Segasec Announces Early Threat Detection Capability for Account Takeovers

The new feature would alert potential fraud victims to online scams before their accounts are overtaken, protecting them and the brands with which they’re interacting.

At the Cybertech Europe conference today, security software company Segasec announced new capabilities to help online brands protect themselves and their customers from fraud and phishing attacks. The primary capability is an early detection feature that allows Segasec to spot potential account takeovers before consumer accounts have been taken over, and without tipping-off the attackers.

According to Infosec, the certification and skills development training company for IT and security professionals, “the U.S. Federal Trade Commission (FTC) received more than 1.4 million fraud reports in 2018. In 25% of those cases, money was lost, with the total being around $1.48 billion. This is an increase of 38% over 2017. In the UK, CIFAS (national anti-fraud body) collected a record of 305,564 scam reports in 2017.”

Segasec is an end-to-end solution for mitigating the risk of consumer phishing. Using Big Data technologies and Machine Learning algorithms, Segasec performs quadrillions of scans to identify potential brand-related manipulations and fraud. Delivered as a fully managed service, Segasec handles detection, response and deception, blocking and take-down. Over 100 companies across industries are using Segasec today.

Segasec’s new early detection feature is intended to thwart account takeovers before they happen. This advanced solution feature, which is in a closed beta for select financial services and retail customers, allows Segasec to spot a fake website and secure a consumer’s account credentials before they can be used by the attacker. Segasec cannot see the consumer’s data, which is encrypted with a public key and available only to its owner. The new version of Segasec’s solution will cost the same as the current version. The price is based on the risk factor for each organization.

“This is a highly differentiated capability, which, to our knowledge, no other phishing-focused security software company offers,” says Elad Schulman, CEO of Segasec. “The ability to collect information from the attacker’s environment, without getting detected by the attacker, is very unique. The dynamic nature of attacks, coupled with automation attackers are using and their cloaking capabilities, is a constant threat to brands. Our new feature should help them, and their customers, sleep better at night.”

Source: Segasec media announcement