How Tietoevry’s advanced defenses saved billions by stopping digital fraud

Tietoevry Banking has blocked fraud attempts worth approximately NOK 2.7bn in 2023, as revealed in their latest “Payment Fraud Report.”

This commendable feat was achieved through real-time monitoring of a staggering 3.4 billion card and account transactions. The report highlights a worrying 70% rise in fraud attempts involving cards and accounts from the previous year, with digital wallet fraud skyrocketing by 300%.

The predominant fraud methods identified include advanced phishing and diverse forms of social engineering, exploiting human vulnerabilities to gain confidential information.

Alarmingly, the use of artificial intelligence by fraudsters has evolved, enabling more sophisticated scams such as AI-generated deep-fake communications, which pose significant challenges to both consumers and the financial sector.

The Defence Centre at Tietoevry Banking, manned by financial crime prevention experts, has effectively stopped over a million transactions on sites peddling illegal goods and blocked numerous transactions linked to subscription and investment frauds following a careful investigation.

The report also advises consumers on ways to mitigate fraud risks, such as verifying identities in communications potentially manipulated by AI, being vigilant against unexpected requests for personal or financial information, and scrutinizing the legitimacy of online stores.

Tietoevry Banking Head of Financial Crime Prevention Defence Centre and spokesperson André Moen Eide said, “Fraud resulting from social engineering is a rapidly growing problem worldwide. Exploiting human factors to gain confidential information or assets occurs through various channels such as social media, phone calls, messages, emails, and online meetings.”

He further added, “With the use of artificial intelligence, fraudsters will become even better at this, for example, through AI-generated deep-fake phone calls, which can manifest as kidnapping fraud or CEO fraud.”

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Source : https://fintech.global/2024/06/24/how-tietoevrys-advanced-defenses-saved-billions-by-stopping-digital-fraud/