ING is joining with a global risk management software provider to upgrade its fraud detection and prevention facilities.
The move occurs ahead of the Reserve Bank of Australia (RBA) launching the New Payments Platform, which will allow real-time transactions between any participating authorised deposit-taking institutions. ING has described itself as a "day-one participant," and has joined up with INFORM GmbH to ensure customer security.
INFORM's RiskShield software uses "smart decision logic" and is flexible enough to accommodate the RBA's requirements for NPP usage. It will allow ING to risk assess every real-time transaction more or less as it happens using live feeds, channel characteristics and detection of anomalous customer behaviour.
"Globally ING is a leader in banking security and draws on best practice from operations in more than 40 countries. We are looking forward to extending the partnership with INFORM in Australia," ING Direct Australia executive director, operations Adriana Sheedy said.
"We believe that RiskShield, a solution used in other key markets that ING operates in, will bring us what we need to ensure safe and secure payments for our customers.
"Fraud is a diverse and rapidly evolving challenge and we need to be able to act in real-time and stop fraud before it occurs."