2 min Devices

OneSpan Risk Analytics uses AI against identity fraud

OneSpan Risk Analytics uses AI against identity fraud

Securityspecialist OneSpan (formerly Vasco Data Security) launches an open API in the cloud that helps financial institutions in their fight against fraud. Risk Analytics protects against fraud with new accounts and acquisition of existing accounts.

According to OneSpan, the above are the two main types of deception for financial institutions. Risk Analytics protects against these and other fraudulent practices in the online and mobile channel.

The tool makes use of machine learning so that it can also counter new attacks in the long term. The technology detects fraud in real time, displays the level of risk and takes action when fraud is detected. This level of risk is a crucial component for machine learning by reducing error positives.

Risk Analytics

Risk Analytics collects data during financial transactions. After a thorough data analysis, the tool assigns a score to the user, the device and the transaction data. This also gives you the risk associated with the transaction. Risk Analytics can take immediate action to allow, review or block the transaction, based on an intelligent workflow that incorporates the bank’s guidelines, rules and regulations.

Wherever the money and data flows, fraud always follows, says Scott Clements, CEO of OneSpan. Stopping fraud is becoming increasingly difficult because the threats are constantly changing. It is crucial for financial institutions to take proactive measures. A tiered security approach that monitors, detects and blocks fraudulent transactions before they occur ensures the best possible experience for the user.


Risk analysis is at the heart of Risk Analytics and is an essential part of PSD2. Open Banking will be the 2019 trend, according to Frederik Mennes, Market and Security Strategy Manager. Open Banking stipulates that third parties offering financial services must have access to the bank’s customer data, and that they can initiate payments directly from the bank account.

PSD2 contains a number of requirements for strong authentication, including transactional risk analysis. This means that banks must perform a risk analysis to prevent, detect and block fraudulent payments.

Risk Analytics collects contextual information from different sources (e.g. the user’s smartphone or laptop), as well as behavioural analysis (e.g. who, what, where, when), Mennes explains.

The API combines the information with the user’s history in order to detect new and known fraud patterns and to determine the risk level of the transaction. The solution then assigns the exact security level for each transaction.

This news article was automatically translated from Dutch to give Techzine.eu a head start. All news articles after September 1, 2019 are written in native English and NOT translated. All our background stories are written in native English as well. For more information read our launch article.