QIWI selects IRIS 5 to prevent fraud
Leading Russian kiosk, e-wallet and prepaid card provider deployed full fraud prevention system in record five weeks
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.
About QIWI plc.
QIWI is a leading provider of next generation payment services in Russia and the CIS. It has an integrated proprietary network that enables payment services across physical, online and mobile channels. It has deployed approximately 15 million virtual wallets, over 167,000 kiosks and terminals, and enabled merchants to accept over RUB 47 billion cash and electronic payments monthly from over 60 million consumers using its network at least once a month. QIWI's consumers can use cash, stored value and other electronic payment methods to order and pay for goods and services across physical or online environments interchangeably.
About IRIS Analytics
IRIS Analytics provides technology and consultancy services to the payments industry to beat electronic payment fraud. It develops and markets the IRIS off-the-shelf fraud prevention platform which powers real-time fraud scoring across the full range of electronic payment channels, including credit, debit, prepaid, online and mobile. IRIS enables payment processors, switches, payment service providers and issuers across the world to analyse and respond to complex fraud patterns in real time, staying one step ahead of evolving, unanticipated fraud threats.
About Wincor Nixdorf
Wincor Nixdorf is one of the world’s leading providers of IT solutions and services to retailers and retail banking. The company’s extensive portfolio is centered around optimizing business processes at banks and retail companies. It is aimed mainly at cutting costs and complexity and improving service to the end customer. Wincor Nixdorf has a presence in over 130 countries, with its own subsidiary companies in 43 of these. Approximately 9,000 employees work at the Group.
www.wincor-nixdorf.com
Contact details:
QIWI Group
Vasilieva Ksenia
PR Manager
Tel.: +7 (495) 783-59-59 ex. 4644
E-mail: K.Vasileva@qiwi.ru
Wincor Nixdorf:
Ulrich Nolte
E-mail: ulrich.nolte@wincor-nixdorf.com
Phone: +49 5251 693 5211
IRIS Analytics GmbH
Denise Gee - denise.gee@iris.de
UK telephone: +44 779 3768109
or Simon Hardie at simon.hardie@iris.de
Turkey telephone: +90 534 7999274
Contacts: Denise Gee at denise.gee@iris.de UK telephone: 44 779 3768109
or Simon Hardie at simon.hardie@iris.de Turkey telephone: 90 534 7999274
IRIS Analytics provides technology and consultancy services to the payments industry to beat electronic payment fraud. It develops and markets the IRIS off-the-shelf fraud prevention platform which powers real-time fraud scoring across the full range of electronic payment channels, including credit, debit, prepaid, online and mobile. IRIS enables payment processors, switches, payment service providers and issuers across the world to analyse and respond to complex fraud patterns in real time, staying one step ahead of evolving, unanticipated fraud threats.
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