BANKiQ - Fraud Risk Compliance (FRC)
The rise in today’s digital payments marks the gradual shift from traditional payment channels. Online payment methods are swift, convenient, and offer unprecedented possibilities.
As today’s payment experiences continue to evolve, financial criminals exploit siloed crime prevention systems to increase attacks and find new vulnerabilities. To counter these threats and stop frauds in tracks, financial institutions must implement next-gen solutions that effectively mitigate Suspicious Transactions and Fraud and Compliance Risks in real-time.
BANKiQ presents FRC, a powerful solution that offers true real-time capabilities to detect, prevent and respond to multi-channel frauds, all while ensuring compliance and a seamless customer experience. With this Fraud Risk Compliance Management Solution, financial institutions can proactively secure their payment operations, facilitate frictionless compliance processes, and stay ahead of evolving threats.
Detect, Prevent, and Manage Fraud and Compliance Risks in True Real-time with BANKiQ FRC
True Real-time Transaction Monitoring
Actively monitor transactions to defend your payment operations in true real-time. With BANKiQ FRC, financial institutions can track transactions with a response time under 100 milliseconds, enabling swift action to detect and respond to fraudulent activities as they occur.
Multi-channel Fraud Prevention
Protect your payment operations across all payment channels with a robust multi-channel defense. With FRC, our instant payment fraud prevention solution, financial institutions can unify their detection, prevention and compliance efforts through a single centralised platform that enables them in fraud detection, prevention, and compliance.
Integration with Early Warning Systems (EWS)
Outpace fraud and stay ahead with early warnings. FRC integrates EWS with core banking systems (CBS) and lending systems (LOS), enhancing the ability to flag and act upon potential fraud indicators before they escalate. This compliance and fraud management solution aligns seamlessly with the RBI requirement for Fraud Risk Compliance Management.
Next-gen Case Management
Accelerate fraud investigations with a streamlined, intelligent case management system. BANKiQ FRC offers a modern fraud risk compliance management solution that enables institutions to centralise case tracking, automate workflows, and ensure swift, compliant resolutions. With FRC, every fraud investigation becomes faster, smarter, and more effective.
Comprehensive Risk Management
Gain complete protection with a unified approach to risk management. With customer risk scoring and sanction screening for evaluating potential threats, FRC empowers financial institutions to protect itself from high-risk customers and detect potential issues before they escalate.
Suspicious Transaction Reporting (STR)
Stay compliant and vigilant with streamlined STR capabilities. By automating the detection and reporting of suspicious activities to FIUs and regulators, our compliance and fraud management solution helps to identify high-risk transactions in real time and meet regulatory requirements efficiently.
Seamless Compliance
Simplify regulatory adherence with our streamlined compliance and fraud risk management solution. Effortlessly meet complex requirements, from reporting to risk management, while maintaining operational accuracy. With advanced protection and compliance capabilities, FRC ensures you stay compliant without any disruptions.
Advanced Functionalities for Payment Protection and Compliance
Cognitive Intelligence For Transaction And Behavioural Analysis
Pre-packaged FIU-RFI fraud rules and scenarios for effective fraud detection
Zero-code self-service fraud rules builder to customise fraud rules
Pre-filters to limit false positives and focus on genuine alerts
On-demand Customer Screening for comprehensive risk management
End-to-End Fraud Risk Compliance Management with BANKiQ FRC
As a trusted leader, BANKiQ is renowned for its reliable and effective solutions. It offers a single platform advantage for comprehensive fraud risk compliance management. With flexible integration and deployment options, including on-premise or cloud environments, BANKiQ guarantees scalability and adaptability to various operational needs.
Markets We Cater To
Issuer Banks
Acquirer Banks
Hybrid FinTechs
Payment Service Providers (PSP)
Payment Aggregators (PAs)
Payment Orchestrators (POs)
Our Customers
Largest Payments and Merchant Acquisition PSP
This major PSP, catering to approximately 385 million customers, utilizes BANKiQ FRC for Merchant Onboarding Monitoring, Transaction Payments Monitoring, and rigorous oversight on merchant settlements. This integration ensures a fortified security posture and advanced fraud management capabilities.
Leading PSP
A leading Payment Services Provider (PSP), trusted by over 100,000 merchants, has integrated BANKiQ FRC for real-time Transaction Monitoring, STR Reporting, Merchant Onboarding Risk Scoring, and specialized Acquirer Fraud Management. This robust solution enhances their fraud prevention framework and compliance capabilities.
Largest Card Payment Processor
A prominent PSP with an ATV exceeding INR 800 billion and transaction volumes of 100 million leveraged BANKiQ FRC for real-time Transaction Monitoring, STR Reporting, Merchant Onboarding Risk Scoring, specialized Acquirer Fraud Management, and Sanctions Screening. This integration fortified their fraud defense and compliance framework.
Get Started Today
Schedule a demo and discuss your fraud prevention strategy with our solutions team.
FAQ's
BANKiQ FRC is an advanced, unified platform for fraud risk compliance management. It provides
real-time transaction monitoring, case management, and regulatory reporting to detect, prevent, and manage fraud effectively across multiple channels, ensuring compliance with regulatory standards. With FRC, financial institutions can get real-time payments fraud prevention and risk
centralised oversight.
Primarily to detect online payment fraud, financial institutions deploy a multitude of advanced technologies such as:
- Artificial intelligence
- Machine learning
- Behavioural analytics
- Encryption and tokenisation
These technologies together provide a robust mechanism that can be used for fraud payment detection and prevention.
The best practice that can be used to stop payment fraud is to continuously monitor all transactions in real time, allowing for the swift identification of any suspicious activities. Integrating an Early Warning System (EWS) can provide timely alerts for potential fraud, enabling immediate preventive actions.
Additionally, utilising automated reporting systems to report suspicious activities to Financial Intelligence Units (FIUs) and regulators ensures that threats are promptly addressed and compliance with regulatory requirements is maintained. These practices collectively create a robust defence against payment fraud, minimising the risk of financial loss and enhancing transaction security.
By opting for BANKiQ solutions and our comprehensive fraud detection services, financial institutions can effectively detect a wide range of fraudulent activities. These include:
- Payment Fraud
- Account Takeover
- Money Laundering Activities
- Phishing
- Social Engineering Scams
- Chargeback Fraud and more
BANKiQ’s advanced detection mechanisms, including true real-time transaction monitoring, advanced analytics and alert management systems, enable financial institutions to combat fraud threats and assist in staying proactive against evolving threats.
BANKiQ’s Early Warning System (EWS) plays a crucial role in fraud identification and prevention by providing financial institutions with timely alerts of suspicious activities. With the capability to analyse user behaviour, actively monitor transactions and detect anomalies that could indicate potential fraud, BANKiQ solutions facilitate full visibility into the entire transaction lifecycle, enabling proactive measures to mitigate risks and safeguard financial operations.