# OneSpan Launches AI-Based Risk Analytics to Stop Account Takeover and New Account Fraud
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2019-02-14
Category: NEWS
Category URL: https://financedigest.com/category/news
Meta Title: OneSpan Launches Risk Analytics Solution for Fraud Prevention
Meta Description: Discover how OneSpan's Risk Analytics uses machine learning to safeguard online and mobile channels, comply with PSD2, and combat top financial fraud
URL: https://financedigest.com/onespan-launches-ai-based-risk-analytics-stop-account-takeover-new-account-fraudhtml

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**New solution uses machine learning to protect online and mobile channels, as well as meet PSD2 compliance requirements for transactional risk analysis**

[OneSpan](http://www.onespan.com/), a global leader in software for trusted identities, e-signatures and secure transactions, today announced the launch of its open API, cloud-based Risk Analytics solution to help financial institutions stop fraud, including Account Takeover and New Account Fraud.

Account Takeover and New Account Fraud are the top two types of fraud challenging [financial institutions](https://www.globenewswire.com/Tracker?data=YyXlALE3639rdlVmAEQaXFbJuIKJgZODfUTIZFxxPN_52WDDSyDxakyqbt8ayARBVvqYsG-N6FzfANak7XH6q5LUGbgfuWZ7x_jvTBrROGhNBXxMchGZgs-khm0KRcyw9mrvYpVSytBodmyKg0AHRpDpa6E0xFTuOknXp-b-zMLjgZz_RGS-Mpr2JgNeH2CnfSVZwsEmp88YnAH6H8lpYL7ELgewN9B2F1Y0wR6v-rqnC_nUle7TM_uHLNh5cPeOf9rBgV0qtaP6P-Px736MKA==) and in the U.S. alone, ID fraud accounted for $16.8 billion dollars in fraud losses in 2017 [\[i\]](#_edn1). Risk Analytics protects against these and other fraudulent activities across online and mobile channels using machine learning-based risk analysis, a form of [artificial intelligence](https://www.financedigest.com/types-of-artificial-intelligence.html "artificial intelligence"). This analysis identifies fraud in [real time](https://www.financedigest.com/the-role-of-invisible-real-time-payments-in-fueling-the-future-of-cx-in-business.html "The role of invisible, real-time payments in fueling the future of CX in business"), predicts risk levels and takes immediate action when fraud is detected. The use of machine learning enables risk scoring to streamline processes, reduce [operational costs](https://www.financedigest.com/uk-pub-operator-wetherspoons-loss-narrows-despite-higher-costs.html "UK pub operator Wetherspoon’s loss narrows despite higher costs") tied to manual review and ultimately improve the user experience through fewer false positives.

“Even as criminals’ attacks on digital channels continue to escalate, financial institutions are under intense competitive pressure to [reduce fraud](https://www.financedigest.com/the-importance-of-a-proactive-and-collaborative-approach-to-reducing-contactless-fraud.html "THE IMPORTANCE OF A PROACTIVE AND COLLABORATIVE APPROACH TO REDUCING CONTACTLESS FRAUD") and meet strict regulatory compliance requirements while growing their business,” said Aite Group’s Retail Banking and Payments Research Director, Julie Conroy. “Real-time fraud detection using advanced, machine learning-based risk analytics [enables financial institutions to strengthen their security](https://www.financedigest.com/top-fintech-trends-for-2021-enabling-smart-and-secure-finance.html "Top Fintech Trends for 2021 Enabling Smart and Secure Finance"), lower fraud and achieve regulatory compliance.”

During a financial transaction, Risk [Analytics collects and analyzes data](https://www.financedigest.com/top-5-data-analytics-trends-for-2023.html "Top 5 Data Analytics Trends for 2023") from a variety of sources, including devices, user behavior, transactions, digital channels and business applications. The solution then scores the user, device and transaction data, and determines the risk associated with that transaction. [Risk Analytics is then able](https://www.financedigest.com/emerging-risks-is-our-insurance-system-able-to-cope.html "Emerging risks: is our Insurance system able to cope?") to take immediate action to either allow, review or block the transaction, based on intelligent workflows incorporating bank-defined security policies and rules.

“Wherever money and data flows, fraud will certainly follow,” said OneSpan CEO, Scott Clements. “While stopping fraud has become increasingly challenging because today’s threats keep evolving, it’s critical for financial institutions to take proactive measures and a layered [approach](https://www.financedigest.com/uks-finance-minister-sets-out-new-economic-approach-to-finance-bosses.html "UK’s finance minister sets out new economic approach to finance bosses") to security to monitor, detect and block fraudulent transactions from happening before they occur, ensuring the best possible experience for the user.”

OneSpan’s Risk Analytics is available now. Find out more at [www.onespan.com/security-products/risk-analytics](https://www.globenewswire.com/Tracker?data=WgMB_Uc-ykNPL61fL71njK-ee-qWP4jUhabLLi78F1eglUG931CQwoufHCsn44omLoBV36njU5Kb7bNnRouc0C1fgyy2SrLAO6sDYy9BsbU-1qCCeQkrghlTyOuZBWeIvgrBxXgdR9UGQencyPkDbKAFQL5Yv3BueNJPz6zMJf0=).

[\[i\]](#_ednref1) [https://www.javelinstrategy.com/coverage-area/2018-identity-fraud-fraud-enters-new-era-complexity](https://www.globenewswire.com/Tracker?data=hfGkRc4b961tMlmTl8V6MapHkntikwiVZVWKz5NHWlTZDusjQDXWz-l0odhNXB3uCZOb4zT3mG-zGg-4oX2NRX5rOZLjtSZVz3_RltNqzH98ht2XrgeWibyPv41dLvlVbWqcRezFfyhV7zXGLXazulXV0tJxc3E74CnhWdGZTaS-QTxhm4nrXG5C-lP8g3BuhNhih-j_rAspy4yYEnSKTCYB3kK4wOnfAvznXzwwnWZwWDfQj3TChOdzX9e7NEpZ9bvnT5ktUluscYR7fxKWXPzoZDqe1RI2IHHQeiFJpSg=)


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