Touch Bank, the digital bank of OTP European financial group announces the launch of FraudNet from Experian, the leading global information services company, to protect its customers  from fraud.

Experian’s FraudNet is a scalable solution for the prevention of online fraud. The complex platform identifies fraudsters who open fake accounts, take over accounts of existing customers, or make fraudulent online transactions. It helps to minimise the risks of fraud and losses through recognition of devices used to access online services and monitoring of the related activities. Thus, FraudNet makes it possible to significantly increase the security of processing online applications and servicing transactions.

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.”

FraudNet holds a firm position in the market: the service is used by eight leading global banks and over 120 international companies across five continents. Within a month, FraudNet manages to process more than a trillion devices. During the past year, the system checked more than 20 billion transactions for the total amount of more than USD 25 trillion, and detected USD 500 million suspicious transactions in 2015.

About Touch Bank

Online bank of European financial OTP Group, a leader in the Central and Eastern Europe banking market. Touch Bank operates under the license of Russian JSC OTP Bank, in compliance with the requirements of the banking Russian legislation.

Source: Experian Press Release