BI.ZONE Fraud Prevention receives federal acclaim

BI.ZONE Fraud Prevention receives federal acclaim

The anti-fraud product that protects millions of clients in Russia and abroad to become even more accessible
May 13, 2020

BI.ZONE Fraud Prevention (BFP) solution has been registered with the Russian Ministry of Digital Development, Communications and Mass Media. The solution enables real-time detection and prevention of fraudulent transactions in online payment channels, as well as management of associated risks and cybersecurity incidents.

90% of cyberattacks in 2020 have employed social engineering techniques—the victims are prompted to share their personal data and payment details with the criminals, and sometimes voluntarily transfer money to their accounts. To mislead the victim, fraudsters prepare their attacks beforehand. They gather personal information from open web sources and purchase stolen data on the Darknet—a shadow segment of the Internet, which may contain scanned copies of passports, driver’s licences and other documents.

BFP is designed to cope with such attacks: the platform monitors all transactions performed by bank clients and instantly assesses their potential risks. Powered by machine learning algorithms, BFP easily identifies both known and newly invented cyberthreats. The platform blocks or suspends suspicious transactions once they are detected and triggers a request for additional confirmation from the client. Usually, in such cases the bank’s customer service will contact the client by phone. Following the interaction, payments are either let through if marked as legitimate, or rejected if the transaction indeed turns out to be fraudulent. This new information is then added to the platform’s database.

BFP compiles a digital profile of every client by monitoring their transactions between banks and integrated retail outlets. This information helps to improve the user’s experience by omitting certain security precautions in cases of typical user activity. For instance, during regular transactions, such as paying monthly bills or shopping at frequented stores, it makes sense to only require one-factor authentication. This simplifies the lives of ordinary users and allows for early fraud prevention—if BFP detects any unusual behavior, the transaction is flagged immediately.

Having our platform listed in the official national register, we can now set our sights on helping even more organizations and their clients. We are hoping to make a difference in fraud prevention for state-backed financial institutions which are required to comply with using specific software prescribed by the register. We strongly believe that our product will bring tangible practical value to millions of people
Anton Okoshkin