STOP INSTANT PAYMENT FRAUD by leveraging on smarter ML and monitoring all Payment transactions in true real-time

Instant Payments enables transfers between participating bank accounts on a 24x7x365 basis and presents the opportune moment for Banks and Payment cos to win over customers with new value-added services that ride on real-time rails.

There’s a lot to love about Instant payments, but as with any type of payments, the potential for fraud does exist. Due to their speed and irrevocability, Instant payments require some unique considerations beyond existing fraud solutions that  may be based on near real-time, post Auth, batch processing or manual intervention. Even when the customer realizes they might have been duped, today’s instant payment networks mean it is already too late – the funds have left their account and cannot be recalled.

.  It poses particular challenges for Banks because it usually involves run-of-the-mill deceptions and confidence tricks. As payment channels have multiplied, so have the routes open to fraudsters, pushing up Banks’ liabilities and also leading to Reputational loss.

The duty to protect customers from fraud will only intensify with UPI in India, Aani in UAE, IPS in KSA and similar government sponsored payments across geographies, also the introduction of the Payment Services Directive (PSD2), which obliges Banks to open their payment IT infrastructure to third-party organizations, exacerbating this trend further.

In countries like India & UAE, UPI / Aani  was introduced with the aim of merging several Banking features into a single mobile application providing seamless fund routing and merchant payments.

Hackers are taking unauthorized access of innocent people’s mobile devices to carry out fraudulent transactions via Instant Payment platform such as UPI / Aani / IPS  using third party apps on smartphones.

Why BankIQ IFRM?

We are different:

Traditional anti-fraud practices find it all but impossible to prevent payment fraud efficiently for Instant payments. Most rely on hundreds of static rules that fail to detect new fraud patterns and trigger large numbers of hits.

The standard rule-based anti-fraud systems deployed by banks today cannot detect or block transactions because they are not flexible enough to deal with the huge variety of ways in which people now use digital banking channels.

BANKiQ is a modern-age, true real-time, cognitive intelligence leveraged  anti-fraud solution,  architected grounds-up to address frauds in Instant payment platform. With a response time less than 100ms,  a micro-services based architecture, a Data-Enrichment layer to combine Payload data with customer Profile data,  pre-packaged Rules and Scenarios for Instant payments, curated Case Management specific to  Instant  payment platform,  BANKiQ is well poised to be embedded within the Instant Payment platform to prevent frauds.  It is powered by an advanced real-time, fast-data, Machine learning platform capable of enabling rules & fraud scenarios particularly for Instant payment Channels, operating for high TPS transaction volumes.

Use Cases

Social Engineering Fraud
Collect Request Frauds
Frauds via Help-relief
Unsuspecting Seller Frauds
Business Listing Frauds