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Combating Fraud and Cyber Crime from Bank Perspective

16th of August 2019



How should banks position themselves in the evolving cyber crime environment? Linus Fugl, Vice President and Head of Transaction Services/CSD at Danske Bank, discusses fraud management and its biggest challenges from bank perspective ahead of Mobey´s Member Meeting in Stockholm, hosted by EVRY.



  1. Do you think banks can effectively combat evolving fraud and still maintain good customer experience?

    Traditionally, it has been argued that strengthening fraud prevention harms customer experience. 3D Secure is an example of this as it requires the customer to type an additional verification code sent by text message. Advanced technology and smart solutions are however allowing banks to strengthen fraud prevention and customer protection without necessarily impacting the customer experience in a negative way. As an example, our geo-blocking solution on cards that enables customers to open or close the region the card is available in according to where the customer is using the card.Another example is the implementation of Machine Learning models and Advanced Analytics allow banks to both strengthen the capabilities in identifying fraud as well as limiting the “false positives” among transactions taken out for manual verification; transactions that may be potentially delaying the execution of transactions

    As card- and payment fraud is growing, safe banking includes the bank’s capability to protect customers to ensure positive customer experiences.


  1. What are the biggest challenges in fraud and cyber crime for banks currently?

    Fraudsters are increasingly targeting clients directly. By means of social engineering they lure them into execute transactions to the benefit of the fraudsters. Customer-authorised transactions can be complex to detect and prevent, and demand capabilities within areas of both prevention, detection and investigation of cases.Within card fraud, a challenge is the increasing trend in large-scale card compromises where fraudsters typically obtain data on cards through data breaches from online merchants. In order to mitigate and prevent this, the gathering of intelligence and swift response to cards impacted and potentially exposed to fraud are key.


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