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SNS REAAL goes live with RiskShield for Online and Mobile Banking Fraud Detection and Prevention

INFORM GmbH, a global company specializing in software that uses intelligent process optimization logic to improve business productivity, announces that RiskShield fraud prevention and detection solution has been selected and successfully implemented by Dutch bank and insurance group SNS REAAL, to provide real-time fraud detection for its 3 banking brand labels; SNS Bank, ASN Bank and RegioBank. As part of SNS REAAL’s financial crime risk strategy, RiskShield monitors all financial transactions, online banking sessions, and web anomalies to protect their banking activities and online channel services. 

Due to increasing complexity of cyber-crime attacks at Internet Banking services and online merchants, SNS REAAL took a strategic, pro-active IT approach to enhance their fraud prevention technology by using RiskShield to combat the ever changing modus operandi of fraudsters. SNS REAAL needed a solution that monitors customer behavior within its direct channels, such as Internet, mobile banking, iDEAL payments (online merchant payments), ATMs or any customer requests received online or through its shops (address changes, credit limits, new passwords request, etc.). After an extensive evaluation of several fraud detection solutions, RiskShield proved the only solution to deliver on all SNS REAAL’s requirements including performance, flexibility and a talented and experienced team.

RiskShield is setting the standard of fraud detection”, says Frits Hogewoning, Information Manager at SNS Bank. “We are extremely impressed with INFORM’s technology, their response time; the quality of INFORM’s service and the company’s culture. We didn’t want to experiment with any new technology, but rather choose a proven technology that could deliver on all of our needs.”

SNS REAAL is achieving a significant cost savings by eliminating traditional anti-fraud solutions and using RiskShield to monitor all domestic and international transactions for three banking brand labels; SNS Bank, ASN Bank and RegioBank, which manages millions of transactions per month.

RiskShield’s combination of monitoring technologies helps us to differentiate customer behavior from malware and infected browsers, like man-in-the-browser and man-in-the-middle attacks”, say Marinus Bier, Architect at SNS Bank. “Riskshield’s performance is exceptionally high and the software runs seamlessly within in our IT environment. We can now connect the dots and link customer profiles, financial transactions, login and session activities to detect any suspicious behavior in real-time.”.

We are delighted to be developing such a close partnership with SNS REAAL and pleased we are exceeding their expectations,” says Dr. Andreas Meyer, Director Risk & Fraud Division at INFORM. “By creating a 360-degree view of their customer’s characteristics and online behaviors and by monitoring their dynamic profiles and web anomaly activities, we are pleased that we have been able to provide SNS REAAL powerful and meaningful benefits.