BB&T deploys Covelight Inflight software for fraud detection

Source: Covelight Systems

Covelight Systems, the innovator of real-time, application-independent, online management solutions, today announced that BB&T Corporation (NYSE: BBT), the nation's 11th largest financial holding company, will be using Covelight's Inflight Intelligence Engine to deliver real-time web activity information for their Enterprise Fraud Prevention solution.

Inflight will deliver real-time events to Actimize and other elements of BB&T's fraud and FFIEC regulatory compliance solution, further enabling BB&T to halt fraud as it is occurring.

"Our interest is first and foremost to protect our users and to mitigate fraud," explained Paal Kaperdal, BB&T Senior Vice President of eBusiness. "Inflight enables us to quickly extend additional protection across our enterprise with no impact to our business applications."

The initial Fraud Management deployment integrates Covelight's Inflight Intelligence Engine with Actimize's Enterprise Fraud Prevention Solution, which is built on a robust, scalable fraud platform that leverages a unique, multi-dimensional profile approach to detect suspicious patterns and behavior. Inflight captures all online user transactions, transforms them into meaningful real-time business events, and feeds them into Actimize's solution to identify potential fraudulent activity occurring on any of BB&T's web applications. This real-time capture-transform-feed capability enables immediate action from fraud solutions, such as requiring additional authentication, invoking out-of-band transaction authorization, and halting user activity.

"With regulatory and compliance issues of FFIEC and others, banks and financial institutions are taking steps to protect their clients information as well as their own business data," explained Avivah Litan, VP and Distinguished Analyst covering Security and Privacy for Gartner Group. "Having real-time data feeds to quickly identify potential fraudulent activity enables enterprises to take immediate action, which can be important when trying to stop criminals from doing further damage."

Covelight developed Inflight to the meet the rigorous and scalable enterprise needs of the largest mutual fund companies in the world (Covelight CTF Deployment). Another major benefit of Inflight is the ability to capture and identify online user activity without impacting the performance of the business application or having to re-architect the business application itself. Inflight is completely transparent to both the end user and the application, making for an easy deployment with a fast Return on Investment (ROI) and low Total Cost of Ownership (TCO).

"The initial use of the real-time user intelligence we provide to BB&T will enable immediate action to expediently mitigate risks from their web applications," stated Spencer Snedecor, CEO for Covelight Systems. "Our customers typically broaden the usage of the end-user data Inflight captures to additional enterprise uses, such as web analytics, log management and marketing automation, leveraging the data capture capability to not only protect, but to grow their business."

Inflight unobtrusively harnesses real-time web channel data, transforms and feeds it at wirespeed to multiple backend systems, and integrates with Security Information and Event Management (SIEM) solutions, Business Intelligence (BI), Enterprise Fraud, Web Analytics and Marketing Automation solutions. This enables online enterprises to use real-time web channel intelligence to support operational teams, including surveillance, loss prevention, regulatory compliance, information security, network operations, application development, data warehousing, network, and performance management.

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