Financial Software and Systems (FSS), a Chennai-based payments and fintech company, has launched FSS Sentinel, a real-time, preventive fraud-risk-monitoring and management solution, for financial institutions to minimise fraud exposure. The big-data solution automates risk-assessment, enabling banks to see a full picture of their risk profile and take calibrated actions to secure transaction experience. It deploys machine-learning modelling technology to analyse fraud signals, identify fraud types and make better-informed transaction-authorisation decisions, the firm said.
It continually learns customers’ transaction behaviour such as maximum transaction amount, and generates automatic alerts on detecting anomalous usage patterns, according to a press release.
Banks can build a complete risk picture using a combination of variables including transaction velocity, volume, value and time, device fingerprinting, IP geo-location, multiple account registration and de-registration attempts, frequent mobile number changes, as well as SIM swapping.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.