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Bank of India adopts risk management tool to curb fraudulent card transactions

Bank of India has adopted a fraud risk management solution for all its card-related businesses, the latest lender to invest in technology to curb surging fraudulent transaction levels.

, ET Bureau|
Last Updated: Sep 01, 2015, 08.23 PM IST
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Bank of India has adopted a fraud risk management solution for all its card-related businesses, the latest lender to invest in technology to curb surging fraudulent transaction levels.
Bank of India has adopted a fraud risk management solution for all its card-related businesses, the latest lender to invest in technology to curb surging fraudulent transaction levels.
MUMBAI: Bank of India has adopted a fraud risk management solution for all its card-related businesses, the latest lender to invest in technology to curb surging fraudulent transaction levels.

The solution, which will be provided by Atos subsidiary Worldline, will include customized, real-time monitoring and an end-to-end fraud management system, which would include a support team to handle problems.

“There is no doubt, that the security of financial transactions is becoming a challenge for the banking industry. Looking at the fraud trends for the last 3-4 years, controlling of such fraudulent transactions is one of the top priorities of the Bank,” R P Marathe, executive director of Bank of India, said in a statement.

According to an Assocham Study on Cyber and Network Security Framework, cybercrimes in India may touch 300,000 crimes in 2015 and in the last 5 years, registered cybercrime cases have grown at CAGR 107%.

“With new types of fraud being detected and carried out every day, it is no longer sufficient to detect and address them on real time basis. Trained and experienced people along with sophisticated data analytics, specialist tools and processes are needed to detect new patterns and proactively address these,” Deepak Chandnani, CEO Worldline South Asia and Middle East, said.
(Catch all the Business News, Breaking News Events and Latest News Updates on The Economic Times.)

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