Frauds in banking: How banks can protect themselves
The Deputy Governor of Central Bank of
Sri Lanka, H.A. Karunaratne, addressed the conference on ‘Fraud & Risk Management’ for bankers in Sri Lanka, organised by Manipal Technologies Limited (MTL), India, in Colombo. During the event, Manipal Technologies Limited officially launched their solution ‘Crossfraud’ in Sri Lanka.
‘Crossfraud’ is an enterprise Fraud & Risk Management solution catering to the changing needs of the banking and financial institutions in this fast paced and evolving digital payments eco system. The Deputy Governor addressed around 120 senior bankers from Sri Lanka who manage the Risk & Fraud portfolio of respective banks.crossfraud solution helps the banks to contain their risks and importantly protect their customers. It provides banks and financial institutions a comprehensive fraud and risk management tool by covering multiple input sources such as ATM, POS, internet banking, mobile banking, teller, non-financial transactions, etc, providing the banks with 360 degree view of their customers behaviour. The solution significantly reduces the overall cost of operations for the bank and improves the risk management. Bharat Panchal, SVP & Head Risk Management of National Payments Corporation of India (NPCI), in his keynote address shared his immense experience of managing cyber security and fraud in banking industry in India.
He mentioned “Cyber security is one of the biggest challenge in today’s time to run the business safely. Fraudsters are using innovative and completely unique techniques to commit cyber crimes. The ecosystem must be protected with adequate safeguards for early detection of such an act to reduce the damage”. He recommended the bankers “to focus towards predictive and proactive risk management with the help of Advanced Technology, along with effective governance and cooperation among banks”‘crossfraud’ is a futuristic solution built on a hybrid platform that leverages both artificial intelligence and business intelligence to maximum the flexibility and accuracy of the fraud detection. Using this hybrid system leads to an eco-system which combines the deterministic power of business intelligence with non-deterministic strengths of neural network and artificial intelligence. This provides the banks with a system that will detect frauds with higher accuracy, lower false positives and high expandability.
As a result of using this hybrid system the banks can objectively decide on the occurrence and detection of frauds. The solution is backed by deep and qualified research that has resulted in patents granted by US patents office. The patents have been granted for the uniqueness of the approach, which involves the detection of sub sequences to accurately predict potential fraudulent sequence of events.
Speaking on the occasion, Abhay Gupte, CEO of MTL stated that “Our innovative solutions using state of the art technologies are driving changes in the Banking industry in India for last 77 years. With the launch of Crossfraud in Sri Lanka, the growing banking and financial service sector now can deploy our world-class solution. Our solution has been implemented for leading Banks in India and abroad, and our clients (Banks) have seen significant reduction in frauds.
“There is a growing demand to implement AML (Anti Money Laundering) and Fraud & Risk Management solution by regulators across the globe, and we are well positioned to meet challenging needs of banks. With the changing scenario in the global payment sector and evergrowing threats of fraudsters, we feel that banks in Sri Lanka will move towards adopting such solutions”.
Manipal Technologies Limited
(MTL) has launched this cutting edge solution in Sri Lanka in association with Lake House Printers and Publishers PLC (LHPP). Ranjit S. Wijewardene, Chairman, Lake House Printers & Publishers PLC commented that MTL and LHPP have been associated over a decade in providing solutions to the banks in Sri Lanka. “Together we serve major banks in Sri Lanka for various Banking solutions. With the launch of Crossfraud solution, we are taking our association to next level of digital offerings to our valued customers in Sri Lanka”.
The event was moderated by Rajesh Shet, Vice President & Business Head, MTL. Kiran Rao, AVP Crossfraud and Ashwin Shenoy, AVP Solution Sales, MTL demonstrated the solution. Tony Johnpillai, COO, LHPP offered the vote of thanks.