Another solution might have been to use mobile authentication. This simple fraud would have been prevented and you wouldn't need all that behavioural analysis to tell you about it after the fact. Of course the behavioural analysis should be applied at the
trader/broker/dealer/overseer(s) balance and transaction level, otherwise you wouldn't understand the risks and therefore the value of real fraud prevention.
Telling you about it afterwards might be useful, but it doesn't really qualify as 'prevention', at best it's a chance for 'loss minimisation'. It doesn't prevent those unpleasant feelings when you find out or the harm to your reputation either.
As people become more fiscally challenged the likelhood of such attempts increases.
I suspect we are entering a long period of substantial fiscal challenge, and that the easy pickings will be picked more often.
'An ounce of prevention costs less than a gallon of cure'. There are obviously various definitions of 'prevention' - I prefer the one where you actually stop it before it happens.
© Finextra Research 2014