Olga Medyanik: "Participation in BRICS Solutions Awards 2024 is a logical and significant step forward"

Dr Medyanik, could you please elaborate on the focus of your project, its relevance, and why it is in great demand right now?

In recent years, the landscape of cybersecurity, particularly within the banking sector, has undergone significant transformations. These changes necessitate the development of new approaches and solutions. Social engineering attacks are becoming increasingly sophisticated, posing a serious threat to financial institutions worldwide. Malicious actors are constantly refining their methods, leveraging the latest technologies and psychological manipulations. In response to these challenges, we have developed the project titled "Cognitive Shield: Practice for Countering Social and Criminal Engineering in the Banking Sector." Today, the issue of security is more pertinent than ever. To effectively combat criminal manipulation, banks require innovative solutions that address both technical and behavioural aspects. This is why the practical solutions offered by the Cognitive Shield are garnering substantial interest within the banking sector.

Cognitive Shield is an integrated solution that combines cutting-edge machine learning technologies, behavioural analytics, and psychological models to detect and prevent financial fraud. This comprehensive approach empowers financial institutions to effectively counter escalating security risks while ensuring high levels of customer satisfaction.

Implementing the Cognitive Shield practices enables achieving a balance between security and customer comfort. By analysing behavioural factors and employing speech impact techniques, anti-fraud specialists can communicate more effectively with customers, reducing negative experiences and enhancing overall customer satisfaction.

One of the key advantages of this approach is its adaptability to evolving scamming techniques and changing circumstances. The system analyses vast amounts of information, identifies new patterns, and adjusts risk detection mechanisms in real-time. Additionally, the integration of psychological models provides deeper insights into the motivations of both customers and potential attackers.

What ultimately compelled you to participate in this project?

The project "Cognitive Shield: Practice for Countering Social and Criminal Engineering in the Banking Sector," has been featured in the showcase of the BRICS technology platform.

The BRICS Solutions Awards 2024 offered an unparalleled opportunity to present innovative ideas and developments on the international stage. Participating in this contest was a logical and significant step forward in our team’s development. We viewed this event not merely as a chance to highlight pressing global challenges, but also as an opportunity to connect with like-minded people and potential partners to further advancements and expand our initiatives.

It is worth noting that participating in this contest opens up avenues for sharing advanced solutions and best practices among the BRICS countries. This is particularly significant for the successful development of research projects involving St Petersburg University. Currently, the BRICS Solutions Awards website hosts a library of best practices, allowing anyone to explore detailed method descriptions, learn about their authors, and, if interested, implement these practices in their own country. Over time, this resource is to evolve into a BRICS technology platform.

What are the primary goals of your research?

The ambitious Cognitive Shield project aims to develop an advanced system for protection against financial fraud, while ensuring high levels of customer service and optimising the internal processes of credit institutions. This innovative approach has the potential to elevate banking security to a whole new level.

Our objective is to create a truly intelligent defence mechanism that not only effectively combats threat actors but also guarantees comfort for bona fide customers. Imagine being a bank customer faced with a suspicious transaction. Instead of enduring stress and irritation from lengthy checks and bureaucracy, you experience peace of mind and confidence in the bank’s actions. The Cognitive Shield system employs advanced behavioural analytics tools to instantly detect signs of fraud without inconveniencing legitimate customers.

An equally important objective is to enhance the quality of customer service. We understand that effective anti-fraud protection must be seamlessly integrated with a high level of customer service. Our research therefore focuses on the psychological aspects of bank interactions with their customers, which enables mitigating negative emotions and ensuring a positive experience, even in stressful situations.

Finally, we seek to achieve comprehensive optimisation of fraud monitoring processes within credit institutions. This involves not only enhancing anti-fraud technologies but also improving employee efficiency, psychological resilience, and adaptability.

Thus, these objectives will enable us not only to fortify the security of the banking industry, but also to make a significant contribution to the development of information security and financial culture in society as a whole. Our primary objective is to develop advanced methods for detecting and preventing financial fraud by leveraging innovative technologies that identify scams using cognitive techniques. We have created a technology based on psychological and behavioural factors, capable of swiftly analysing vast arrays of suspicious payment transactions and detecting even the most sophisticated fraud schemes.

Where is the practical implementation of the Cognitive Shield planned?

The Cognitive Shield project has already garnered significant interest within the banking community. Several of Russia’s leading credit organisations have begun piloting this technology. Each bank is tailoring the Cognitive Shield to fit its unique structure and the needs of its customers. The results so far have been impressive: the practice has already been instrumental in training bank employees, who have successfully mitigated numerous financial fraud targets and saved their money.

In the context of ever-increasing regulatory requirements and escalating threats of financial fraud, the adoption of the Cognitive Shield solutions is becoming a critical success factor for the present-day banks. By combining advanced technology with an in-depth understanding of customer psychology, banks can create resilient and adaptable defence mechanisms capable of withstanding the challenges of the digital age.

The experts anticipate that the widespread adoption of the Cognitive Shield practices could become a pivotal factor in transforming the financial services industry in the coming years. By introducing these practices on the BRICS technology platform, other countries have the opportunity to employ intelligent systems that not only safeguard customers but also make interactions with financial services as convenient and secure as possible. This will be a step towards establishing a truly reliable and customer-focused banking ecosystem, both in our country and across the BRICS nations.