UBI to have fraud management tool
United Bank of India is proposing to implement an enterprise-wide fraud management solution and is looking for a system integrator, who would undertake supply, installation, maintenance & facility management services. The bank is looking for a system that is able to identify threats/ vectors targeting bank’s environment and prevent impact due to these through implementation of adequate fraud management mechanisms; capable of logging and reporting of fraud scenarios through the use of appropriate tools; track and monitor the closure of these fraud incidents and escalation of these incidents to appropriate teams/ individuals in the bank. The bank has implemented Finacle Core Banking Solution and Finacle eBanking solution and for securing the eTransactions, it has SMS-based OTP as second factor authentication for the internet. It has also set up for second factor authentication using the software / hardware based tokens and digital certificate signing for corporate users.