How ThreatMark’s AI-Powered Authentication Enhances Security & User Experience for Slovenská sporiteľňa (Erste Group)

Overview

Creditas is one of the most innovative and fast-growing banks in Central Europe. With its 34 locations and hundreds of thousands of active users, Creditas’ long-term focus is to provide unmatched payment services, leading saving interests & best investment options to clients, companies, and end-users alike.

In early 2017 Creditas leadership recognized the need for secured, fraud-free online and mobile banking that complies with the Payments Service Directive 2 (PSD2) regulation from the EU. Accordingly, the bank’s management set an ambitious goal to build the infrastructure, and the team, to foster secure and seamless digital banking and while ensuring compliance with the upcoming regulation.

This goal can only be solved by tapping into advanced technological solutions and partnering with the providers. This is where ThreatMark comes into the picture.

CREDITAS PSD2 CHALLENGES & THREATMARK

In 2017, Creditas reached out to ThreatMark to secure their newly built online banking and ensure PSD2 compliance.

Following technical discussion and installation of necessary features – ThreatMark was successfully pushed to production in just 3 weeks. For Creditas ThreatMark secures both web and mobile banking.

ThreatMark equipped Creditas with a state-of-the-art fraud prevention solution that processes a comprehensive set of data to continuously evaluate user identities & their intentions while providing protection from sophisticated digital fraud; and ensures compliance with the strictest payments, cyber threat detection, and security regulation such is the PSD2.

Ing. Zdeněk Grossmann, Director of Digital Banking, Development and Innovation at Creditas, vividly recalls the situation when the national Central Bank team arrived on the premises to discuss the PSD2 compliance and regulation: “It is never easy when the regulator comes to the offices seeking compliance fulfillment. Considering the complexities of the PSD2 and its objectives, we were prepared for some major discussions and work. When we shared with central bank’s auditors that we use ThreatMark’s solution, they were relieved. They confirmed to us it was an excellent choice and after that the entire process went fast, and everything was significantly easier.”

THREATMARK’S ROLE IN FRAUD OPERATIONS AT CREDITAS

Additionally, the Creditas team applauded ThreatMark Anti-Fraud Suite (AFS) Panel and its innovative feature set and its role in everyday fraud-fighting tasks. Filip Dragoun, director of IT and cybersecurity at Creditas mentions: “In our department, we are used to working with analytical tools that can be very opaque to the operator, requiring a good knowledge of the query language, extensive work experience and the ability to think analytically.

This places disproportionate demands on staffing or requires a significant amount of effort to be devoted to activities, that until recently, we would have thought could not be facilitated.,” and continued, “with ThreatMark is different – our analytics professionals appreciate the clarity of the dashboard and the possibility to customize the workspace view, which further increases the ergonomics of working with AFS.

Working with AFS is very user-friendly and simple, all the necessary tools required for our tasks are there. ThreatMark AFS has allowed us to delegate many activities previously performed by senior analysts to junior staff, who can then assess the severity of the findings themselves and immediately inform the Bank’s clients of impending threats.”