Touch Bank, the digital bank of OTP European financial group is using FraudNet from Experian. Experian describes FraudNet as a scalable solution for the prevention of online fraud. The platform identifies fraudsters who open fake accounts, take over accounts of customers, or make fraudulent online transactions. The aim is to minimise the risks of fraud and losses through recognition of devices used to access online services and monitoring of the related activities. Touch Bank are using the solution for analysis of online credit applications.
Konstantin Guseev, Touch Bank Risk Director says: “All Touch Bank products and services work online in real time and are available remotely. It is critical for us to use the very best of the existing solutions to protect our clients against fraud. The Russian banking market has some peculiarities: in particular, domestic hackers and high-technology fraud are prevalent. This is one of the reasons for the pilot project with Experian. Now we are performing a trial run of FraudNet, using it for all online applications for credit facilities. The technology allows us to recognise, with a high degree of confidence, the device that was used for filling in the application form, and to match it against the black list of electronic devices and assess to what extent this device corresponds to the profile of the potential customer.
“We opted for Experian because FraudNet offers a sufficiently high level of customisation and individual settings, ensuring high accuracy at matching suspicious devices against black lists. It is also crucial for us that the speed of assessing each device is just a few seconds. This is particularly relevant for us, since customer expectations with regard to online services are getting higher and higher every day.”
Alexey Butychin, Director of Operational Centre, Experian Russia and CIS, says: “Online fraud is gathering pace and FraudNet has been designed to detect it. Fraudsters are trying to forge more and more internet transactions, from filing a credit application to account takeover and identity theft. The purpose of FraudNet is gathering and analysis of information on the device used by customers, and on the characteristics of the session. FraudNet is used by leading global organisations, including JD.com, a direct e-commerce company that has the largest market share in China by transaction volume, and Alitalia, the main Italian airline. Cooperation with Touch Bank is very important for Experian, and we are happy to provide our solution to a bank that makes digital customer service a priority.”
Experian adds that its FraudNet service is used by eight global banks and over 120 international companies across five continents. Within a month, FraudNet manages to process more than a trillion devices.
