Cooperative Bank in Wschowa increases transaction security with Asseco FDS system
According to a study by EY and the Institute of International Finance (IFM), cyber security is the most important risk that banks must manage today. This type of threat even overtakes credit risk. It's no surprise, then, that banks are eager to implement systems guaranteeing the security of online transactions.
The Cooperative Bank in Wschowa is a modern and secure organization with only Polish capital, operating on the market for more than 75 years. It is one of the digitization leaders and has received a number of awards in Poland and abroad for the innovative technological solutions it has implemented. The bank's latest IT project is aimed at increasing the security of transactions carried out by customers using online and mobile banking services.
Cyberattacks on banks increasingly sophisticated
Last year, the Financial Supervisory Commission (KNF) made an announcement, reminding financial institutions of the risks associated with cyberattacks. According to the KNF's data, there were up to 500% more such attacks between 2021 and 2022. The methods used by cybercriminals have become increasingly sophisticated, so fighting them effectively requires both the support of technology and continued awareness of users about the threats present in the digital space.
“We have decided to implement Asseco FDS to reduce the number of fraudulent transactions and the losses that come with them. Cyber criminals often target organizations in the financial industry and their customers. Sophisticated cybercriminal methods are able to change the phone number or email address from which fraudsters make contact. When they call, the victim's phone may display a different, known number or a bank name. Therefore, in addition to securing our bank from the technological side, we also conduct numerous educational campaigns. With the help of available media and organized meetings, we warn against increased social engineering attacks, such as vishing and spoofing” - explains Michał Przyjemski, Vice President of the Management Board of the Cooperative Bank in Wschowa.
Real-time monitoring of transactions
Asseco FDS (Fraud Detection System) is a solution for banks to help them fight cybercriminals and secure their customers' money. The system monitors concluded transactions in real time. It correlates data about the user, coming from different sources, which allows to get a complete picture of the user and identify their typical behavior. The bank's analyst receives a notification when the system detects a suspicious transaction, such as one made at an unusual time, or from a different location than the one corresponding to the user's whereabouts.
Asseco FDS provides bank employees with a set of information necessary in the process of verifying suspicious transactions, both those selected automatically and those reported by customers. This gives the bank the ability to analyze a given case from the perspective of a crime, and, if necessary, to take additional verification actions. Preventive actions taken by the system in real time can include stopping suspicious transactions. Quick detection and prevention of fraud contributes to maintaining customer confidence and the reputation of the financial institution.
Rapid response to new forms of abuse
“We are aware that cybercriminals constantly change the way they operate. That's why Asseco FDS is equipped with a rule editor that makes it possible to easily add a new or modify an existing detection rule as needed. This allows us to react quickly whenever the perpetrators’ new way of operation emerges and to search the system's repository for similar incidents” - says Paweł Kusza, Project Manager, Cooperative Banks Division, Asseco Poland.