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  • George Tubin

The Business Case for Transmit Security, Part 3 - Fraud Reduction

Updated: Dec 3, 2019

Beyond the sizable reductions in development and technology costs described HERE and HERE, the Transmit platform provides unprecedented fraud management capabilities due to the tight integration between risk assessment, authentication and authorization across the organization. Transmit’s Continuous Adaptive Risk approach to risk continuously monitors and synthesizes suspicious activities across channels and applications. Moreover, organizations gain the unprecedented ability to rapidly adjust defenses and controls to stay ahead of evolving threats.


The enhanced visibility into user transactions and behavior across all interaction channels delivered by the Transmit platform allows for full cross-channel fraud detection and prevention.  Third-party authentication and fraud detection solutions can be easily integrated into the Transmit platform without the need to write custom code into applications. Built-in authenticators allow organizations to replace (or augment) older authentication modalities, such as passwords and knowledge-based authentication (KBA) with more secure approaches, such as biometrics and other mobile-centric methods.

 

Transmit’s platform essentially decouples the authentication process from the user application so that identity-related changes can be implemented quickly and simply without having to touch application code. New authenticators can be introduced or modified, risk levels can be adjusted, new risk indicators can be introduced, all without making any code changes to user-facing applications and without the need to re-publish the applications.


Transmit Security Continuous Adaptive Risk uniquely and fully operationalizes Gartner’s Continuous Adaptive Risk and Trust Assessment (CARTA) model by monitoring and orchestrating suspicious activity across channels and applications and dynamically enforcing authentication and authorization actions without the need to write custom code into applications.  Transmit includes a set of run-time built-in tools to look for risk indicators such as abnormal user behavior, device anomalies, failed authentication attempts, and suspicious user activity. Built-in connectors to third-party risk detection solutions and can orchestrate the outputs with Transmit’s built-in risk scores and assessment tools.



Risk assessment results are configured to automatically drive authentication and authorization actions in any channel and application.  This sharply reduces the need for broadly blocking suspicious transactions or delaying a transaction while it is sent for manual review.  User experience is greatly enhanced and fewer internal resources are required.


The agility provided by Transmit’s platform allows clients to immediately react to attack and market changes.  Agility is enabled by decoupling the authentication process from the application so that identity-related changes can be implemented quickly and simply without having to touch application code. Risk indicators, authorization rules and authentication can be modified and orchestrated in any way you choose.


“Previously, we had to create a new control for one of our applications and it took us about 3 to 5 months to develop, test and roll out.  [With Transmit] it literally took us 4 hours to do the same control.”

Rob Davis

TIAA


Transmit customers find the following benefits related to more agile fraud management:


Cut Fraud Detection Costs

  • Reduce alerts, particularly false-positive alerts, thereby reducing resources required for manual review

  • Eliminate the need for application coding for updates, error correction and integration to related systems

  • Replace antiquated, expensive authenticators to cut costs while improving protections


Cut Fraud Losses

  • Quickly react to changing attack vectors and newly discovered weaknesses in current protection approach

  • Reduce loss exposure reduced due to tightly integrated fraud detection, authentication and authorization

  • Eliminate weak, outdated authentication approaches to reduce loss exposure

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