Annual instances of bank fraud thwarted through construction of robust cybersecurity barriers
MTBank: Leading the Way in Digital Banking and Cybersecurity
MTBank, a pioneering force in the Belarusian banking sector, is setting new standards with its advanced digital maturity and robust cybersecurity measures.
One of the key elements of MTBank's digital prowess is the ERIP system and interbank identification system, which are integral parts of its operations. The bank's commitment to cybersecurity is evident in its comprehensive, multi-level approach, ensuring the utmost protection for client data.
MTBank made history by offering the first full online onboarding for legal entities, a unique feature with no known alternatives. The bank's most successful project, as per the IT department, is the provision of online onboarding for all clients through an interbank identification system.
People are considered the greatest asset of the IT department at MTBank. The team, composed of professionals, is fully engaged in every stage of developing information technologies for clients. MTBank continuously studies and implements new solutions for its cybersecurity, striving to customize them based on open-source software to meet its specific needs.
The bank's IT department has set specific goals for the next 2-3 years, including enhancing cybersecurity measures, implementing advanced digital banking solutions, improving data analytics capabilities, and increasing operational efficiency through automation.
To combat fraud, MTBank employs a session-based fraud monitoring system in its remote banking channels. The bank also monitors phishing websites, social media, and messenger accounts, providing information for their prompt blocking to incident response teams (CERT).
In its quest for innovation, MTBank uses artificial intelligence and machine learning for process automation, creating "little robots" for daily tasks and building scoring models for creditworthiness assessment. The bank also collaborates with other banks through the ASOI - the automated incident processing system of the National Bank.
MTBank's digital offerings extend to the "Halva" card, a fully digital product with expanded capabilities. The bank partners with platforms like "Onlineiner" and "Kufar" for additional services. The bank also uses the services of one accredited cybersecurity center, and considers the option of creating its own CSB in the future.
The main challenge for the IT team is keeping up with rapidly changing regulatory and client requirements. Oksana Kuznetsova, the journalist for MTBank Technologies, reports on these developments and more.
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