Banking, Financial Services, and Insurance (BFSI) is a high-value target for fraudsters. The use of botnets to commit fraud has ramped up the speed of attacks in recent years. Hackers deploy botnets on financial institutions to take over accounts, execute distributed denial of service attacks, or scrape content. Large-scale, sophisticated bots are often low and slow to bypass conventional security measures. Integrate ShieldSquare bot mitigation solution into your existing security infrastructure to eradicate automated threats in real-time.
Impact of Bots on Financial Services
Hackers use credential stuffing to validate stolen credentials. Fraudsters steal login details through phishing and malware attacks. Credential stuffing attacks often appear legitimate to WAFs and operate under existing security measures. Fraudsters also perform brute force attacks to take over customer accounts. Bots can directly trigger a bank’s APIs to generate a login without launching the mobile application.
Mitigating account takeover attacks requires an advanced solution that is fine-tuned over the years to find anomalies in user behavior, understand bot signature, and block bots. ShieldSquare processes hundreds of billions of API calls every year. The threat intelligence gathered from APIs, and other attack vectors help us prevent account takeover.
Application DDoS attacks target vulnerabilities in applications, business logic, and servers. Application layer attacks are often performed using botnets that are distributed over thousands of IP addresses. Such attacks exhaust and damage servers, applications, and database resources. These attacks are also executed to divert attention from malware insertion or other breaches. Layer 7 application DDoS attacks can cost thousands of dollars per hour due to downtime, and other possible frauds.
Detecting application DDoS attacks requires an extensive understanding of bot fingerprints. Otherwise, it may result in false positives. ShieldSquare collects bot fingerprints from its broad client base of over 80,000 internet properties and combines the intelligence with proprietary Intent-based Deep Behavior Analysis (IDBA) to stop application DDoS attacks.
Web Scraping and Account Aggregation
Competitors harvest content from web properties of financial institutions. Comparison sites scrape content to list the range of interest rates or provide details about transaction fees charged by various financial institutions. Aggregators compile information from different accounts through credentials provided by customers. Intermediary apps use account aggregator bots to conduct wealth assessment.
ShieldSquare bot mitigation solution is designed to manage bots on web properties of financial institutions. ShieldSquare provides multiple options to financial firms beyond blocking scrapers. We allow you to take custom action against bad bots and whitelist trusted bots.
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