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Roy Prayikulam
Roy Prayikulam

Consulting

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Learn how Rabobank is using RiskShield for cybercrime protection and managing their compliance and risk management

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Retail & Corporate Banks

Multi-channel Payment fraud detection

 

Fraud is a global problem of considerable magnitude, and continues to grow despite the best efforts of all concerned in the payments industry. A recent European Committee report states 10 million fraudulent transactions in the SEPA area occur each year, affecting some 500,000 merchants and translating to roughly €1 billion in losses.

 

A large number of banks and payment processors have already chosen Riskshield to protect their ACH, international payments (e.g. SWIFT), direct debits, SEPA payments and other transaction types from fraudulent attacks using a multitude of detection techniques. RiskShield’s fraud management solution is built on a multi-channel fraud platform allowing financial institutions to gradually deploy an enterprise-wide fraud detection and prevention solution.

 

RiskShield helps minimize these fraud losses through advanced fuzzy based decision logic, which can be easily adapted for any kind of payment processor. In addition, RiskShield offers comprehensive investigation, response and recovery tools that allow banks and payment processor to block transactions and stop payments in real-time where needed.

 

Internet banking fraud and cybercrime prevention

 

Criminals are increasingly turning to online fraud as more traditional channels become increasingly better protected. Fighting online bank fraud requires speed and flexibility. Real-time crime requires real-time detection to be an effective deterrent. RiskShield has proven to deliver a highly flexible and agile adaptive rule modeling and prototyping tool that is user-friendly to use and does not require the analyst to possess programming skills.

 

Riskshield is currently being used to protect more than 30 million Internet Banking accounts in multiple countries. By leveraging the strength of using multiple data sources and fuzzy controlled technology with pattern recognition combined with network analysis and conventional rule based prevention, RiskShield provides a robust, agile solution with superb fraud detection results that are reliable.

 

The Benefits of using RiskShield:

  • Account monitoring of activities to detect suspicious account behavior or account takeover whether from new or existing accounts.
  • Detection of suspicious activities with any kind of financial transactions e.g. domestic payments (ACH), direct debits, SEPA payments and international transfers (e.g. SWIFT).
  • Real-time and high-performance fraud detection technology with up to 5,000 transactions per second.
  • Lowering of false positives due to fuzzy controlled technology with pattern recognition, network analysis and conventional rule based prevention.
  • Monitoring transactions and customer accounts across multiple channels (e.g. Internet banking, Mobile banking, Call Centers) enables financial institutions to identify and combat complex fraud schemes.
  • Combining financial transaction data with non-financial events e.g. authorization requests, user browsing behavior, recent change in master data, etc.
  • Monitor additional web activity source e.g. IP address, Geo-IP information, and technical information from the user’s online session, customer dependent web application data.
  • Supports fraud bulletins sources and black lists.
  • Use historical and dynamic transaction profiles to reduce false positive rates on detection results.

 

 

Customer References

Some of our key references in multi-channel fraud detection and prevention

Belfius Rabobank
SNS Bank National Bank of Greece

For more information about how RiskShield can help fighting online banking and ATM fraud, please contact us for a live demo or presentation.