Multi-Layered Online Payment Fraud Prevention Solutions for PA-PSP-POs
A Massive 400% Jump in Online Payment Frauds in 2024 - Act now to secure your payments operation!
Source: RBI report 2024
The inordinate volume of transactions, emerging fraud tactics, and evolving regulatory requirements pose major roadblocks to frictionless payment operations for PA-PSP-POs. To ensure robust security during processing, financial institutions need to integrate a next-gen, unified platform for comprehensive online payment fraud prevention and risk management.
BANKiQ, to counter this issue, effectively presents its suite of solutions targeted to detect, analyse, and prevent fraudulent activities in true real-time, all while adhering to compliance requirements. From Transaction Monitoring to Customer Risk Scoring and Suspicious Transaction Reporting, BANKiQ provides end-to-end payment protection for PA-PSP-POs and financial service providers.
Proactive Defence Against Suscipious Transactions and Fraud Risks
True Real-time Transaction Monitoring
Track payments in true real-time to identify and respond to payment fraud as they occur. With the BANKiQ platform, PA-PSP-POs have real-time visibility and control over each transaction, leading to uninterrupted and hassle-free transaction operations.
Detection of Unauthorised Transactions
Spot various fraud typologies with our cognitive-AI/ML-powered fraud detection algorithms. By assisting in the swift identification of suspicious transactions, our digital payment fraud prevention solutions stop fraud before it disrupts the payment ecosystem.
Customer Risk Assessment
Implement dynamic customer risk scoring and screening to evaluate customers’ risk levels. In true real-time, our platform equips PA-PSP-POs with the ability to proactively identify high-risk users, allowing for swift intervention to prevent potential frauds.
Transaction Behavioural Analysis
Examine transaction patterns, identify deviations, and flag potential risks to prevent fraudulent activities. Our out-of-the-box online fraud prevention solutions facilitate behavioural analytics that aid in adaptive fraud detection and detailed analysis of user behaviour.
Multi-channel Fraud Management
Unify fraud risk management efforts through a centralised fraud prevention platform. At BANKiQ, we deliver omnichannel payment fraud prevention solutions that integrate prevention strategies to mitigate and respond to threats across all payment avenues.
Fraud Investigations
Real-time payments fraud prevention demands rapid, in-depth investigations into anamalous transactions. BANKiQ supports these investigations through effective Case Management, streamlining the investigation process that enables adept resolution.
Solutions We Render for PA-PSP-POs:
Fraud Risk Compliance
Tackle fraud risks and compliance challenges in a single integrated FRC solution. Embedded with true real-time, cognitive-powered AI/ML capabilities, FRC features real-time Transaction Monitoring, Customer Risk Scoring, Case Management, STR, FRM regulatory reporting, and more.
Inline Fraud & Risk Management
Secure multi-channel payment operations with BANKiQ’s IFRM. By providing accurate fraud prevention capabilities, IFRM is equipped to identify emerging fraud patterns and support seamless transfers 24x7. With IFRM as your fraud prevention solution, PA-PSP-POs can prevent financial frauds, be compliant, and maintain a frictionless customer experience.
PULSE
Fortify payment operations and protect ongoing transactions with our cloud-based solution. BANKiQ PULSE offers real-time, risk-based capabilities to stop frauds in its tracks and allows PA-PSP-POs to monitor, detect, and prevent fraud across all digital payment channels in a pre-packaged format.
Multi-faceted Applications of BANKiQ Solutions
What Sets BANKiQ Apart
PA-PSP-POs face the growing challenge of defending against ever-shifting fraud threats and navigating complex, multi-channel payment processes. Without a robust defence mechanism, these entities risk confusion, inefficiency, and other potential risks that could compromise operations.
At BANKiQ, we understand the severity of these challenges. To counter them, we have designed next-gen real-time payments fraud prevention and risk mitigation solutions that provide comprehensive detection, prevention, and reporting capabilities. With a vision to increase confidence in growing digital payments, we combine our seasoned expertise and advanced AI/ML-powered technology to deliver enhanced online payment security for all transaction operations.
Markets We Cater To
Issuer Banks
Acquirer Banks
Hybrid FinTechs
Payment Service Providers (PSP)
Payment Aggregators (PAs)
Payment Orchestrators (POs)
Our Customers
Leading Payment Service Provider (PSP)
This largest PSP, with nearly 385 million customers, integrated our BANKiQ FRC for Merchant Onboard Risk Scoring, Transaction Monitoring, and oversight on merchant settlements. This resulted in enhanced security posture and robust fraud management and prevention capabilities.
Reputed Payment Service Provider (PSP)
A top PSP with a customer base of 10,000+ merchants deployed BANKiQ FRC for true real time Transaction Monitoring, STR reporting, Merchant Onboard Risk Scoring, and Curated Acquirer Fraud Management, leading to secure and seamless payment operations.
Global Card Payment Processor
Globally recognised PSP with an ATV of 800+ billion leveraged BANKiQ FRC for true real time Transaction Monitoring, STR reporting, Merchant Onboard Risk Scoring, Curated Acquirer Fraud Management, and Sanction Screening that provided completed security.
Get Started Today
Schedule a demo and discuss your fraud prevention strategy with our solutions team.
FAQ's
Online Payment Fraud Prevention is a set of strategies that leverage technology-driven solutions to mitigate fraud risks and safeguard payments. By identifying vulnerabilities and proactively preventing them from escalation, online fraud prevention ensures smooth transactions, assists in managing risks, and helps maintain trust in digital payment platforms.
In the digital payment ecosystem, online payment fraud occurs when fraudsters take advantage of the loopholes in the payment platforms or try to manipulate them to steal money, access sensitive information, and get other payment credentials. Some of the common online fraud transactions include:
- Identity Theft
- Account Takeover
- Phishing
- UPI Fraud
- QR Code Fraud and More
To address this challenge, financial institutions should integrate real-time payment fraud prevention solutions that help them promptly identify and prevent fraud while staying ahead of evolving tactics.
By deploying multi-layered fraud prevention solutions, PA-PSP-POs can enhance their security posture and support seamless payments. These solutions offer a proactive approach to combating fraud and adhering to compliance. At BANKiQ, we are committed to supporting PA-PSP-POs with our advanced fraud prevention solutions that help them to prevent frauds, be compliant and optimise payment operations.
Yes, we at BANKiQ offer post-deployment support that helps financial institutions run operations smoothly and address any issues that arise. Our post-deployment support for payment fraud prevention solutions includes optimization and ongoing maintenance that ensure the fraud prevention solution remains effective and adaptive to emerging threats. Additionally, our expert team is dedicated to facilitating continuous guidance for proactive protection and seamless payment operations.
By opting for BANKiQ’s next-gen payment fraud prevention solutions, POs can do the following:
- Optimise And Protect Transactions
- Reduce Processing Risks
- Secure Payment Operations
This edge provides POs with significant operational advantages, allowing them to maintain effortless payment operations, reduce fraud-related disruptions, and improve the credibility of their services.