Immediate interbank payments, which allow you to send money from your account in a matter of seconds 24 hours a day, will increase the activity of computer fraudsters, according to some experts. Banks are not worried about the rise in fraud. The first one launched this service for one-off domestic payments today, Česká spořitelna, it is going to Air Bank and by the end Creditas Bank. Other banks join in 2019.
Banks that trigger instant payments must assess in the very near future whether the order for payment is in order and send the money to the other bank. This could be used by computer criminals and attempted fraudulent money transfers, said Marek Žacek, analyst of Data Analytics Factory, which detects financial frauds for banks.
Immediate payments do not increase the risk of cyber attacks, said Česká spořitelna spokesman Filip Hrubý. Most banks, according to the company, are offering special mobile applications to clients that are immune to cyber attacks, even if the payment is in the order of seconds, thanks to their multi-step security.
Such risk is also threatening today's transactions, said Tomáš Hládek, Czech Banking Association for Payments and Cyber Security. Appropriate applications are built with the knowledge of cyber threats, so there is no expectation of a serial increase in successful attacks.
Fraud detection systems
New products bring new risks, says Czech National Bank spokesman Petra Vodstrčilová. It is the task of individual banks to consider all the risks and set up tools to reduce or eliminate them when introducing immediate payments.
For fraud detection, banks have so-called Fraud Detection Systems (FDS), which run computers with tremendous computing power to handle all operations in less than a second. They verify payments with complicated algorithms, constantly supplementing and updating data in real-time and comparing many parameters, Záček warned.
The main role of FDS is the detection of non-standard or fraudulent behavior. It is essentially a robust IT solution that evaluates hundreds of parameters and variable payment variables in a matter of milliseconds, and compares them with different databases or patterns of user behavior according to transaction history. It compares, for example, the location of the transaction, the time, the usual amount, checks the payee and other details when sending money.
The most common fraud is phishing, where fraudsters try to get access to internet banking. They use emails that look like news from banks or payment gateways trying to retrieve access data and account passwords under the pretext of control. According to police sources, up to tens of thousands of bank clients have been contacted in fraudulent emails in recent months. If the fraudsters capture the data on the account, they can be able to withdraw money from it.
The same chance of rescue before sending money to fraudsters has victims of fraud called. This is an e-mail in which fraudsters issue themselves as a member of the management and order their subordinate to make an immediate foreign payment. By the end of 2017, approximately 200 companies had been sent out of which a third flew for fraud. More than 30 million crowns have been sent out of their company accounts, according to Žáček abroad.
Once it is possible to receive immediate payments from another domestic bank, Česká spořitelna will guarantee its clients crediting payments to the beneficiaries' accounts in these banks in a few seconds, 24 hours a day and seven days a week. In the first test phase, it offers the possibility of immediate payment under an express payment, which is charged CZK 125. next year, depending on the development of the market situation, it will maintain the immediate payment charged in the current or proceed to adjust the price list.
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