Combat Active Fraud Threats with Real-Time Payment Fraud Detection Solutions
Fraud Detection is the first step to payment protection
INR 1,457 cr
Lost to Digital Payment Frauds in 2024
Source: RBI report 2024
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. Yet, with these advancements comes an increased risk of fraudulent activities. To combat these emerging threats, banks, PA-PSP-POs, and Hybrid FinTechs need a dynamic solution that detects payment fraud and stops it in its tracks.
BANKiQ presents comprehensive solutions to this challenge. By redefining fraud detection with its advanced Transaction Monitoring capabilities, it enables financial institutions to identify high-risk payments and stop them before they incur damages. With true real-time Transaction Monitoring, continuous surveillance, and strategic insights, BANKiQ ensures that fraudulent activities are detected and halted at every step of the payment process—providing complete protection 24/7 x 365.
Effectively Detect Fraudulent Transactions With BANKiQ
Identify Suspicious Transactions
Close vulnerability gaps by promptly determining Suspicious Transactions through our Early Warning System (EWS). Our solutions are embedded with self-learning cognitive machine learning algorithms that spot and flag anonymous activities, ensuring fraudulent payments are caught in real time.
Proactively Analyse Payments
Dynamically monitor transactions to address emerging threats and preemptively deal with potential payment frauds before it escalates. With our real-time Transaction Monitoring architected with a response time less than 100 ms, our solutions assist to actively detect payment frauds and support prevention.
Automated Alert Management
Escalate fraud risks and notify the risk management teams instantly to take swift action in preventing frauds from progressing. Our automated alert system delivers true real-time alerts of detected irregularities and aids in prompt decision-making to secure payment operations.
Customised Detection Rules
Reduce detection overhead by tailoring detection parameters to match specific needs. Our real time fraud detection solutions are equipped with targeted fraud rule building models that support customising detection rules to address unique risks and enhance accuracy in fraud detection.
Solutions we Deliver for Real Time Fraud Detection
FRC
Get complete payment fraud detection, risk management and regulatory adherence from our Fraud Risk Compliance (FRC) solution. Empowered with a multitude of fraud detection strategies, this comprehensive solution identifies and mitigates fraud risks, ensuring transactions are secure and compliant at each step.
IFRM
Protect payments across channels with our Intelligent Fraud Risk Management (IFRM) solution. Deploy our preventive fraud detection system and risk management solution to secure operations from digital banking frauds and instant payment frauds. With pre-built detection and screening capabilities, IFRM is ideal for large and mid-scale financial institutions.
PULSE
Achieve swift fraud detection and risk management with our hosted FRM solution. Best suited for cooperatives and small banks, this turnkey solution has a scalable architecture and provides real-time monitoring and immediate alerts to protect operations from emerging threats.
IAML
Money laundering can significantly hinder operations if not effectively managed. BANKiQ addresses this challenge with its out-of-the-box Intelligent Anti-Money Laundering (IAML) solution. Designed to identify unusual transactions by tracking customer behaviour, IAML excels at spotting out-of-character financial transactions.
Advanced Functionalities of BANKiQ Solutions
True Real-time Transaction Monitoring
Ml-powered Customer Risk Scoring
Zero-code Self-service Fraud Rule Builder
Curated Fraud Management
Ai-enabled Risk Assessment
Pre-filters for Lists and Limits
Adaptive Real-time Analytics
Prepackaged Rules and Scenarios
Suspicious Transaction Reporting to FIUs
Intelligent Case Management
Ml-based Behavioural Profiling
On-demand Sanction Screening
Upgrade your Fraud Defence with BANKiQ
Fraud Detection of live transactions can be complex and demanding, requiring solutions that not only flag threats but also adapt to evolving tactics. At BANKiQ, we strive to stay ahead of the Fraud Risk Compliance landscape by continuously advancing our fraud detection, prevention, and risk management mechanisms.
With our financial fraud detection solution, banks, PA-PSP-POs, and Hybrid FinTechs are equipped to meticulously detect and address fraudulent payments, all while preventing risks from escalating. Leverage our next-gen fraud detection and fraud prevention solution to enhance security posture and safeguard your operations from evolving threats.
Markets We Cater To
Issuer Banks
Acquirer Banks
Hybrid FinTechs
Payment Service Providers (PSP)
Payment Aggregators (PAs)
Payment Orchestrators (POs)
Our Customers
Nationalised NBFC
Integrated the BANKiQ platform for customer risk scoring and risk categorisation as an “Early Warning System” to detect fraudulent activities.
Leading Digital Bank
Deployed an enterprise-level Fraud Risk Management (FRM) system to detect fraud, manage risk, and prevent fraudulent activities.
Leading PSP
Equipped the client with BANKiQ FRC, which provided advanced transaction monitoring, comprehensive risk scoring, and suspicious transaction reporting (STR) for robust fraud management and prevention.
Get Started Today
Schedule a demo and discuss your fraud prevention strategy with our solutions team.
FAQ's
To detect payment fraud, financial institutions should employ advanced fraud detection technology, methodologies and strategies. By defining rules to identify anomalous transactions, analysing historical transaction data, and monitoring transaction behaviour, fraudulent transactions can be effectively detected. This approach allows for the early detection of fraudulent transactions, enabling prompt action to prevent further damage.
BANKiQ helps detect fraud transactions by leveraging advanced cognitive-enabled ML algorithms that facilitate comprehensive monitoring and swift identification of suspicious transactions.
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.