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Belarusian Belinvestbank installs Tieto card fraud solution

Belinvestbank is the first bank in Belarusia to switch over to an independent payment card transaction risk monitoring system. The bank is installing Tieto's Card Suite Fraud Management solution to manage its own monitoring and risk control services in future, covering the local BelKart card and international payment card schemes run by Visa and MasterCard.

The number of crimes in the payment card area is growing in Belarusia as the introduction of modern retail banking and modern payments technology creates new types of fraud in the country, mirroring more developed markets. The Tieto Card Suite software package that Belinvestbank is installing allows it to better monitor and identify potential fraud, via the use of pattern spotting behavioural software and increased connectivity and real-time data analysis.

The bank is confident its new anti-fraud solution will save time and resources by monitoring authorisations in real-time, without the need to involve third-party organisations as in the past, and it is already having a positive impact on customer service and processing.

Transaction analysis is now possible with the new system, hopefully preventing fraud attempts before they can even get started. The software suit covers the issuing and acquiring side of the card business. Qualitative monitoring of transactions is performed by merchant organisations upon request, to protect bank customers.

According to Aleksandr Sotnikov, director of the card centrr at Belinvestbank, the contract was given to Tieto after a competitive review process based upon an existing “long and productive” working relationship - the main part of Belinvestbank payment card business has always been built on Tieto products. “We hope that as a result of our cooperation, the business of the bank will become even more successful and prosperous,” he concluded.