In a bid to provide real time monitoring and detecting of enterprise fraud and cyber-attacks, Best of Breed Business Solutions (BBBS) has partnered Barac in providing Barac solution to Nigerian Banks and telcos.
Omar Yaacoubi, chief executive officer and co-founder, Barac, said at an event to unveil the solution to Nigerian banks in Lagos that Barac is real time feasibility solution that helps organisations detect threats, fraud and cyber-attacks in real time and with high accuracy across different channels.
“What is unique is that we have seen worldwide that fraud and cybersecurity have become more convergence, where more people in an organisations are stealing data from their organisations to commit fraud, so, cybersecurity, fraud, internal threat, internal monitoring of attacks, internal threat are becoming more and more common.
“At Barac we help solve both problems because fraud is used by cyber attackers or by people inside to get the data, so both of them are very important and both of them need to be covered by one solution.
“Our solution uses artificial intelligent or machine learning and behavioural analytics. Machine learning is going to the data base to understand how the fraud is and how the problem behaves and how do we get to this fraud amount, the date and different information around that.
“This is combine with behavioural analytic which is more about the person, how do this person behave on different channels how do the user or customer behave so you can understand and detect any abnormal behaviour of the user or customer. That is where we are unique in combining both approaches to give very high accuracy,” he added.
He identified some of the existing challenges that Nigerian Banks are facing in tackling fraud and cyber-attacks which is slow adapting solutions to changes in the behaviour of hackers.
“There are a number of things banks need to do, first is innovative solutions that can adapt to hackers behaviour, sometimes they change their behaviour so the solutions the banks use needs to change their behaviour as well.
“With the current solutions that they have especially with the rule base solutions, banks will not be able to do that because it takes up to six to nine months to change the rules where you have to modify rules, it is very complex this is where solutions with behavioural analytic and machine learning will help to solve the problem.
“Secondly, is opening those silos that the banks have where the transactions system works alone, CRM system works alone, core banking solution will work alone, all those system are unique and will work alone on their own, so, that is where they need solution that communicate.
“They need solution that have holistic view, the solution that can detect attacks across the whole channels that they have, especially as they move into cloud and adding new capabilities and opening their networks to new features like USSD, Fintech companies that have access to the banking data,” he said.
According to Ethelbert Mbama, chief executive officer, Best of Breed Business Solution, “We understand the challenges in Nigeria today with Digital Transformations, engagement in multi channels, opening up platforms with Third Parties and Partners, Reactive mode instead of Proactive mode, Preventive instead of Reactive, Data explosion and most importantly, the changing patterns of Fraudsters as well as the role of Internal employees in conjunction with external fraudsters.
“We have x-rayed major patterns and use cases Fraudsters have been using, like Sim Card Swap, opening multiple accounts in Banks with same picture, linking of debit cards to accounts, disabling of internal applications settings of customers and tampering with internal applications.
We understand the issue of Data quality which generates thousands of false positives that is time wasting in investigations. We equally understand the high cost associated with investments in Fraud and Cyber Security in organizations especially around Infrastructure and multiple Security solutions to handle different kinds of security issues.
“We understand the silo nature of multiple solutions that do not talk to each other, none availability of 360 degrees view of the entire security monitoring and analysis, and huge cost associated in Annual maintenance, upgrades, etc of different applications used to secure the organization.”
