Vonage, now part of Ericsson, alongside Aduna, Deutsche Telekom, and mBank, has announced its participation in the World Banking Forum in Athens. This event draws senior executives and technology experts from global banking sectors to focus on advancing the industry through digital transformation and technological innovation.
The increase in digital financial services has led to a rise in fraud, perpetuated by advancing technologies like AI, which enable more sophisticated threats. As cyber threats grow more intense and regulations become tighter, banks are under pressure to deploy effective fraud protection strategies.
It's projected that cybercrime damages could reach $11.9 trillion annually by 2026, highlighting the urgent need for innovative technological solutions to bolster financial institutions’ fraud defenses.
Expanding Mobile Network Capabilities
At the World Banking Forum, industry leaders, such as Aduna, Deutsche Telekom, mBank, and Vonage, aim to explore the convergence of 5G, Network APIs, and AI, and how these advancements can transform fraud prevention mechanisms, while enhancing the customer experience within the financial services sector.
They plan to address current security challenges and showcase how integrating mobile network capabilities directly into banking applications can lead to secure and seamless customer interactions.
Real-Time Network Data Utilization
Banks like mBank can tap into untapped, verified network data in real-time by exposing network abilities via APIs
Banks like mBank can tap into untapped, verified network data in real-time by exposing network capabilities through APIs, which facilitates frictionless customer experiences and intelligent fraud reduction. Aduna, a joint venture among telecommunications giants including Deutsche Telekom and Ericsson, facilitates the global availability of network capabilities by acting as an aggregator.
Vonage supports this innovation by providing APIs and complementary tools, such as SDKs, enabling developers to craft solutions that enhance fraud protection capabilities.
"The collaboration between telcos, aggregators, and developer platform partners is crucial," stated Peter Arbitter, Aduna's Chief Commercial Officer. "As an aggregator of telecom network capabilities, Aduna enables developer platform partners to drive network API adoption, promoting digital innovation that strengthens secure banking services globally."
Advanced Fraud Protection through APIs
David Darmon, Vonage’s VP of International Sales, API, emphasized, “Vonage Network APIs provide developers with a platform to create solutions allowing banks to automate verification processes at scale. Using programmable network capabilities and verified data, these APIs enhance fraud protection, elevate bank security delivery, reduce fraud-related revenue loss, and transform customer experience.”
From the telecom perspective, Andrzej Ochocki, Deutsche Telekom’s Head of Identity Management, commented on the increased demand for network security due to banking digitization, reaffirming Deutsche Telekom's commitment to providing specific network APIs that address evolving fraud and security needs.
Pawel Kowalski, mBank’s Digital Security Product Owner, highlighted the significant benefits observed in adopting network APIs for fraud and authentication workflows, which have both enhanced customer experience and reinforced trust.
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Vonage, a part of Ericsson, announced that, together with pioneers from Aduna, Deutsche Telekom, and mBank, it is participating in the World Banking Forum in Athens.
The event convenes senior banking executives and technology pioneers from around the world to advance modern banking through technology innovation and digital transformation.
Rise of digital channels
An increase in fraud has emerged from the rise of digital channels in financial services and continues to evolve and grow with new technologies, such as AI that enable more sophisticated threats. As cyber threats continue to escalate and regulations tighten, it is more critical than ever for banks to deploy advanced fraud protection strategies.
Cybercrime damages are projected to reach $11.9 trillion annually by 2026 and technology innovation is needed to meet regulatory demands and strengthen a financial institution's overall fraud defenses.
Mobile network capabilities
At the World Banking Forum, Aduna, Deutsche Telekom, mBank, and Vonage will explore how the convergence of 5G, Network APIs, and AI can revolutionize fraud prevention and redefine customer experience across the financial services industry.
The industry pioneers will discuss current security challenges and how embedding mobile network capabilities directly into banking applications delivers breakthroughs in seamless and secure customer interactions.
Availability of network capabilities
Exposing network capabilities through APIs provides banks like mBank with access to previously untapped and verified network data in real-time, enabling frictionless customer experiences and intelligently reducing fraud.
Aduna, a joint venture of leading telecommunications industry giants, including Deutsche Telekom and Ericsson, drives the global availability of network capabilities by acting as an aggregator. Vonage, through its APIs and complementary tools, such as SDKs, makes these network capabilities accessible for developers to build innovative solutions with advanced fraud protection capabilities.
Fraud remains a persistent and increasing challenge for banks, across retail services and digital transactions. Innovation in prevention and detection technologies is crucial to stay ahead of the threat landscape and deliver a seamless customer experience.
Adoption of network APIs
"The collaboration between telcos, aggregators, and developer platform partners is crucial," said Peter Arbitter, Chief Commercial Officer for Aduna. "Aduna’s role as an aggregator of telco network capabilities enables developer platform partners to drive the adoption of network APIs by developers, and expose digital innovation that advances secure banking services on a global scale."
David Darmon, VP of International Sales, API, at Vonage, added, “Vonage Network APIs give developers a platform to build solutions for banks to automate verification processes at scale, leveraging programmable network capabilities and verified network data for fraud protection. This elevates how banks deliver security, reduces revenue loss resulting from fraud, and transforms the customer experience.”
Demands on network security
Andrzej Ochocki, Head of Identity Management at Deutsche Telekom, commented, "From a telecom perspective, the digitization of banking has significantly increased demands on network security. Deutsche Telekom is committed to offering specific network APIs that directly address these evolving fraud and security needs."
"At mBank, we are constantly seeking innovative solutions to deliver a seamless and secure digital banking experience," stated Pawel Kowalski, Digital Security Product Owner at mBank. "Adopting network APIs in our fraud and authentication workflows has shown significant benefits, enhancing the customer experience and reinforcing trust."
