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ICCREA Banca chooses TAS Group’s Fraud Protect solution powered by advanced Machine Learning to combat fraud under PSD2

Following a formal evaluation of application solutions to meet requirements under PSD2 to guarantee secure digital payments, ICCREA Banca has chosen Fraud Protect, TAS Group’s advanced fraud management platform for card and digital payments. Recently enriched with the latest Machine Learning technologies, Fraud Protect provides Payment Service Providers (PSPs) with a powerful tool with which to reduce fraud risk while enabling frictionless payments for an improved customer experience.

This fine balance is possible by performing Transaction Risk Analysis, introduced by Delegated Regulation (EU) 2018/389 of 27 November 2017, as part of PSD2. This regulation mandates the application of strong customer authentication (SCA) for remote e-payment transactions. However, for specific cases, where a PSP can prove that it has its own effective risk analysis process in place and a fraud rate below a certain value, SCA exemption becomes possible.

ICCREA Banca decided to adopt TAS Group's Fraud Protect solution, identifying it as the best platform to perform analysis, prevention and monitoring functions of its payments operations in compliance with the regulatory requirements. A solution that, thanks to the availability of the most advanced Machine Learning technologies, ensures the rigorous levels of security it demands for its customers.

The integration project, which will be completed in 2019, provides the Bank with a cutting-edge technological solution capable of monitoring, in real time, all access attempts and remote payment transactions made by customers, independently of the channel and the device used. The fraud solution allows the Bank to historicize and contextually catalogue detailed information on the operations to identify fraudulent patterns and produce reports and statistics.

The solution will cover the ICCREA web portals and related mobile APPs, from which customers can perform a SEPA credit transfer or make a transfer by debiting a card account, monitoring and fraud prevention on payments with cards issued by the Bank and monitoring and carrying out fraud prevention on physical and virtual POS transactions and ATMs, for a total of over 70 million accesses and over 130 million transactions per year.

"Digital innovation has opened up extraordinary growth opportunities for the financial sector. In the era of open banking, interpreting and strategically managing security for our customers is a mandate that we take on with a great sense of responsibility. We have chosen to collaborate with TAS Group for this important project, both because of their reliability as a partner, demonstrated over the course of several projects completed in recent years, and because of the quality of their fraud management solution, which we believe is one of the most advanced on the market in terms of technology and performance", said Andrea Coppini, Head of the Digital Innovation and Multichannel Business Unit at ICCREA Banca.

Massimiliano Quattrocchi, Global Payments Solutions Director of TAS Group, added, "we are very satisfied with the trust that ICCREA has once again placed in us. For many years we have been investing in developing our monitoring and fraud prevention systems and we are proud to have a solution that covers all channels between payment service providers and consumers and which, thanks to the integration of advanced models that use Machine Learning, allows real-time responses on potentially risky situations, significantly reducing the number of fraud cases”.

Formed on March 4, the ICCREA Group is made up of 142 cooperative credit banks, ICCREA Banca and the companies directly and indirectly controlled by ICCREA. It is the first banking group entirely funded by Italian capital and the largest cooperative banking group in Italy. As of December 31, 2018, the ICCREA Group has over 4 million customers, more than 2,600 branches in 1,745 Italian municipalities, around € 150.2 billion in assets and own funds of around € 11.3 billion, placing it in the top four of Italian banking groups.

TAS Group

TAS Group is a leading technology company, providing advanced solutions for cards, payment systems, capital markets and extended enterprise. Our leading-edge software allows both banks and new players in the payments space to deliver and manage frictionless, real-time B2C, B2B, B2G transactions, integrating with and leveraging the latest technologies. From advanced fraud management solutions that exploit the power of Machine Learning, to scalable, modular payment platforms delivered over the Cloud, we empower our customers to unlock the infinite potential of the open and instant era and play an active role in the new payments ecosystem. Trusted by European Central Banks to manage millions of financial messages each day, our 35-year-old reputation in the market and unrivalled domain expertise has made us an internationally preferred partner for commercial banks and corporations. TAS has a global reach and offices in 8 countries spanning Europe, the USA and Latin America.