Saikyo Bank Adds Fraud Detection to Smartphone Banking

Saikyo Bank deploys Caulis ’ Fraud Alert services to track for fraudulent account openings and log-ins to its Saikyo Smartphone Banking. The cloud-based system helps to monitor the interactions of users with the service in real time to help spot any common vulnerabilities, including phishing scams, fraudulent accounts, and money laundering.

Fraud Alert evaluates over 250 variables of attempted transactions for suspicious activity. The service also accesses a shared database of devices connected to fraud, enabling member companies to pinpoint potential threats across the industry. More than 40 financial institutions including banks, securities firms and credit card companies already rely on the service.

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The decision follows Japanese financial institutions coming under increased pressure to enhance account security with online frauds becoming more sophisticated. The system is expected to help Saikyo Bank detect suspicious activity earlier and improve protection for digital banking users.

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