A large global investment firm operates globally with over $7 trillion dollars in assets. It offers a wide variety of financial products to over 30 million retail investors that rely on this firm to manage their investment and retirement accounts. Their clients expect easy, secure, and uninterrupted access.
Key API Application That Powered Customer Access
The investment firm utilized a highly scalable enterprise grade API application to provide access to their 30 million retail investors. Due to their large asset size, they had become an attractive target for cybercriminals to initiate rolling account takeover (ATO) attacks that aimed to gain unauthorized access to customer accounts and their financial portfolios. Once compromised, it allowed cybercriminals to exfiltrate money out of retail accounts for illegal financial gain.
More Than Just an Attractive Target
For the firm, detecting ATO attacks had become a mission critical function whose responsibility was held within the fraud team. Every successful fraud attack on the investment firm’s online retail accounts would erode customer confidence, increase customer attrition, and damage brand image.
To prevent fraudulent transactions, the fraud team relied on identifying suspicious logins on their application programming interface (API) endpoints. Their existing solution, a post-forensic tool would only provide a raw dump of transactions for the day, and it would take a fraud analyst several hours to analyze all the data for malicious activity.
This was time-consuming and exhausting work that placed enormous pressure on the fraud team. These attacks had even gained the attention of the senior executive team, placing pressure on the security team to deploy a security solution that could detect ATO attacks faster before they could potentially compromise their retail investors.
Setting Serious Security Goals
The security team had de ..
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