In Finland, losses due to fraud for banks have doubled only in two years. The technical and professional competences of criminals conducting payment fraud is growing and getting more and more advanced. Card numbers are widely available on internet due to constant hacking incidents.
Nets' new real-time fraud prevention system enables proactive fraud prevention – by stopping suspicious transactions before they are processed – instead of being reactive once the transactions have been processed. This improves significantly the ability to limit the card fraud impacting the banks.
"Previously we were able to prevent fraud only when the first transaction was made. The new fraud prevention system can react in real time to fraud trends and finds and prevents conspicuous transactions in advance. As a service provider for many Nordic banks we are able to offer card data analysis capabilities on a Nordic level and to improve customer experience and to create a safer card usage experience," says Kati Rintala, Head of Fraud & Dispute Services at Nets.
"The Fraud Prevention system has been a substantial investment for Nets, and we hope of course, that all banks will implement the system. Similar services in Denmark, Norway and Sweden have achieved a significant decrease in the fraud figures," Rintala continues.
Kati Rintala, Head of Fraud & Dispute Services, tel. +358 50 522 7774, firstname.lastname@example.org