24 June 2017
download the report now

Russia's QIWI selects Iris 5 fraud-prevention tech

05 March 2014  |  2254 views  |  0 Source: Iris Analytics

Iris Analytics and its sales partner Wincor Nixdorf support QIWI, a leading Russian multichannel provider of next generation payment services, with the full fraud prevention system Iris 5 in its fight against fraud. Iris 5 is now protecting QIWI's network of over 100,000 self-service kiosks and 15 million e-wallets.

Sergey Soldatov, General Manager Banking  of Wincor-Nixdorf Russia, IRIS Analytics' sales and support partner in Russia, explains: "IRIS provides unique value to QIWI by combining transaction streams of financial data for all lines of business with non-financial transactions, and does so in real-time". The strength of this approach was recently illustrated when Russia almost overnight experienced a severe attack by criminals using counterfeit 1000 and 5000 rouble notes. These notes were not optimised to trick the human eye, but to trick the banknote scanner model used in nearly all Russian cash accepting kiosks and ATMs.

Because of the large scale of the attack, many Russian banks had to disable the acceptance of 1000 and 5000 rouble notes, which meant virtually having to close their 'shop' to customers.

At the same time QIWI was able to keep operating. Anton Kuranda, chief security officer of QIWI explains: "By using IRIS, we were able to analyse the denomination of banknotes inserted, profile the kiosks and follow the money trail through our Visa QIWI Wallet. We were able to prevent fraud while continuing to accept banknotes". This meant that the 60 million customers using QIWI every month could continue to pay their utility bills, loan instalments and other payments that they otherwise would have had trouble doing.

"When QIWI turned to us, they needed a large-scale fraud prevention solution for a many billions of transactions per year," said Constantin von Altrock, managing director at IRIS Analytics, "and they needed the solution to be implemented very quickly".

Since IRIS is an end-to-end solution that could simply be installed on QIWI's existing commodity server cluster, the entire implementation project took only five weeks. This incorporated all fraud model generation required for the prevention of the specific fraud patterns QIWI had been experiencing.

IRIS and Wincor Nixdorf have been cooperating to provide greater transaction security since 2010. Wincor Nixdorf distributes IRIS software worldwide. The company also offers the software  to customers as an integral part of its PC/E Banking Solution Suite.

Comments: (0)

Comment on this story (membership required)

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.response.ncr.comvisit www.events.sap.comdownload the report now

Top topics

Most viewed Most shared
Live: EBAday 2017, day twoLive: EBAday 2017, day two
9379 views comments | 4 tweets | 5 linkedin
Worldpay pilots app-only mPOS for small retailersWorldpay pilots app-only mPOS for small re...
9073 views comments | 18 tweets | 27 linkedin
Live: EBAday 2017, day oneLive: EBAday 2017, day one
8546 views comments | 3 tweets | 4 linkedin
UK banks will need to change one million sort codes under ring-fencing rulesUK banks will need to change one million s...
8079 views comments | 8 tweets | 25 linkedin
What Banks and their customers can expect for the futureWhat Banks and their customers can expect...
6955 views comments | 7 tweets | 10 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job