Blog

Two Banks on the Forefront of Fraud Prevention

Nov 28, 2011

When you work with as many banks as we do at BPC Banking Technologies, you learn a great deal about what financial institutions across the globe are doing to combat payment fraud.

While the success of those efforts vary from bank to bank and country to country, it's safe to say that most banks do a pretty good job at handling card security breaches after they occur. However, many institutions fall short when it comes to fraud prevention and fraud detection.

According to a recent Information Security Media Group survey, 76 percent of financial institutions first learn of fraud incidents only when their customers and members notify them. This finding suggests that banks can do a better job of preventing and detecting fraudulent activity before their customers know about it and before it costs the bank in fraud losses.

Russia's Alfa-Bank and Ukraine's UkrSibbank are among the banks taking the lead in card fraud prevention.

In recent years Alfa-Bank has seen dramatic growth in its ATM network and the number of issued cards. Today, the Bank's card base exceeds 8 million, and the processing center supports more than 2,200 ATMs across Russia.

Given Alfa-Bank's dynamic growth as Russia's third largest card issuer, it has become a top priority to prevent fraudulent activity such as the use of skimming devices on ATMs and viruses for stealing card data. SmartGuard has become a crucial weapon in the bank's fight against card fraud.

BPC's SmartGuard "provides our specialists with every tool necessary for efficient and timely detection and online blocking of suspicious transactions," says Alexey Golenishev, head of Alfa-Bank's payment schemes relationships department. "It also allows us to quickly adjust to detect new types of fraud."

UkrSibbank is also using BPC's fraud management system to monitor 100 percent of online and offline transactions – without degrading service performance levels. The bank's security team gets a complete picture of cross-channel transactions and potentially fraudulent activity, so it can stop unauthorized transactions before they are processed.

SmartGuard has proven so effective that The Banker Magazine Ukraine recognized BPC with an award for its fraud prevention technology in 2010.

As Morshenev Andrey, head of IT security at JSC UkrSibbank, notes, "We already had a very good fraud management system. But SmartGuard took us to a whole new level. Now we can really stop fraud before it happens."

Richard Phillimore is executive vice president at BPC Banking Technologies. Richard has more than 45 years of experience in the global financial services industry, including senior positions with NatWest Bank, MasterCard Worldwide and Fidelity National Information Services.

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