Digital payment frauds in the banking sector have experienced a notable increase in FY23, as per the Reserve Bank of India’s (RBI) FY23 annual report. The data shows nearly double the count of reported digital frauds, reaching 6,659 cases amounting to Rs. 276 crores, compared to 3,596 frauds amounting to Rs. 155 crores in FY22. While the overall value of reported frauds by Indian banks has decreased, using cards and internet-based payment methods in digital scams has significantly risen.
Fraudsters are continuously adopting new techniques like phishing, malware, vishing, and fake UPI handles, posing significant challenges for banks. As a result, banks need to enhance their security measures to combat these evolving threats effectively. Despite efforts in customer education, social engineering remains a persistent problem, and banks often face limitations in taking immediate corrective actions.
At QualityKiosk Technologies, we protect banks and financial institutions from the growing threat of digital payment fraud. Our expertise lies in detecting anomalies and identifying instances indicative of malicious activities through our proprietary and enterprise platforms. We provide robust solutions that strengthen IT infrastructure, offer contextual authentication, utilize intelligent algorithms to prevent fraud, and deliver guidance and training on digital payment risks and safe usage practices.
Banks can minimize reputational damage and ensure secure digital transactions by proactively flagging potential issues and safeguarding against evolving fraud techniques. We aim to empower our banking clients to combat digital payment fraud effectively.
In the battle against digital payment fraud, banks and financial institutions must fulfill their responsibility of thorough investigation and timely reporting. Failure to do so can result in penalties, adding a significant workload for operations teams involved in investigative analysis.
Our innovative platforms and advanced algorithms aim to preempt and reduce fraudulent transactions and significantly minimize the risk. Additionally, by streamlining the investigation process, we help banks achieve a lower Mean Time to Innocence (MTTI) and alleviate the burden on their resources. Learn more about us at: https://qualitykiosk.com/platforms/anabot/
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