EIT Digital to develop online banking anti-fraud system

EIT Digital to develop online banking anti-fraud system

EIT Digital has launched a "FinTech" innovation activity that combines Artificial Intelligence with a cyber security system to enhance the anti-fraud service of financial institutions.

The innovation activity will be run out of EIT Digital’s 'Digital Finance' Action Line.

Incorporating machine learning technology, the system helps to reduce online banking frauds by identifying and blocking attack patterns.

All of us have a unique keystroke behaviour that can be represented as a fingerprint. In fact, this solution analyses the users’ keystroke behaviour to identify him/her as a unique one.

So, when a malicious person - who has taken possession of username and password of another user - tries to log-in on a secured system with the stolen credentials, this solution is able to understand - in real-time - that this is fraudulent activity, raising an alarm for each malicious access detected.

Gabriele Baduini, Innovation Activity Leader, Security Reply, said: "Online Fraud is the most dangerous crime of our era, this affects all parties from the International Bank System to the final user: we are proud to be the leading partner of this great innovative project in a such an important market segment."

As the monitoring system runs in the background and is completely invisible to the user, it does not affect the performance of the banking service of the financial institution. With the focus on the delivery of a more effective security monitoring for online fraud detection, the system can be specifically tailored not only for the Bank/Finance market, but also for any other market application that demands data protection through secured logins.

Three EIT Digital partners will develop the "Online banking anti-fraud monitoring" innovation activity: Security Reply (Activity Leader and Business Champion for this project) will provide specification and bring to the market the service, Fondazione Bruno Kessler (Technology Provider of Deep Learning algorithms) will develop the AI model for user identification, and Fundación IMDEA Software (Technology Provider) will create the user fingerprint.

The innovation activity aims to pilot the solution by the end of the year.

Background

The "Online banking anti-fraud monitoring" innovation activity is one of three innovation activities of the Digital Finance Action Line of EIT Digital in 2017. Digital Finance, also known as "FinTech" focusses on the delivery of innovative financial products and services through digital technology, with the objective of making financial systems more reliable, more transparent and customer friendly improving thus the banking experience for the people in the society and the reducing the dependency of banks on central infrastructures.

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