Finnish S-Bank taps Worldline’s fraud management suite amid rise of online fraud

Rick Steves

“The successful integration of the Fraud Management Suite at S-Bank, a major player in the Finnish market, underlines our increasing footprint in the Nordic region.”

Finnish bank S-Bank, locally known as S-Pankki, has deployed Worldline’s Fraud Management Suite into its issuing platform for extensive real-time fraud detection for debit and credit cards whilst increasing the efficiency of its card fraud and risk management.

S-Bank caters to 3.1 million customers in Finland and is taking measures to develop new services and reshape the banking industry by offering superior ease and benefits.

Online fraud now represents 94% of overall fraud

Worldline’s Fraud Management Suite will enable the bank to react to payments fraud in real time at a time where online fraud now represents 94% of overall fraud, with counterfeit fraud and face-to-face interactions decreasing.

Online fraud is forcing financial institutions to take innovative action to detect and respond to fraud in real-time and Worldline’s fraud detection and reaction platform will help S-Bank tackle fraudulent payments before they are even processed.

The solution, also known by its acronym FRAMS, covers all aspects of card fraud detection and prevention, incorporating artificial intelligence and rules modelling management, investigations, and fraud case handling.

Three tools developed by Worldline and adapted to S-Bank processing have been implemented:

  • Worldline Pay Online Watcher: a real-time rules engine for front-office authorization declines.
  • Extended Watcher: providing artificial intelligence and big data analysis including clearing and confirmed fraud cases, as well as for sending card blocking instructions to the back-office.
  • Fraud Case Management tool: for case handling, investigations and call centre for cardholder interactions.

Wordline increases footprint in the Nordic region

Marketta Lundell, Head of Cards at S-Bank: “During the implementation process, we found common working methods and are pleased with the current co-operation with Worldline. We recognize that by implementing this Worldline FRAMS solution on top of our existing platform, we’re benefiting from the expertise and software that was developed in-house by Worldline, that is also used by financial institutions across the entire continent.”

Michael Steinbach, Managing Director of Financial Services business at Worldline: “The successful integration of the Fraud Management Suite at S-Bank, a major player in the Finnish market, underlines our increasing footprint in the Nordic region. With our solution, S-Bank can scale up without hesitation, at any given time. We’re proud to welcome them as one of our partners in Finland, and this partnership demonstrates an amazing possibility for growth.”

Read this next

Executive Moves

CAPEX.com hires Vikas Lakhwani to join MENA business

Multi-licensed broker CAPEX.com has appointed Vikas Lakhwani as its general manager for the Gulf Cooperation Council (GCC) region.

Retail FX

Swissquote secures CySEC licence as crypto business grows

Swissquote Group, Switzerland’s provider of online trading services, has received approval from CySEC to operate as a market-making Cyprus investment firm.

Institutional FX

Moscow Exchange still enjoys solid market making volumes

The Moscow Exchange, Russia’s largest exchange group, released its monthly batch of trading volumes and metrics for November 2022 – the latest readings showed flat performance across the board for multiple segments.

Inside View

The Year-End FX Turn: To Everything There is a Season

By Paul Houston, Global Head of FX Products, CME Group

Crypto Insider

A Wrapup of zkSync x Bitrue’s “Ask Me Anything” Session

In another edition of Bitrue’s AMA on Twitter Space, Bitrue invited a special guest from the company behind the creation of zkSync, Matter Labs. Marco Cora, Head of Business Development from Matter Labs, joined the session to give listeners a rundown on what’s up with zkSync.

Technology

New Features, Upgrades, and Improvements: B2Broker Launches Big Update of Its Flagship CRM System B2Core

In a massive update for its flagship product, B2Core, B2Broker, one of the leading providers of liquidity and technology solutions for brokers and exchanges, has released new features. Enhancements in the update include the following to provide clients with more features, flexibility, and security:

Industry News

Will SEC v Ripple end come too late for crypto industry in the United States?

SEC v. Ripple Labs has entertained the digital asset industry ever since being filed in 22 December 2020. Nearly two years in, both parties have addressed the court to pursue a summary judgment in order to avoid going to trial.

Inside View

Outsourcing: The Key to Improving Your ROI

Gen Z, the second generation of digital natives, has already set out on its path to wealth creation, participating in the financial markets and inspiring Generation Alpha to follow suit. The current and upcoming generations of investors are increasingly looking for cutting-edge technology to aid their decision-making process. As investor demographics change and the markets become increasingly global, brokers need to evolve their ecosystem to stay a step ahead. This is the only way to survive the rapidly changing markets.

Crypto Insider

How did Bitcoin affect Forex in 2022? A few clues and observations

Many news segments and their buzzwords dominated 2022: inflation, war, energy and currency crises, the FTX meltdown, and one bitcoin now being priced less than the cost of mining one. With this in mind, let’s briefly examine how crypto and Forex have bounced off each other in 2022.

<