F5 Introduces AI-Powered Solution That Blocks Fraud Missed by Existing Technologies and Improves Online Experiences for Users
October 06 2020 - 7:00AM
Business Wire
Shape AI Fraud Engine™ protects businesses
and consumers while reducing workloads for fraud teams
F5 (NASDAQ: FFIV) today introduced Shape AI Fraud Engine (SAFE),
a new SaaS solution that eliminates fraudulent online transactions
that get past existing fraud tools. Leveraging Shape’s industry
leading expertise, SAFE utilizes a battle-tested AI engine to
evaluate each online transaction across a variety of telemetry,
environmental, and behavioral signals to accurately understand user
intent and block human fraudsters—before the fraud occurs.
Legacy fraud tools rely on weak data signals and static rules to
try to catch increasingly clever fraudsters. Often, these tools
can’t clearly determine if the user’s intent is good or bad, and
resort to putting additional burden on good users to prove their
legitimacy through hurdles like multi-factor authentication (MFA)
challenges. The result: bad experiences for good users, as well as
financial losses and frustration when fraudsters get by ineffective
defenses.
In contrast, SAFE is a fully managed, AI-powered offering that
stops fraudsters in real time, resulting in up to 90% less friction
for known good users. As a fully managed service that can detect
and block evolving threats, SAFE protects modern and traditional
applications, helping organizations accelerate digital efforts and
lessen the often-overwhelming workload on fraud teams.
The Impact of Modern Fraud
Businesses need a totally new approach to online fraud
prevention. Most find they are still losing tens of millions of
dollars annually to online fraud, despite a growing collection of
fraud tools in their arsenal. Juniper Research estimates that
online fraud losses—from sources including new applicant and
account fraud, account takeover fraud, loyalty program fraud, and
digital payments fraud—are projected to exceed $48 billion per year
by 2023.
“The need for innovation in fraud prevention becomes more urgent
when you factor in the accelerated shift to online channels driven
by the current global health situation,” said Sumit Agarwal, Vice
President, Analytic Products at F5, and co-founder of Shape. “We’re
seeing fraudsters launch increasingly sophisticated attacks that
take advantage of COVID-driven shifts and overall economic
distress.”
SAFE overcomes today’s industry challenges in the following
ways:
- Stops fraud, faster: SAFE identifies fraudulent
transactions along the entire user journey, from new account
creation and login to checkout, send payment, and other actions.
SAFE uses AI to accurately detect and block malicious intent, and
has the intelligence to help applications scale and adapt
performance, security, and other important services as needed. SAFE
typically identifies twice as much fraud per month when compared to
other current fraud tools. One large North American bank detected
250% more account takeover fraud in 60 days with SAFE than with
their existing tools, resulting in the elimination of an additional
$10M in fraud losses per year.
- Reduces friction for real customers: Fear of fraud can
cause organizations and application owners to impose friction on
legitimate users because their existing fraud tools can’t
accurately distinguish real customers from fraudsters. Through a
combination of proprietary telemetry and advanced AI, SAFE
significantly reduces friction on legitimate activity by safely
removing MFA challenges for known good users.
- Increases effectiveness of fraud teams: SAFE actively
blocks fraud without the need for fraud teams to write or maintain
rules, and is delivered as a fully managed service, with ongoing
tuning done by Shape fraud experts. In addition, by stopping fraud
at the application perimeter, SAFE reduces the amount of time and
resources fraud teams have to expend on manual investigations. For
one customer, SAFE identified that 67% of fraud cases could be
safely blocked instead of investigated. For another, SAFE
identified 33,000 malicious transactions in a six-week period that
could be blocked instead of investigated.
Leveraging the Power of the Shape Network
Application owners face two core sources of online fraud against
their applications: bots and other forms of malicious or abusive
automation, and real humans with bad intent. Through machine
learning, Shape distinguishes automated traffic (bots) from humans,
as well as malicious traffic from benign, and provides dynamic
defenses to prevent fraud and abuse, while enhancing user
experience. SAFE leverages analytic insights gained from defending
many of the largest and most attacked applications in the world to
accurately identify and stop fraudsters in real time.
SAFE is part of a comprehensive solution set from F5 that helps
modern applications protect themselves with the aid of AI. Today’s
adaptive applications grow, shrink, defend, and heal themselves
based on the environment they’re in and how they’re being used,
which can enable organizations to increase revenue, reduce costs,
improve operations, and better protect users.
Availability
Shape AI Fraud Engine is now available. Please contact a local
F5 sales office or visit ShapeSecurity.com for additional product
and service availability information.
About F5
F5 (NASDAQ: FFIV) is a multi-cloud application security and
delivery company that enables our customers—which include the
world’s largest enterprises, financial institutions, service
providers, and governments—to bring extraordinary digital
experiences to life. For more information, go to f5.com. You can
also follow @f5networks on Twitter or visit us on LinkedIn and
Facebook for more information about F5, its partners, and
technologies.
F5, Shape, and Shape AI Fraud Engine are trademarks or service
marks of F5 Networks, Inc., in the U.S. and other countries. All
other product and company names herein may be trademarks of their
respective owners.
This press release may contain forward-looking statements
relating to future events or future financial performance that
involve risks and uncertainties. Such statements can be identified
by terminology such as "may," "will," "should," "expects," "plans,"
"anticipates," "believes," "estimates," "predicts," "potential," or
"continue," or the negative of such terms or comparable terms.
These statements are only predictions and actual results could
differ materially from those anticipated in these statements based
upon a number of factors including those identified in the
company's filings with the SEC.
Source: F5 Networks
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version on businesswire.com: https://www.businesswire.com/news/home/20201006005456/en/
Nathan Misner F5 Networks (206) 272-7494 n.misner@f5.com
Holly Lancaster WE Communications (415) 547-7054
hluka@we-worldwide.com
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