WiZink Digital Bank Invests €8.5 Million In Fighting Internet Fraud – Executive Summary

WiZink has announced an investment of €8.5 million to strengthen its anti-fraud measures. The digital bank has implemented many preventive measures but reformed the importance of digital education in the society.

While cases such as phishing or other types of online fraud are spreading to all segments, specifically those operating in the market in a model that includes digital channels (home banking services and applications), the investment announced by WiZink represents an increase of 10% over in 2022 four times as much as it was in 2019.

Among the measures implemented by WiZink, SMS alerts of online transactions stand out; collaboration with Paywatch and Visa, the bank’s partners and market leaders in fraud prevention and detection solutions; a digital monitoring service that tracks and blocks fraudulent websites that try to impersonate your brand and commit fraud; Adopting strong authentication, in accordance with the European Payment Services Directive (DSP2); Establishment of a specialized customer support unit that assists in gathering information necessary for the Fraud Department’s investigation of potential phishing cases.

Besides these measures, WiZink states that it makes the authorities (courts, judicial police, etc.) aware of cases of fraud, making all their cooperation available.

In addition, all customers receive monthly notifications on various platforms, via SMS, e-mail, on the bank’s website, and even via the WiZink application and social networks, on how to identify fraudulent communications and alert them not to provide confidential data to anyone, and to preserve their privacy. Protect and protect your confidential data.

“The bank has made every effort over the past few years to combat new forms of fraud associated with the digital world, providing an effective response against the growing phenomenon of online fraud,” explains Ines Medina, Director of WiZink in Portugal.

The executive also asserts that “digital education of society is the real key against criminals. Companies also fall victim to these attacks against their customers. The only way to stop these situations is collective awareness. Companies, regulators, authorities and the media must come together as a way to provide consumers with useful information on how to act if they are the target of an attempted cybercrime.