noun_Email_707352 noun_917542_cc Map point Play Untitled Retweet Group 3 Fill 1

Unveiling 130,000 fraud attempts in 2023: Tietoevry Banking now launches a pilot to combat token fraud

23 May 2024

In 2023, Tietoevry Banking's Financial Crime Prevention unit detected 130,000 attempted fraud cases, nearly double the previous year's figures. The team successfully prevented over 2 billion NOK from being stolen though fraud, underscoring the escalating threat of financial crime and the criminals strong position in the society.

André Moen Eide, head of Tietoevry Banking's Defence Centre in Mo i Rana, Norway, shared insights into our approach to combating fraud, in an exclusive interview with BankShift. Read the full story here (in Norwegian).

Launching a new pilot against token fraud

In the interview, André Moen Eide talked about a particularly concerning trend: the rise of token fraud, a sophisticated scheme where criminals steal card information and convert it into digital tokens for use in mobile wallets like Google Pay and Apple Pay. This process masks the original card details, making the fraudulent transactions harder to detect and trace.

"We've noticed that when fraudsters tokenize victims' cards, it takes longer for us to detect the fraud," Moen Eide explained. "That's why it's crucial to catch it as it happens." Tietoevry Banking is piloting new solutions to address this specific threat, aiming to identify and stop token fraud at its source.

The importance of dedication and data

Tietoevry Banking's fraud prevention unit, based in Mo i Rana, has a 90% success rate in preventing fraudulent transactions, with 75% of cases detected before any customer losses occur. This is achieved through a combination of advanced technology and a dedicated team of 70+ employees working in six languages. The Mo i Rana office, with its roots in the card production company Tag Systems, has a long history of innovation in transaction monitoring and today supports approx. 80 banks world-wide with a especially strong focus on the Nordic market.

"We invest heavily in developing and acquiring tools that are more accurate and reduce the number of false positives," Moen Eide stated. But success is not just about technology, it is also about the passion and dedication of the team. "The most important thing is that our employees find their work meaningful and are motivated to stop financial crime."

Tietoevry Banking's fraud prevention solutions are constantly evolving to keep up with new types of threats and methods. By utilizing large amounts of data to identify patterns and trends, this enables early detection and prevent fraud more effectively. "The more data points we have, the easier it is to catch new trends”.

With the implementation of the PSD2 regulations in 2019, Tietoevry Banking proactively expanded its monitoring capabilities to include open banking transactions. The stricter customer authentication required by PSD2 has inadvertently fueled a rise in phishing attacks, as criminals seek to circumvent these security measures. "While open banking transactions did not take off as expected, it was crucial for us to develop the platform to monitor multiple channels. Today, we monitor across both card and account transactions, which enhances our accuracy," says Moen Eide.

Read the full interview with André Moen Eide in Norwegian online media BankShift (paywall).

André Moen Eide, Tietoevry Banking FCP


Tietoevry Banking uses AI to fight fraud and Money laundering

Tietoevry Banking's fraud prevention services cover the entire value chain, from card transaction and account monitoring to AI-powered analytics, case management, and investigation. We also offer anti-money laundering (AML) solutions that help financial institutions comply with regulations and mitigate risks. Read how we help banks across Europe to prevent them from being exploited for financial crime.

For more information

Per Nordin

PR Lead, Tietoevry Banking

Share on Facebook Tweet Share on LinkedIn