Slovak Banks Face Increasing Fraud Threats: Seeking Advanced Detection Tools

Banks and financial institutions (FIs) in Slovakia are grappling with a growing wave of sophisticated cyber attacks and complex fraud attempts. As digital banking becomes increasingly popular, FIs must balance security measures with the need for seamless customer experiences.

The Growing Threat of Cyber Attacks and Fraud

According to recent reports, even though FIs in Slovakia do a good job preventing about 60% of all attempted fraud, losses from mobile banking fraud have increased rapidly.
Risk management strategies and authentication policies must adapt to cope with the increasing number of connections, the creativity of fraudsters, and new regulations.

The Need for Advanced Fraud Detection

Slovak banks need to use multiple techniques to monitor each risk, act of fraud, and cyber attack. However, implementing these can be a real challenge involving several vendors.

Gemalto IdCloud: A Comprehensive Risk Management Solution

Gemalto IdCloud’s risk management services offer four layers of intelligence that transparently analyze user and environment activities from different perspectives. These layers create a dynamic profile of each event, giving banks the confidence they are identifying “good” consumers based on their online interactions.

Four Steps to Prevent Fraud in Banking Using Gemalto IdCloud

Device Intelligence: Identifying recurring devices accurately, detecting high-risk networks and locations, and spotting device anomalies that indicate fraudulent activity.
Behavioral Biometrics: Analyzing inherent user behavior and creating an individual profile for future sessions to detect account takeover or social engineering fraud.
Behavioral Analytics: Checking user habits at individual and population levels to detect unusual behavior and flagging out-of-the-ordinary transactions.
Trust Consortium: Evaluating billions of events to help banks know who to trust, even if they are new to them.

Enhanced Onboarding with Risk Management

Gemalto IdCloud offers enhanced onboarding with risk management, which strengthens the identity proofing process security by applying risk management technologies to analyze the environment and user behavior. This can lower the total cost of ownership by avoiding additional checks and abandoning high-risk enrolments at an early stage.

Enhanced Access with Risk Management

Gemalto IdCloud also provides enhanced access with risk management, which analyzes the risk level of every single customer transaction and recommends the most appropriate authentication method to minimize risk and prevent account takeover fraud.

Compliance with Security Regulations

Gemalto IdCloud’s risk management services are designed to meet the latest security requirements of regulations such as PSD2 and FFIEC.
It offers real-time monitoring of the authentication and transaction process risk, as required by PSD2’s regulatory technical standards (RTSs).
Complex security policies can be defined based on the level of risk, type of transaction, and user profile, as recommended by FFIEC.

Gemalto IdCloud has been designed for GDPR and CCPA compliance, making it an ideal solution for Slovak banks seeking to balance security with customer experience while meeting regulatory requirements.