Fraud prevention

Elements of the fraud prevention system are built and tailored to the company’s current needs based on the Fraud Risk Management Program. The system enables coordination of actions taken by the Bank’s various units involved in fraud detection, investigation and prevention. At the same time it provides professional tools and solutions to ensure effective protection of the clients’ funds. To this effect, numerous preventive mechanisms have been designed and implemented to monitor transaction systems. These tools are constantly developed in order to better identify fraudulent schemes.

The Bank pays due attention to the training of those responsible for handling clients who report attempted fraud or who are unwittingly victims of criminals. One of the goals of the Security Department (which is the owner of the anti-fraud process) is to consistently inform employees of the risks to which they and the clients are exposed. Among other things, to attain this goal, the department prepares and publishes substantive articles in the intranet newsletter „Millennium World”. Additionally, in coordination with other units, it sends periodic push/sms/Millenet alerts to clients and publishes information about criminal schemes on the Bank’s websites.

[GRI 102-17] Another important constituent element of the program is the dedicated electronic mail account and the alarm telephone number that operate 24 hours a day, 7 days a week and 365 days a year. Every Bank employee may immediately clear up any doubt related to a suspicion of fraud. Alerts are routed to the Fraud Management Department, which plays a support role, making decisions and directing further actions to minimize the risk of fraud.

The Bank is constantly developing its technical solutions to prevent fraud and uses the latest types of security features, including those based on artificial intelligence mechanisms.