fines rise the pressure.

Onesait Behavior Fraud is responsible for building individualized profiles for each client and it processes large amounts of information about their activity in order to analyze each transaction and verify it. It can thus identify promptly any deviation from habitual behavior.

The system analyzes the operations that clients perform in all contact channels with the company or bank, and not only those in which fraud has traditionally been concentrated (cards and transfers). This omni-channel vision of clients makes it very difficult for attackers to hide their movements.

The Minsait solution completely overcomes the traditional fraud prevention strategy, based on the historical knowledge of the techniques used by scammers to establish business rules for detecting them.

The new system is much more efficient and secure and it allows banks and companies in any sector operating in digital environments to offer an agile and convenient service very much in demand by clients today; one which is essential to survive in the digital world.

Onesait Behavior Fraud was developed from the multipurpose data analytics platform Onesait Platform by Minsait and is integrated into the Onesait Behavior family of products, specialized in learning the behavior of entities and which is currently deployed in critical mission production environments.

Minsait has a team of over 400 experts in cybersecurity that make their mark by developing security technologies, enabling digital businesses and protecting them, through a holistic risk-based approach with a focus on prevention, protection, detection and incident response. We combine the knowledge of digital identity, biometrics, electronic signature, distributed cryptography, blockchain and artificial intelligence, to create solutions with impact on business and digital user experience. We concentrate the cybersecurity talent in CyberDefense Centers: specialized and distributed centers in Spain, Mexico and Colombia, which combine a high level of specialization (Red Team, Blue Team, CSIRT and security architects) thanks to our range of Managed Detection and Response Services.

About Minsait

Minsait, an Indra company (www.minsait.com), is a leading firm in Digital Transformation Consultancy and Information Technologies in Spain and Latin America. Minsait possesses a high degree of specialization and knowledge of the sector, which it backs up with its high capability to integrate the core world with the digital world, its leadership in innovation and digital transformation, and its flexibility. With this, Minsait’s offer is focused on high impact value propositions, based on end-to-end solutions, with a notable segmentation, which allows them to achieve tangible impacts for its customers in each industry under a transformational approach. Its capabilities and leadership are shown in its product offering, under the name Onesait, and its cross-sectional offer of services.

About Indra

Indra (www.indracompany.com) is one of the leading global technology and consulting companies, and the technology partner for key operations of its customers’ businesses around the world. It is a world-leader in providing proprietary solutions in specific segments in Transport and Defense markets, and a leading firm in Digital Transformation Consultancy and Information Technologies in Spain and Latin America through its affiliate Minsait. Its business model is based on a comprehensive offer of its own products, with an end-to-end approach, of high value and with a high innovation component. In the 2018 financial year, Indra achieved revenue of €3,104 billion, with 43,000 employees, a local presence in 46 countries and business operations in over 140 countries.