Finland’s Savings Banks Group has deployed Nets’ advanced fraud prevention solution in a bid to enhance its clients’ card payment security.
Powered by artificial intelligence technology, the new system continuously monitors card transactions to identify potential threats. It is also said to be more efficient compared to the earlier versions.
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Savings Banks Group card payments manager Hanna Oiva said: “We want to offer our clients even safer and smoother transactions. Today, card payment security has become increasingly important and through this cooperation our clients are served with even more security to their daily card transactions.”
The implementation encompasses usage of Nets’ Consumer Protection service. Besides monitoring every transaction, the service analyses card holders’ reclamations on subscription traps.
This feed is used to detect suspicious subscription traps where the payment can be blocked.
Additionally, the service includes Smart Block utility which limits the card use instead of closing it in case of card data is suspected to have been compromised.
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By GlobalDataIn such situations, a transaction is approved with PIN-code or authentication in online purchases.
Nets fraud manager Kalle Varmola said: “Nets’ state-of-the-art technology adds true value to both banks and their clients.
“Our experts’ decades of experience with card fraud prevention combined with artificial intelligence and machine learning is truly a powerful combination.”
Located in Vallila, Savings Banks Groups include 23 local Savings Banks and Savings Banks centrum. It offers retail banking, investment, real estate and insurance services.
