We sit down for an exclusive talk with our own Sudesh Prabhu, the CTO at BANKiQ. In this candid conversation, he shares valuable insights about the evolving landscape of FinTech, the pressing challenges of Fraud Risk Management, innovations driving the industry forward, and the edge BANKiQ solutions have over modern payment frauds.
Sudesh, can you start by telling us a bit about your background and career journey?
I began my career with a solid educational foundation, earning a postgraduate degree in Computer Science from Mumbai University. My early career saw me taking on roles in software engineering at leading tech firms, where I honed my skills in cybersecurity and system architecture. A key milestone in my career was leading a major cybersecurity role at Symantec, which solidified my interest in the field of security and risk management. This experience set the stage for my transition into the financial technology sector and ultimately led me to promoting BANKiQ and my current role as CTO of BANKiQ.
What led you to your current role as the CTO of a fraud risk management company? What does your experience in this field feel like?
My transition to fraud risk management was driven by a deep interest in enhancing financial security amid the increasing digitization of transactions. At BANKiQ, my role involves overseeing the development and deployment of advanced fraud detection and prevention systems. This field is incredibly dynamic and challenging, requiring constant innovation to stay ahead of fraudsters. The work is immensely rewarding, knowing that we are making a significant impact in safeguarding financial institutions and their customers.
Given the prevalence of digital payments, how do you feel about it?
Digital payments have revolutionised the financial industry, offering unprecedented convenience and efficiency. Personally, I find this shift exciting, as it opens up numerous opportunities for innovation. However, it also brings new challenges, particularly in ensuring the security and integrity of these transactions.
How do you view this trend as both a benefit and a challenge, particularly in the context of digital payment frauds?
The benefits of digital payments include faster transactions, improved accessibility, and reduced cash handling. However, the rapid adoption of digital payments also introduces significant challenges, such as increased exposure to fraud and cyberattacks. In regions like the Middle East and India, where digital adoption is growing rapidly, it is crucial to address these challenges to build and maintain
consumer trust in digital financial services.
With the advancement of digital payments and increased fraud risks, how do you see this impacting the finance sector?
The advancement of digital payments presents both opportunities and risks for the finance sector. While it drives innovation and efficiency, it also requires heightened vigilance and robust security measures to combat fraud. The need for intelligent regulatory compliance and advanced fraud detection solutions is more critical than ever.
“Financial institutions must balance the demands of maintaining customer trust and encouraging the adoption of digital financial services. This requires a proactive approach to security, integrating advanced fraud detection technologies, and adhering to intelligent regulatory compliance. By doing so, they can ensure a secure and seamless digital payment experience for their customers.”
What do you think are the best practices that banks, Payment Aggregators (PAs), Payment Service Providers (PSPs), and hybrid fintechs should follow to protect themselves against fraud and transaction risks in the evolving payments landscape?
Best practices include the adoption of advanced technologies such as AI and machine learning for real-time fraud detection, regular monitoring and auditing of transactions, and comprehensive employee training on fraud prevention. It is also essential to foster a culture of security awareness and continuously update cybersecurity protocols to stay ahead of emerging threats.
What, according to you, is the significance of technology-powered solutions in the realm of fraud risk management?
Technology-powered solutions are critical in fraud risk management for their ability to enhance detection and prevention capabilities. They offer scalability and efficiency, allowing institutions to manage large volumes of transactions without compromising security. These solutions are also adaptable, enabling institutions to respond quickly to emerging fraud threats and improve the overall customer experience by ensuring secure, seamless transactions.
Can you elaborate on BANKiQ’s fraud risk management solution and how it is changing the payment landscape?
BANKiQ’s fraud risk management solution leverages cutting-edge technologies like AI and machine learning to provide real-time threat detection and prevention. Our solutions enhance security, simplify compliance, and integrate seamlessly with existing systems. By continuously evolving our technologies, we are setting new standards in fraud prevention and helping to create a safer payment landscape for financial institutions and their customers.
Being part of BANKiQ and in this field, what are some of the unique challenges you've encountered in the fraud risk management space, and can you share your experiences in addressing them?
One of the unique challenges is staying ahead of emerging fraud tactics, which requires continuous innovation and adaptation. Balancing security with user experience is another challenge; we strive to implement robust security measures without compromising ease of use. Regulatory compliance also demands constant attention and adaptation.
“For instance, we successfully navigated a complex regulatory environment in India by implementing our flexible compliance framework that adapts to regional requirements.“
Looking ahead, what proactive measures would you suggest for financial institutions to enhance their risk mitigation capabilities?
Financial institutions should adopt advanced technologies for fraud detection and prevention, continuously monitor transactions and onboarding processes, and deploy robust transaction validation systems. Regular staff training and evolving mitigation strategies are also crucial. Proactive measures, such as threat intelligence sharing and collaboration with industry peers, can further enhance risk mitigation capabilities.
