Liberty Bank reinforces its fraud strategy to further protect its customers

Liberty Bank, the third largest bank in the Georgia, has reinforced its fraud strategy to address the rising volume of fraud the industry is currently seeing. The bank has teamed up with long-term partner Compass Plus to launch a new fraud detection and prevention system built on their solutions.

Following the completion of the project, which was implemented with technological support from Compass Plus, Liberty Bank can efficiently and effectively monitor and act on suspicious transactions, enabling them to substantially reduce the risk and losses associated with a wide range of fraudulent activities, while protecting their customers.

The key drivers for Liberty Bank choosing Compass Plus software were the ability to quickly create their own algorithms to detect and prevent suspicious transactions, the integration of the solution within their existing infrastructure, and the capability to provide services to sponsored banks.

"The partnership between Liberty Bank and Compass Plus began in 2005, and the implementation of this project has, once again, demonstrated the flexibility of Compass Plus’ software and its ability to meet the latest industry requirements and trends. With the help of our new fraud detection and prevention system, we are able to combat fraud on a brand new level - not only can we promptly respond to any potential threats, but also prevent suspicious transactions, making our card products convenient and safe for customers," said Levan Tkhelidze, Deputy Director General at Liberty Bank.

"Our long-term partnership with Liberty Bank is important for us, and for them to choose our software to build their fraud strategy around showcases not only the strength of our relationship, but the reliability and robustness of our solutions. This project has once again confirmed that Compass Plus solutions meet the advanced industry standards and correspond to market conditions, in which the volume of card fraud is constantly growing, and methods used by fraudsters are becoming increasingly complex," said Dmitry Lenshin, AVP & Regional Business Development Director at Compass Plus.

Farid Abushov, Deputy Chairman of the Management Board at Unibank, commented: "Over the past few years, we have implemented several projects with support from –°ompass Plus and it is clear that we made the right choice. Our partner and its team have repeatedly demonstrated professionalism and expertise across varying projects. We very much appreciate the assistance and support provided by Compass Plus".