Bank Of India Strengthens Security For Card Biz
India’s leading public sector bank, Bank of India (BOI) has started leveraging a Fraud Risk Management solution (FRM) for all its Card related business. The FRM solution will be managed by Worldline India, a subsidiary of Atos, which is a leader in payment and transactions services in the country.
Worldline India will provide the bank with a customized, real time monitoring end-to-end fraud management solution, which covers the entire chain - from detecting to reaction, preventing by using latest technology tools for optimized results and a dedicated expert support team to help address grievance, it said in a statement.
“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,” Executive Director, Bank of India, R.P. Marathe said.
With the increasing trend of frauds, bank was keen to adopt a solution to keep up with this dynamic threat. Worldline’s real time monitoring Fraud and Risk Management solution is an ideal choice. It will help us to monitor transactions that are growing at more than 30% per annum and also provide a solution and support team to address frauds as well as grievances / problems in a timely and effective manner, he added.
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%.
Another Pricewaterhouse Coopers Report (PWC) report on the banking industry said that around 65% of the total cases reported by banks were technology-related frauds (covering frauds committed through / at an internet banking channel, ATMs and other payment channels like credit/debit/prepaid cards), whereas advance – related fraud accounted for a major proportion (64%) of the total amount involved in fraud. Further industry reports also indicate in Mumbai alone, card frauds have risen 2.5 times compared to last year, emerging as the ‘no. 1 cybercrime offence’.
Deepak Chandnani, CEO, Worldline South Asia and Middle East said “Today, fraud management is both a science and an art. 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.”
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