Fraud Prevention
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Success story
SUSTAINABLE FRAUD MANAGEMENT THROUGH AGILE OPTIMIZATION
ING Bank Slaski, a prominent player in the Polish banking sector with over 4 million account holders, has continually spearheaded digital innovation. As the financial industry witnesses the rise of online and mobile banking, ING Bank Slaski encountered a significant challenge: the evolving and sophisticated world of cyberattacks.
The ChallEnge
ING Bank Slaski faced a pressing challenge in the financial sector as cyberattacks, particularly in the emerging channels of online and mobile banking, grew in frequency and sophistication. These attacks posed a significant threat to the bank's computer systems and, consequently, to its customers. The situation was further complicated by the evolving consumer behavior, with more customers opting for smartphone-based payments directly from their bank accounts. The bank had a strong strategic focus on digital banking, emphasizing convenience and security for its customers.
Despite their efforts, phishing attempts, which started in the Polish market in 2010, had been on the rise: "The increasing number of attacks and the growing complexity of malware made it clear that a flexible and sustainable security solution was needed to safeguard the bank's virtual channels for the future."
Maria C., Manager of Electronic Fraud Prevention at ING Bank Slaski
RiskDefender is helping us to re-define the rules based on our own experience from previous attempted fraudulent attacks. By combining the rules with RiskDefender’s dynamic profiling feature, the results are far more accurate than we would have expected.
The project in brief:
- ING Bank Slaski identified the need for advanced security to protect digital channels proactively.
- After evaluating vendors, they chose RiskDefender from INFORM for its high-performance fraud detection and rapid implementation.
- RiskDefender was deployed for e-banking and card payment services within six months.
- RiskDefender significantly reduced false positives, enabling efficient alert handling and proactive fraud prevention.
- RiskDefender's live data analysis enhanced customer behavior understanding and thwarted many fraud attempts.
The Result
Thanks to RiskDefender, ING Bank Slaski achieved a 5-times lower false positive rate and a 47% reduction in financial losses related to card fraud. The implementation of RiskDefender provided the bank with self-support functionality, complete control and transparency in decision logic, and the ability to adapt IT-related modifications and configurations in-house. This agile and cost-efficient technology, coupled with a strong partnership with INFORM, allowed ING Bank Slaski to stay ahead in fraud prevention and protect their digital banking services effectively.
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