In times where card payment security is highlighted every day, Savings Banks Group has deployed a new, advanced and real time fraud prevention service, provided by Nets. The state-of-the-art system based on the use of both artificial intelligence and the most experienced experts in the industry, monitors card transactions continually and is able to detect suspicious activities significantly more efficient than before.
"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", said Hanna Oiva, Card Payments Manager at Savings Banks Group.
Nets' position as the biggest payment service provider in the Nordics and second biggest in Europe delivers unique amount of data for use with artificial intelligence. Nets handles billions of card transactions in the Nordics yearly. Data this large enables AI and machine learning to function as efficiently as possible and offers best possible protection for the end client's card data.
"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", said Kalle Varmola, Fraud Manager from Nets.
Fraud attempts are discovered more efficiently
Savings Banks also take into use Nets' Consumer Protection service, which prevents falling into subscription traps. Nets monitors card transactions continuously and simultaneously analyses card holders' reclamations on subscription traps. These together create a feed, which is used to identify situations that are probable subscription traps and the payment can be blocked.
Limiting card use instead of closing
Nets' Smart Block is an advanced service for making the card owners' life easier. This is also taken into use by Savings Banks through the cooperation. With Smart Block, a card doesn't need to be closed completely in situations, where card data is suspected to have fallen into wrong hands. Instead, card use can be limited to payment situations, where transactions are approved with PIN-code or authentication in online purchases. The cardholder isn't left astray for example on trips, thanks to Smart Block.
Media contacts – Nets:
Head of Press Relations
+45 29 48 26 46
Media contacts – Savings Banks Group:
Head of Cards
+358 50 571 0936
At Nets, we see easier products and solutions as the foundation for growth and progress – both in commerce and society. We help financial institutions, businesses and merchants make tomorrow a little easier for their customers while delivering unrivalled security and stability. Powering a tomorrow that's easier than today. This is what drives us.
About Savings Banks Group
Savings Banks Group enhance individuals and societies financial welfare. We want to be known of our bravery, expertise and passion for excellent customer service. Savings Banks Groups cover 23 local Savings Banks and Savings Banks centrum, which is located in Vallila. We offer to our customers wide variety of retail banking services as well as investment, real estate and insurance services.