Fintech Fraud Prevention Insights - CloudBankin – A digital loan software by Habile Technologies

Is fraud prevention possible in fintech?

Some good news – 
India topped 48 global markets with 25.5 billion real-time payment transactions in one year.

Now, read the alarming one – 
Around 600 million rupees were lost in transaction fraud during 2020-21.

Banking & financial industry frauds mainly fall under the categories –
– Bank account related
– Synthetic identity
– Phishing 
– Transaction

Can we prevent those fraudulent activities? 
Yes, of course!

– Multi-factor authentication & biometrics
– Primary web safety measures
– AI-driven KYC ( face match, name match, vkyc )
– Monitoring and notification of transactions in real-time
– Transparent client transaction activities 
– Customer risk scoring

Fraud detection in fintech needs a customized approach and is a constant process. The scammers are upgrading their attempts, and so should we, to stay ahead of the curve.

#manispeaksmoney #fintech #frauds #lending 

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