(Oslo, 27 November 2018) DNB has renewed its agreement with EVRY for card fraud prevention solutions. As the solutions work in real time, fraudulent transactions can be stopped before they are completed. Adopting artificial intelligence and machine learning will make the hunt for fraud even more sophisticated and accurate.
Although the Nordic countries have one of the lowest rates of card fraud in the world, fraudsters are becoming increasingly sophisticated and organised. With the help of technology, networks and a few simple clicks, fraudsters can exchange card information across international borders. The most widespread form of card fraud today is what is known as ‘card-not-present fraud’, which is when a fraudster uses someone else’s card and account information to buy something online without actually having to have a physical card.
“People today have a lot of choice about how to pay for things. Ecommerce is growing quickly and uses lots of different cards and payment apps. This is positive for customers, but the more payment methods that are made available, the more demanding it is to prevent fraud. Renewing the agreement that we have with EVRY will ensure we have an innovative and internationally leading collaboration partner that continuously develops its solutions to stay one step ahead of fraudsters”, comments Alf Otterstad, Group Executive Vice President for IT at DNB.
“We are seeing this type of crime change in character in pace with digitalisation. Fraudsters trying to defraud people is a serious issue and we are therefore putting a great deal of work into increasing security for our customers, which is important to maintaining trust in the financial system”, continues Alf Otterstad from DNB.
“We are very pleased that we will be continuing to work with DNB as well in this area. Banks, the police authorities and organisations such as EVRY that are major providers to banks working together is making it possible to stop a lot of attempts to commit fraud. Integrating artificial intelligence into our solutions is increasing the accuracy of real-time authorisation for genuine transactions and is helping to stop more attempts to commit fraud. Banks will lose less money as a result, while fewer customers will have a bad experience”, explains Wiljar Nesse, Executive Vice President for Financial Services, EVRY.
EVRY is a leading service provider for transaction monitoring in Northern Europe. EVRY monitors approximately 2.3 billion card transactions from 80 banks in 10 different countries per year and detects about 100,000 fraud attempts annually. EVRY’s algorithms can detect whether or not a transaction is fraudulent within 0.2 seconds. EVRY’s solutions currently stop eight out of 10 fraudulent transactions.