Ibercaja
80% Fraud Reduction: Trust and Innovation Redefined
Industry:
Banking, Financial Services
Region:
Europe
Company
Ibercaja Banco is one of the largest banking groups in Spain, with 2.5 million customers and 893 branches.
Background: Tradition Meets Innovation
Founded in 1876, Ibercaja Banco serves 2.5 million customers through 893 branches across Spain. Known for its personalized customer service, the bank has been transitioning to digital banking while maintaining the human touch that sets it apart.
The Challenge: Protecting Customers Without Compromising Their Experience
Amid rising digital fraud threats targeting the general population, Ibercaja strengthened its customer protection measures while also aiming to further improve the digital banking experience.
The Solution: Building Trust with Feedzai’s Digital Trust
Ibercaja chose Feedzai’s Digital Trust to modernize fraud detection to address its rising fraud challenges.
The bank was already familiar with Feedzai’s behavioral biometric capabilities by reputation and how it rapidly analyzes session data for suspicious patterns. Additionally, the solution was highly recommended by other banks that considered it one of the strongest options available.
Powered by behavioral biometrics and malware detection, the solution offered Ibercaja a new way to identify fraudulent behavior by analyzing how customers interact with their devices. With real-time insights and context behind transactions, the bank could quickly adjust its rules and policies, improving both security and customer satisfaction without adding customer friction to the customer experience.
“All the information we can gather from Digital Trust allows us to seamlessly integrate it into the detection process,” said Javier Boj Corral, Head of Ibercaja’s Fraud Prevention Unit. “We can stay ahead of what’s happening because we get the information we need to help protect our customers.”
Results: Securing Transactions and Enhancing Customer Experience
The implementation of Digital Trust had an immediate impact:
- 80% reduction in fraud losses:
A combination of different solutions, including Digital Trust, enabled proactive fraud detection to cut fraud-related losses significantly. - Contextual fraud detection:
Ibercaja could now answer critical fraud prevention questions:- What behaviors are observed from the customer’s device?
- Is the device being used in a typical manner?
- Are the customer’s behaviors aligned with their usual patterns?
- Smarter rule creation:
The platform enables deeper operational insights through advanced analytics. This allows greater understanding of operational patterns that can be assigned to an analyst. - Improved customer experience:
More information and context mean fraud prevention efforts do not disrupt the customer experience.
Having insight into a transaction makes it easier to reduce friction.
This last point is especially important for Ibercaja’s efforts to keep the customer experience seamless, says Javier Boj Corral.
"We want our customers to encounter no issues, to feel comfortable, and to feel that they can operate whenever they want with minimal friction"
Javier Boj Corral, Head of the Fraud Prevention Unit, Ibercaja
The Future: Scaling Trust to New Horizons
Ibercaja is eager to enhance its use of Digital Trust by integrating additional solutions in the future. The bank also plans to extend its fraud prevention strategy to address emerging scams, ensuring customers remain protected as fraud continues to evolve.
By combining trust with technology, Ibercaja Banco is setting a new standard in banking, where customer safety and experience go hand in hand.
