Page 16 - Cyber Warnings

Geodesic coding relies on understanding the distance between the address or locality
associated with an identity, and the location from which the application or change is initiated.
For example, if an identity that “lives” in New York applies for a new credit card with a phone
number from California, via a computer in Europe, the fraud score could be tipped off and
trigger an organization to deny the account creation, or it could subject the account to review by
a human analyst, who would likely pick up the discrepancy.

What these solutions provide is speed. Today’s hacks happen very quickly. The DBIR found
that in 93 percent of breaches, systems were compromised within minutes, and 28 percent of
the time, data was exfiltrated within minutes. More troubling, once the data was stolen, only 3
percent of breaches were discovered within minutes, 5 percent were discovered within hours,
and 9 percent within days. This means that 83 percent of victims didn’t learn of the breach for
weeks or more.

Conclusion

When cyberfraud occurs, FIs can lose a lot more than time and money. They can lose
customers, not just in the moment, but for life. Millennials just passed Baby Boomers to assume
the mantle of “largest living U.S. generation.” If FIs are going to capture the trust of this massive
demographic of technology-savvy young people, they must start by showing them that they can
do business safely, securely, and seamlessly. Nobody wants to be the next Yahoo!.

About the Author

Sunil Madhu, CEO and Founder, Socure

Sunil has spent over 20 years innovating identity and access management,
addressing hard problems in network and application authentication and
authorization. A security architect by profession, he is also the founder and
CEO of Socure, a growth company dedicated to innovating Digital Identity
Verification, by using advanced artificial intelligence and machine learning to deliver analytics
from trusted online, offline and social media data. A serial entrepreneur, Socure has led several
successful transitions through IPO and acquisition. Sunil holds a MS degree in MIS from
Glasgow Caledonian University and a BS with Honors in Computer Science from Strathclyde
University in the UK.

16 Cyber Warnings E-Magazine November 2016 Edition
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