Global Collaborations Engine is patented by Lloyds Banking Group, who have invested in the sophisticated intelligent tool that detects real fraudulent behaviour during onboarding and account transfers rather than false positives. False positive fraud is when legitimate payments are flagged as fraudulent within anti-money laundering systems or fraud prevention tools. Behaviour of account users will be more accurately monitored and detected if fraud is present with use of the engine poised to support businesses protect customers against cybersecurity threats.
The tool analyses patterns of fraud detection in other cybersecurity technologies producing alerts which can be sometimes inaccurate. The monitoring tool has been introduced as banks invest in varying IAM technologies to validate accounts that are accessed by their legitimate customers.
The monitoring system finds the medium of accurate detection capabilities employed by other systems. These common attributes compared to the classic components and signs of a cyber attack bolster the GCE to identify more genuine attacks.
More banks are analysing onboarding behaviour to spot tell-tale signs of fraud or just innocent activity.
Lloyds said they have previously invested in traditional cybersecurity software that “lacks precision” for the bank, meaning that alerts can be triggered by activity misidentified as a threat.
The company is hoping to develop the system further with multiple algorithms and AI and even to detect different types of cyber crime – e-crime, supply chain fraud and cyber-enabled fraud.
The first patent for the GCE was awarded by the Intellectual Property Office.
“Our Global Correlation Engine is an exciting innovation that will allow us to identify genuine threats more quickly and efficiently, ensuring customers are protected,” said Matt Rowe, chief security officer at Lloyds Banking Group. “This innovation, developed by our world-class cyber experts, demonstrates our commitment to advancing cybersecurity and protecting our customers with cutting-edge technology.”
