IT company helps bank stamp out fraud

June 2003 News

Standard Bank has saved millions of rands in the past two years with a fraud prevention system designed by Visual Information Systems (VIS), a custom software development company in the Lithotech Group. Managing consultant at Lithotech Consulting, Oostewald Immink, says, "Standard Bank approached us for a document-based solution to prevent international fund transfer fraud. On evaluation, we realised that a paper-based system did not offer sufficient security. We approached Visual Information Systems to collaborate with us on a 'mixed media' solution, ie, computer as well as paper-based, to protect both customers and employees of Standard Bank, who are faced with threats by syndicates for information. The system was accepted by Standard Bank and implemented two years ago. No fraud has taken place since."

Business development manager at Visual Information Systems, Theo Ferreira, says, "Standard Bank required a high level of security and a customised solution to meet its specific needs. VIS's experience in providing e-business solutions to companies such as NASA, Koeberg, Siemens and the Liberty Life Foundation has equipped us with the skills and knowledge to provide this solution."

The web-based international fund transfer fraud prevention application uses an authorisation scheme and printed documents with barcodes, reference numbers and pin numbers to reduce fraud. A database with encrypted information to duplicate physical documents enables the bank to check each document that is presented for payment and to verify passwords and pin numbers.

To date, Standard Bank has put about 10% of its customers, mainly large corporates, onto the system. Says Petrus Robbertze, Standard Bank's manager, special projects, "The system is working very well. We previously had an average of three or four fraud attempts per month; where the system is in place there are now none. In addition, the new application has saved us considerable time as this bar code system is much quicker at verifying transactions than other systems."

Added security is ensured by the fact that there are only four people at Standard Bank controlling the bar codes. In each company there are only one or two people in control so that in the event of something going wrong, the people involved can be pinpointed. VIS was restrained from selling or advertising this system to any other institution for a two-year period, which has now expired.

For more information contact Theo Ferreira, Visual Information Systems, 011 706 6751.





Share this article:
Share via emailShare via LinkedInPrint this page



Further reading:

New hires at iPulse
Issue 7 2020, iPulse Systems , News
iPulse has welcomed two new employees into its ranks. Shai Weil has been appointed as operations director, while Corneli Botha is the new customer sales liaison.

Read more...
HID Global acquires Access-IS
Issue 7 2020, HID Global , News
HID Global acquires provider of miniaturised reader devices that combine key technologies for mission-critical markets.

Read more...
Securing digital transformation
Issue 7 2020 , News
Schneider Electric partners with Fortinet to strengthen ability to secure operations across the business lifecycle and unlock the advantages of a secure IIoT.

Read more...
Suprema integrates with Paxton’s Net2 access control
Issue 7 2020, Suprema , News
Suprema has announced it has integrated its devices with Paxton’s access control system, Net2.

Read more...
Free cybersecurity courses
Issue 7 2020 , News
Check Point Software partners with Harvard and MIT-founded edX to deliver free online courses to help close the cybersecurity skills gap.

Read more...
Fidelity partners with Auto & General Insurance
Issue 7 2020, Fidelity Security Group , News
Fidelity Services Group in partnership with Auto & General Insurance has launched Fidelity InSure, a comprehensive vehicle, home, and building insurance offering.

Read more...
More apps for open camera OS
Issue 7 2020 , News
The App Challenge will result in 21 new apps running on the Security & Safety Things’ camera OS, based on the Android Open Source Project.

Read more...
Milestone Systems announces Thomas Jensen as new CEO
Issue 7 2020, Milestone Systems , News
Milestone Systems announced that its board of directors has appointed Thomas Jensen as chief executive officer. Jensen will assume the role on October 1, 2020.

Read more...
Suprema announces its first virtual event
Issue 7 2020, Suprema , News
Suprema will be hosting its first virtual event, Suprema Connect 2020, which is scheduled to take place over one month from September 15.

Read more...
From the editor's desk: Waiting for PoPI
Issue 7 2020, Technews Publishing , News
A while ago we heard of yet another cyber breach, this time from Experian.

Read more...