Is fraud prevention possible in fintech?
Some good news –
India topped 48 global markets with 25.5 billion real-time payment transactions in one year.
Now, read the alarming one –
Around 600 million rupees were lost in transaction fraud during 2020-21.
Banking & financial industry frauds mainly fall under the categories –
– Bank account related
– Synthetic identity
Can we prevent those fraudulent activities?
Yes, of course!
– Multi-factor authentication & biometrics
– Primary web safety measures
– AI-driven KYC ( face match, name match, vkyc )
– Monitoring and notification of transactions in real-time
– Transparent client transaction activities
– Customer risk scoring
Fraud detection in fintech needs a customized approach and is a constant process. The scammers are upgrading their attempts, and so should we, to stay ahead of the curve.
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