Jet Infosystems installs a fraud protection service for the Bank of Moscow
Moscow. Remote banking for corporate customers at the Bank of Moscow has become safer due to a new fraud protection system based on RSA Adaptive Authentication and designed by Jet Infosystems. Fraud prevention expenses by the bank have decreased by 80%. The self-learning system adapts to new or modified fraud schemes and automatically identifies and blocks at least 99.79% of suspicious transactions. The number of transactions that require a manual review has decreased by a factor of 5.
"BMO's corporate customers in 2014 made over 30,000 remote payments a day; during peak hours the system processed up to a 100 transactions a second, - relates Vasiliy Okulesskiy, head of information security at BOM. – Procurement of a risk management system that would learn in real time, control an impressive number of transactions in seconds, reduce the human factor to a minimum and adapt to fast changes in fraud schemes became a matter of absolute priority for the bank.”
Jet Infosystems reviewed BMO’s remote banking infrastructure, analyzed fraud control processes in place, transaction data and fraud statistics to formulate architectural and functional requirements to the new system. Consequently it was integrated with the bank’s infrastructure and connected to key systems (ABS and remote banking) without any adverse impact on their reliability and performance. Data collection rules concerning user environment and user transactions, fraud analysis and response scenarios were set up for the remote banking system.
Owing to RSA’s capabilities, the bank’s local security system is connected to the global fraud database that dozens of international organizations maintain in real time. The system reviews all money transfers as well as major remote transactions by corporate customers.
“Pilot operation was a key stage of the project. At this stage the project team “taught” the system a mathematical model of fraud discovery, developed profiles and accumulated historical data. The model identifies high-risk transactions on the basis of general criteria as well as the historical patterns of fraudulent activities,” – explains Alexey Sizov, fraud prevention manager at Jet Infosystems Information Security Center.
The Bank of Moscow ranks among the top 5 Russian universal private banks in terms of the amount of assets, capital and deposits. The Bank’s key shareholder is the VTB Group (96.88%). Its development strategy is that of an independent financial institution within the Group. It operates primarily in Moscow and the Moscow Area.