Ecuador’s Banco Pichincha Bank Fights Back Against Cyber Criminals with Advanced Fraud Detection Methods

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Quito, Ecuador - A Bid to Protect Customers and Reputation

Ecuador’s largest bank, Banco Pichincha, has implemented advanced fraud detection methods to combat the growing threat of cyber criminals and fraudsters in Latin America. With over 3.1 million customers and 297 branches across Ecuador, the bank has been a victim of increased phishing and spam activity in recent years, damaging confidence in online banking services.

The Solution: Kaspersky Fraud Prevention Platform

The solution was provided by GMS, a Kaspersky Lab Gold Partner, which delivers comprehensive multi-layered security for both online and mobile banking. This unique technology enhances banks’ existing security solutions by providing an additional layer of defense at the customer endpoint, protecting the bank and its customers from cyber criminals and fraudsters.

The Threat: Cybercriminals Target Vulnerable Citizens

According to Kaspersky Lab’s research, in 2014, Brazil suffered the highest number of attempts worldwide to launch malware capable of stealing money from online bank accounts. Cybercriminals target vulnerable citizens without adequate security, luring them onto fake websites and redirecting their transactions, tricking them into revealing usernames and passwords.

Results: Significant Reduction in Fraudulent Activities

The implementation of Kaspersky Fraud Prevention platform has resulted in a significant reduction in fraudulent activities, with none of the affected customers who downloaded the software experiencing any security breaches. The solution also provides centralized control of the fraud prevention platform, giving bank officials real-time views of its performance and potential threats.

Impact: Improved Security and Restored Customer Confidence

Banco Pichincha’s decision to invest in advanced fraud detection methods has not only improved the bank’s security but also restored confidence among its customers. The new mobile banking app, launched by Banco Pichincha in May 2015, features the mobile version of Kaspersky Fraud Prevention platform, providing an additional layer of protection for customers using mobile devices.

Conclusion

“We are committed to protecting our customers’ data and ensuring their trust in our services,” said a spokesperson for Banco Pichincha. “The combination of GMS and Kaspersky Lab was the best solution to provide the level of protection required for our customers, and we have seen significant positive results.”