For banks, digital services, security and trust are closely connected. As fraud evolves, banks need greater insight into what is happening across their digital channels and the ability to respond quickly to suspicious activity. The combination creates new opportunities to further develop the platform, use more data across the digital banking journey and help banks identify risks earlier and better protect their customers.
Building on an existing partnership
Schuberg Philis and DetACT already work together for shared customers. Bringing DetACT into Schuberg Philis creates the opportunity to take that collaboration much further: to invest in the platform and its people, accelerate its platform development and broaden its role for banks.
“We already know each other from working together with customers,” says Gerwin Schuring, CEO at Schuberg Philis. “Now we can build the next phase together. We want to invest in DetACT, accelerate the development of the platform and expand how it can support banks. Fraud detection is the starting point, with the goal to address a much broader range of financial crime challenges in the future.”
Strengthening financial services beyond fraud
In digital payment fraud, a transaction often tells only part of the story. A customer may log in and approve a payment themselves while being deceived by a fraudster. Signs of fraud may only become apparent when a bank connects a sequence of actions, such as adding a payee, changing a payment limit and making successive transfers.
Fraud can start well before a customer enters their banking environment, across marketplaces, social media or other digital channels, and continue through a series of interactions that ultimately lead to a payment. The more of that journey a bank can understand, the earlier it can recognize when something is wrong.
DetACT already helps banks connect signals across their digital channels and detect suspicious behavior as it happens. As part of Schuberg Philis, the platform can build on this by using more and different sources of data to identify risks earlier and with greater context.
The ambition goes beyond fraud detection. The same approach can be applied to a broader range of financial crime challenges, including anti-money laundering (AML), strengthening the services Schuberg Philis can provide to financial institutions.
“DataExpert Group continues to grow, most recently with the addition of ADO Security, as we further strengthen our position as a leading investigations-led cybersecurity company,” says Ivo-Paul Tummers, CEO at DataExpert. “We are proud of what we have built with DetACT, its technology, its people and its long-standing customer relationships. At the same time, we recognize that DetACT’s next phase of growth requires a different strategic focus and environment. Schuberg Philis is a natural fit, offering the expertise, scale and ambition to take the platform to the next level. This move creates exciting opportunities for DetACT and its team, while allowing DataExpert Group to sharpen its focus on its core business and continued growth.”
Growing in the Nordics
The Nordics are an important part of Schuberg Philis’ international growth strategy. DetACT already has an established customer base in the region, giving Schuberg Philis a stronger position from which to grow.
With DetACT becoming part of Schuberg Philis, these existing customer relationships provide a strong base to expand services to more financial institutions across the Nordics.
