Financial Crime World

Payment Card Fraud Prevention in Norway: Nets Achieves Record Low Levels

As digital payments continue to rise, payment card fraud has become a growing concern for consumers and financial institutions alike. In Norway, Nets, Europe’s largest payment card processor by number of cards and transaction volume, has made significant strides in combating payment card fraud.

Combating Payment Card Fraud with SAS Fraud Management

Nets has reduced payment card fraud levels in Denmark by 66% since 2016, resulting in the lowest fraud loss levels in Europe. This achievement is attributed to the company’s real-time fraud platform, which leverages advanced analytics and machine learning capabilities to detect and prevent fraudulent transactions.

Real-Time Fraud Platform: The Key to Success

The company’s real-time fraud platform provides enterprise-wide fraud detection capabilities, covering multiple business lines and channels, as well as real-time analytics execution and decision-making. This platform is based on SAS payment fraud solutions and continually optimizes its performance to stay ahead of fraudulent activities.

Centralized Approach to Fraud Management

Nets’ centralized approach to fraud management has also contributed to its success. With governance and oversight of fraud centralized in SAS Fraud Management, tasks are more efficiently carried out, allowing for faster fraud modeling, improved false positive KPIs, and easier individual reporting.

Staying Ahead of the Game with Partnerships

As payment card fraud continues to evolve, Nets is committed to staying ahead of the game through its partnership with SAS and Nexi Group. The company’s fraud prevention capabilities are now available across Europe, supporting financial crime prevention efforts in over 25 countries.

Quotes from Jeppe Kirkegaard Folling, Vice President of Fraud and Disputes at Nets

  • “When you are combating payment card fraud, you are essentially in an arms race with cybercriminals. Their incentive to find new avenues to trick consumers or use stolen personal data is strong, so we must be even more innovative and diligent than they are.”
  • “The digitalization of payments across Europe has accelerated wildly during and in the wake of the COVID-19 pandemic. Banks and merchants are fully aware that they need to step up their fraud prevention, and Nets can offer just that through our Fraud and Dispute Services, which has SAS Fraud Management at its core.”