BANKiQ - Fraud Risk Management (FRM)
Detect frauds in true real-time, defend against suspicious activities, and de-risk your payment operations with an enterprise-grade all-in-one platform
Financial institutions offering digital banking and fast payment services need to tackle the challenge of providing a seamless customer experience while stopping emerging fraud risks in their tracks. Legacy FRM solutions operating with rule-based mechanisms are sluggish, ineffective, and need human intervention to detect and prevent frauds effectively.
BANKiQ Fraud Risk Management (FRM) facilitates a complete solution to this challenge. With this end-to-end fraud risk management solution, financial institutions can detect and prevent multichannel frauds and mitigate operational risks on a single platform. Equipped with risk-based transaction monitoring, comprehensive fraud management, and reporting capabilities, FRM is purpose-built to combat complex digital banking and instant payment frauds.
Combat Digital Banking, Instant Payment, & Internal Frauds With BANKiQ FRM
True Real-time Transaction Monitoring
Accurately monitor customer transactions and get a 360-degree view of customer activity in true real-time. With BANKiQ FRM, financial institutions can track payments in a response time of less than 100 milliseconds, enabling quick fraud detection & prevention.
End-to-End Fraud Management
Augment your fraud risk management strategy and protect payment operations through a centralised platform. BANKiQ FRM unifies detection, prevention, screening, reporting, investigation, and resolution, providing a comprehensive solution for multichannel payment ecosystems.
Automated Regulatory Reporting - FRM & STR
Streamline all regulatory reporting, including FRM and STR, through automation. Our FRM solution is equipped to directly report Suspicious Transactions and Fraud Risks to FIUs, Central Bank, and regulators, leading to an effective investigation of anomalous activities.
Onboarding Risk Scoring
Conduct customer due diligence by implementing risk scoring in true real-time. BANKiQ FRM facilitates financial institutions in identifying high-risk users and flagging them before onboarding. This proactive feature helps mitigate potential threats and safeguard operations effectively.
Transaction Risk Scoring
Analyse customer transactions to identify anomalous behaviour and proactively mitigate fraud risks across payment channels. BANKiQ’s real-time payments fraud prevention solutions, like FRM, offer preemptive strategies to stop fraud in its tracks and secure operations diligently.
Behavioural Profiling, Case Management & More
Spot the difference between typical and atypical user behaviour. Get instant alerts for any deviations, allowing you to quickly detect fraud, investigate, and act against fraudulent activities. Our Fraud Risk Mitigation solution presents centralised access, enabling a streamlined fraud management process.
Self-service build of Fraud Rule & Scenarios
Create, modify and deploy fraud detection rules and scenarios instantly with BANKiQ. Our instant payment fraud prevention solution, like BANKiQ FRM, allows financial institutions to create custom rule, enabling targeted protection to specific needs.
Reports & Dashboards
Gain insights about Fraud Risks through intuitive dashboards and data-driven reports. Through BANKiQ FRM, financial institutions can monitor fruad trends, track key metrics and analyze performance in true real-time, empowering Fraud & Risk Management teams to devise swift responses against emerging threats.
Extended Capabilities of BANKiQ FRM for Fraud Detection and Payment Protection
True Real-Time Oversight
Pre-packaged FIU-RFI rules builder
Pre-Filter Customization
Omnichannel Fraud Prevention support
Cross-Channel Alert & Case Management
Contextual Risk Assessments
Compliance-Ready Reporting Tools
Auditing & Extensive Performance management
Powerful orchestration and operational control
BANKiQ: Strategic Solutions for Complex Fraud Risk Challenges
As a trusted leader in Fraud and Risk Management for payment operations, BANKiQ is renowned for its reliable and effective solutions. With extensive expertise in fraud detection, response, and reporting for digital banking and Fast Payment Fraud Risks, BANKiQ delivers a next-gen FRM solution designed to address the evolving challenges of modern payment ecosystems. BANKiQ additionally also supports FRM deployment tailored to operational needs, enhancing the ability of financial institutions to protect their payment operations completely.
Markets We Cater To
Issuer Banks
Acquirer Banks
Hybrid FinTechs
Payment Service Providers (PSP)
Payment Aggregators (PAs)
Payment Orchestrators (POs)
Our Customers
Largest Private Bank
India’s largest private bank, integrated BANKiQ FRM for true real-time payment protection that covers 24 x 7 processing of almost 200 million transactions on a single transaction channel.
Leading Hybrid FinTech
India's leading hybrid Fintech transformed its payment operations by strengthening its security through the deployment of BANKiQ FRM, which enhanced the detection and prevention of fraudulent transactions.
Leading Digital Bank
One of the leading digital banks in India leveraged BANKiQ FRM to fortify its payment operations across retail banking, branch banking, and cooperate banking. This FRM deployment enhanced the security posture of payment operations, leading to effective fraud detection and prevention.
Get Started Today
Schedule a demo and discuss your fraud prevention strategy with our solutions team.
FAQ's
Digital fraud management is a set of strategies, tools, and technologies that are employed to detect, prevent, and manage digital payment frauds. This proactive mitigation is vital for financial institutions such as banks, PAs, PSPs, and Fintechs to manage their payment operations while stopping fraud risks in their tracks. The risks associated with digital payments include the exploitation of vulnerabilities in legacy payment systems that result in identity theft, unauthorised transactions, payment frauds, and more. Through effective Fraud Risk Management for Digital Payments, financial institutions can secure their operations and provide a frictionless payment experience to their customers.
Digital payment fraud can be prevented by the implementation of an integrated approach. Central to this approach is the technological integration that provides the capabilities to actively monitor transactions, help identify anomalies, investigate unusual behaviours, and report them to FIUs and regulators for further action. Additionally, financial institutions can follow strict protocols in oversight, fraud and risk management, and reporting to effectively prevent fraud before they incur major damages.
BANKiQ FRM is a next-gen fraud risk management solution that helps financial institutions combat Digital Banking, Instant Payment, & Internal Frauds. With its advanced suite of tools like:
- True Real-time Transaction Monitoring
- Curated Fraud Management
- Regulatory Reporting – FRM & STR
- Dynamic Risk Scoring
- Behavioural Profiling, Case Management & More
- Self-service build of Fraud Rule & Scenarios
- Reports & Dashboards & more
It helps enhance the security posture of payment systems, improve fraud detection, prevention, and reporting capabilities, hence securing operations in true real-time.
BANKiQ offers comprehensive support for its Fraud Risk Management (FRM) solution, ensuring seamless deployment and ongoing assistance for banks and financial institutions. As part of its Fraud Risk Management Services, BANKiQ offers the deployment approach, tailoring configurations to meet specific enterprise needs, such as custom fraud rules and risk thresholds. The solution integrates seamlessly with existing systems, including payment gateways and core banking platforms, enabling real-time fraud detection across multiple channels. BANKiQ, also on demand, provides on-going assistance that helps stay ahead of emerging threats.
Yes, BANKiQ FRM efficiently handles Fast Payments operations with real-time fraud detection, dynamic risk scoring, and instant alerts. Its advanced capabilities ensure seamless monitoring, identifying, and mitigating fraud without disrupting legitimate transactions. Scalable and integrated, the fraud risk management solution is tailored for high-volume, time-sensitive environments, providing robust protection for fast payment ecosystems.