NOIRE account compromise detection a unique offering

London – 25th March 2015. NOIRE, a leading provider of online payment solutions and risk management technologies, provides a unique solution for account compromise detection. Allowing for fast detection of at risk accounts before any fraud happens. NOIRE provides internet merchant accounts and payment gateways in one simple agreement, enabling best practices and payment strategies for its customers to significantly improve revenues.

For a number of years in the online banking world, there have been security issues with fraudsters accessing customers’ online accounts. It is possible that as many as 1% to 3% of customers accounts are compromised at any point in time. This amounts to a huge risk exposure for potential losses and damage to brand reputation.

Access any Forex forum and there is talk of disputes between clients and brokers on what has happened to money disappearing in accounts; withdrawals being made, transactions being cancelled, each blaming the other for the problem, but there could be something else going on. It is quite probable that many brokers are getting labelled as “scam” unjustifiably.

FOREX brokerage accounts are usually accessible online needing only a username and password in order to gain access to sensitive data and exposure to fraudulent withdrawals.

It can start in a number of ways; Fraudsters phishing customers details, through emails pretending to be from the broker and telephone calls, Trojan malware programs often downloaded for trading platforms which look legitimate but could be obtaining customers’ login details and passwords. Fraudsters do this on an industrial scale and gain access to many customer accounts across many businesses.

The fraudsters obtain lists of client’s logins and passwords details and begin trawling through them. Logging in and out of accounts checking balances, looking for accounts to target. This logging in and out of accounts is very rarely detectable. Brokers often check IP addresses, but these will be tumbled by the fraudster each time, by using a proxy to give a new IP in the country in which they want to appear. The fraudster narrows the list down of accounts to hit and then goes back sometimes weeks later, possibly to make a withdrawal.

This is about money leaving the account, Tim Thompson CEO of NOIRE said, “NOIRE’s proven approach will identify straight away which accounts have been compromised, looking across all logins into accounts and linking them together. Based on characteristics we are able to identify which accounts have been accessed by hackers and fraudsters and therefore which accounts have been compromised and are at risk. The focus therefore should not just be on sending money into accounts, as with most payment providers, but making sure it is safe as well”.
“Using NOIREs fraud risk management technology together with our payments services will help business grow faster, expand into new regions, protect brand reputation and increase customer retention. This is what we focus on every day for our customers.” Tim Thompson said.

About NOIRE: NOIRE is a leading provider of payment services and risk management technologies, enabling businesses to transact online safely, fast and with ease from anywhere in the world. By allowing companies to move faster, NOIRE increases revenues whilst reducing risk and costs of doing business. Supporting many FTSE listed companies as well as small businesses.