Last month, I met with a Senior Fraud Analyst at a nationally recognized bank to discuss their recent success in detecting a sophisticated fraud scheme. By utilizing Splunk Enterprise Security along with the Splunk App for Fraud Analytics, their team uncovered 17 fraudulent accounts all controlled by a single actor through an ingenious Gmail manipulation technique. This case illustrates how seemingly minor technical details can lead to significant vulnerabilities when exploited on a large scal
This article is the first in a three-part series exploring advanced fraud detection techniques using Splunk. In this first installment, we'll focus on new account fraud through email manipulation. The second and third parts will examine account takeover scenarios and cross-channel fraud detection.
New Account Fraud
The bank had been facing a concerning rise in new account fraud. Their fraud rates had surged by 23% compared to the previous year, significantly impacting their online banking division. Despite having standard verification procedures in place, fraudsters were continually evading their controls.
Six weeks before our meeting, the bank had implemented Splunk Enterprise Security along with the Splunk App for Fraud Analytics, specifically to address these emerging threats. The implementation focused on identifying subtle patterns across multiple data sources that traditional rule-based systems were missing. These legacy
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