26 October 2021

Group-IB Fraud Hunting Platform delivers substantial ROI

Group-IB, one of the leading providers of solutions dedicated to detecting and preventing cyberattacks, identifying online fraud, investigation of high-tech crimes and intellectual property protection, has today revealed a new independent commissioned study on the financial impact of Group-IB Fraud Hunting Platform (FHP) conducted by Forrester Consulting. FHP performs real-time session and user behavior data analysis on web and mobile channels to help organizations accurately detect and efficiently prevent fraud. Forrester consultants analyzed the improvement in performance in a bank transitioning from a well-established solution to the Fraud Hunting Platform. This bank, which serves 10 million customers and over 6 million transactions a day, experienced a three-year 130% ROI with payback in less than 6 months after adding Fraud Hunting Platform (FHP) to its anti-fraud stack. The study identified that Group-IB FHP generated significant operational cost savings by reducing false positives by 20%.

According to the Forrester study, business leaders turn to enterprise fraud management against the backdrop of more robust regulatory requirements to reduce fraud and rising customer expectations for a smooth digital experience. False-positive is one of the major issues faced by companies that process millions of transactions. The high number of false positives resulted in extra costs for businesses and unhappy customers.

The Forrester consultants interviewed a bank with experience using Fraud Hunting Platform. Prior to FHP, the organization tackled fraudulent activities using a legacy anti-fraud solution which generated a high number of false positives. The investment in Group-IB’s FHP helped the bank to reduce the false positives by 20%. Group-IB’s solution required 30% fewer OTP (SMS) for 2FA purposes, improving the bank’s customer digital experience and enabling the bank’s fraud analysts and call centers to focus on truly risky transactions. FHP enabled the organization to protect their web and mobile channel with a higher degree of confidence as well as to detect and prevent fraud more accurately and efficiently, which generated $228K in cost savings. Altogether, Forrester’s interview and financial analysis found that the organization experienced a net present value of $639K and an ROI of 130% over three years.

Another unquantified advantage outlined by Forrester study is the improved customer experience in the organization that switched from a legacy anti-fraud system to FHP. Group-IB’s solution ensured security without unnecessary customer friction and helped build customer trust by minimizing fraud cases. It can also leverage the data collected to support anti-money laundering investigations and customer onboarding processes.

Preventing fraud does not stop at detection, but at prosecution, your fraud solution must give you the means to compile a case for the authorities. Fraudsters are bullies, and if you bite back, they will avoid you.

Julien Lauren

Julien Laurent

Product Marketing Manager (FHP) at Group-IB

Download the study «The Total Economic Impact™ Of Group-IB Fraud Hunting Platform For A Customer Migrating From A Legacy Anti-Fraud Solution», June 2021. Learn more about how the Group-IB Fraud Hunting Platform helps meet all the requirements of anti-fraud solutions in this digital era by listening to the webinar «Building a customer-centric approach to Fraud Prevention».

Group-IB is one of the leading providers of solutions dedicated to detecting and preventing cyberattacks, identifying online fraud, investigation of high-tech crimes and intellectual property protection, headquartered in Singapore. The company’s threat intelligence and research centers are located in the Middle East (Dubai), the Asia-Pacific (Singapore), Europe (Amsterdam), and Russia (Moscow).

Group-IB’s Threat Intelligence & Attribution system has been named one of the best in class by Gartner, Forrester, and IDC. Group-IB’s Threat Hunting Framework (earlier known as TDS) intended for the proactive search and the protection against complex and previously unknown cyberthreats has been recognized as one of the leaders in Network Detection and Response by the leading European analyst agency KuppingerCole Analysts AG, while Group-IB itself has been recognized as a Product Leader and Innovation Leader. Gartner identified Group-IB as a Representative Vendor in Online Fraud Detection for its Fraud Hunting Platform. In addition, Group-IB was granted Frost & Sullivan’s Innovation Excellence award for its Digital Risk Protection (DRP), an Al-driven platform for identifying and mitigating digital risks and counteracting brand impersonation attacks with the company’s patented technologies at its core.

Group-IB’s technological leadership and R&D capabilities are built on the company’s 18 years of hands-on experience in cybercrime investigations worldwide and 70,000 hours of cybersecurity incident response accumulated in our leading forensic laboratory, high-tech crime investigations department, and round-the-clock CERT-GIB. Group-IB is a partner of Europol.

Group-IB’s experience in threat hunting and cyber intelligence has been fused into an ecosystem of highly sophisticated software and hardware solutions designed to monitor, identify, and prevent cyberattacks. Group-IB’s mission is to fight high-tech crime while protecting our clients in cyberspace and helping them achieve their goals. To do so, we analyze cyber threats, develop our infrastructure to monitor them, respond to incidents, investigate complex high-tech crimes, and design unique technologies, solutions, and services to counteract adversaries.

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