ACI WorldWide, an ongoing electronic installment and banking arrangements, today reported that Federal Bank is utilizing its UP Payments Risk Management answer to distinguish deceitful card action, moderate misfortunes and to upgrade client connections.Through ACI’s answer, the bank can upgrade fraud detection capabilities with bits of knowledge into real-time status of card transactions based on pre-defined parameters helping the bank to provide the customers a better customer experience and security.
Federal Bank is one of India’s largest private sector commercial banks.It has over 1,200 branches and over 1,600 ATMs across the country and a customer base of more than 10 million.It is one of the leading pioneers among India’s private sector banks. It was the first to computerize all its branches. Federal Bank uses a real-time monitoring system for deterring, detecting and blocking fraud and offers additional security. It customizes its fraud and risk management solution for Federal Bank at two action levels: cards and merchants.
Kaushik Roy, vice president and country leader – South Asia, ACI Worldwide said that their main goal was to furnish Federal Bank with continuous reactivity and adjustment to rising extortion patterns and to empower quicker dynamic.They were delighted to partner with the bank in its current digital transformation journey.
According to RBI data, from October to December 2019, debit card fraud alone has reached 11,058 cases. The traditional fraud detection systems can detect only known threats, they are not very effective at detecting new criminal fraud strategies putting banks and their customers at risk. Federal Bank required a counter-fraud solution for both its cardholders and merchants, with real-time and near real-time facilities.
After implementing UP Payments Risk Management for real-time monitoring of card transactions, the bank saw a considerable drop in fraudulent transactions.It not only alerts the customers of risks ,the automated alerts generated help the bank recognize and decline potential fraudulent transactions.
“Federal Bank aims at providing a smooth experience at every point.While security challenges for banks are continuously,evolving, we need to ensure that we are consistently in front of fraudsters” says Shalini Warrier, Official Chief
Federal Bank. ACI’s skill and demonstrated capacity to scale down the risks have made them even approach them to talk about their fraud and risk management requirements as the arrangement empowers them to ensure that their clients are protected from several types of fraud.