Bank of India has tapped Worldline India, a subsidiary of Atos, to manage Fraud Risk Management solution (FRM) for all its card related business.
The Indian public sector bank will benefit from the fraud management solution that will do real time monitoring of the entire chain i.e. from detecting to reaction, preventing by using latest technology tools for optimized results and a dedicated support team to address problems.
RP Marathe, executive director of Bank of India, said: “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.”
“Worldline’s real time monitoring Fraud and Risk Management solution will help us to monitor transactions that are growing at more than 30 percent per annum and also provide a solution and support team to address frauds as well as grievance,” Marathe said.
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 percent.
A PWC report said that around 65 percent of the total cases reported by banks were technology-related frauds whereas advance – related fraud accounted for 64 percent of the total amount involved in fraud.