Financial Crime World

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Belgium Banks Beef Up Fraud Detection Measures Amid Pandemic-Driven Online Payment Surge

As the COVID-19 pandemic continues to drive a surge in online transactions, Belgian banks are racing to stay ahead of emerging fraud threats. According to a recent study by IBM’s Institute for Business Value (IBV), it can take an average of four weeks to detect new fraud patterns and another four weeks to adjust scoring engines - a timeframe that is increasingly problematic in today’s fast-paced digital landscape.

Combating Fraud with AI-Powered Technology

To combat this challenge, Crelan, one of Belgium’s largest banks, has partnered with IBM to integrate its Safer Payments solution. This cutting-edge AI-powered system is designed to quickly adapt to emerging fraud patterns. The technology uses machine learning to learn from past transactions and generate custom rules that can be used to optimize existing fraud detection models or build new ones in minutes.

Recognized as Fraud Prevention and Detection Product of the Year

The IBM Safer Payments solution has already been recognized as the Fraud Prevention and Detection product of the Year by Risk.net Asia, and is being hailed as a game-changer for card issuers and acquirers seeking to boost fraud detection rates while reducing false positives. Crelan’s decision to adopt the technology underscores its commitment to safeguarding customer assets and interests in an increasingly complex online payments environment.

Quotes from Industry Experts

  • “Fraud prevention requires constant attention to maintain a safe payment environment,” said Anne Fievez, Chief Information Officer at Crelan. “That’s why we continue to invest in cutting-edge solutions like IBM Safer Payments to stay ahead of emerging threats.”
  • “IBM Safer Payments uses artificial intelligence designed to deliver insights and quickly adapt to emerging fraud patterns. We’re already seeing successful results with major payment providers like FIS in the USA and STET in France.” - Dominique De Coninck, Financial Crimes Insights Leader for Europe at IBM

The Growing Threat of Online Payment Fraud

Losses from online payment fraud are expected to reach $48 billion by 2023, up from an estimated $22 billion in 2018, according to Juniper Research. With the threat landscape constantly evolving, it’s essential for financial institutions and payment providers to stay ahead of emerging threats.

Conclusion

In conclusion, Belgian banks like Crelan are taking proactive steps to combat online payment fraud by investing in cutting-edge AI-powered technology like IBM Safer Payments. By staying ahead of emerging threats, they can safeguard customer assets and interests while ensuring a safe and secure online payments environment.