An expert on how banks protect Ukrainian from financial fraudsters on the Internet

31 March 2017

Ukraine is one of the leaders in the growth rate of eCommerce in Europe. According to the results of last year, the turnover in eCom in our country amounted to about 40 billion USD. With the redistribution of cash flows of consumers to the non-cash market fraudsters find new or improve the existing mechanisms of financial fraud on the Internet. The task of banking institutions, which today are especially interested in the development of cashless cash market in Ukraine, is to protect the finances of Ukrainians. Therefore, in spite of the imperfection of the legislation, which applies in particular to international payment systems, banks today should not spare investment in their own security technologies. Oleg Pakhomov, a member of the board of directors, is the director of risks for Bank Credit Dnepr, during a speech at the V Annual Banking Conference "Operational Risk Management".

"According to forecasts, in a few decades, about 95% of sales in the world will occur online. And given the current trends, Ukraine will continue to develop in this direction as rapidly as possible. Ideally, legislation and the security system must step ahead of the development of the electronic payment market. But, based on the existing realities, in my opinion, the purpose of the banking community, the state and law enforcement bodies must be consolidated and be at least to keep pace with the development of eCom in Ukraine, "said Oleg Pakhomov.

Today, about 60% of cases of fraud with payment cards in Ukraine fall on the Internet and social engineering - phishing and vinsing. Cybercriminals break sites, intercept traffic, and more. At the same time, Ukrainian legislation regarding the investigation of the facts of Internet fraud can not be called perfect. But, according to the banker, this in no way removes liability both directly from the financial community and from the sellers in terms of ensuring the security of payments. In particular, banks implement 3D-Secure systems, biometric protection, fraud-monitoring, risk insurance, and payment systems launch special payment processing platforms.

"This year our bank is also entering the eCom market. Undoubtedly, we not only prepare ourselves in terms of functionality and comfort of services, but also conduct an active work aimed at minimizing the risk of fraud, both from traders and from buyers, - said the banker. - In addition to existing systems that ensure the security and security of processing and payment, we establish partnerships with players with a long-term positive reputation in the e-commerce market. We also introduce a modern technological fraud monitoring system that will maximally offset the risks and identify questionable operations by all participants in this process. "

Such systems allow you to track possible prohibited goods, discrepancies in the cost of goods on the site, the amount that is charged when purchasing, the use of one vendor of several terminals, the use of stolen / tampered PCs, etc.

As Oleg Pakhomov emphasized, the level of consumer protection from cyber-owners, along with the direct service and functionality of one or another online store, affects the development of e-commerce in general and the market for cashless payments. And this, in turn, is an important indicator of the transparency of the national economy.


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