FSS, a Payments and Fintech leader, announced the launch its new product FSS Sentinel, a real-time, preventive Fraud Risk Monitoring and Management solution, today. Senitel provides a robust and a comprehensive framework to help financial institutions minimize fraud exposure.
Indian consumers are rapidly adopting UPI as a preferred payment mode to transact digitally. Currently, 86 banks offer UPI services and the number of transactions has surpassed 150M monthly. With many third-party applications offering UPI as a payment option, an approximate 10% of digital payments in the country are performed using UPI. For banks, implementing tight risk controls is crucial to protecting reputational integrity and customer trust.
Current counter-fraud measures, primarily limiting the velocity and the volume of transactions at a per customer level, are inadequate against evolving and instensified sophistication of fraud attacks. FSS Sentinel, a Big Data fraud and risk management solution, automates risk-assessment, uniquely enabling banks to see the full picture of their risk profile and take calibrated actions to secure the transaction experience.
FSS Sentinel deploys sophisticated machine-learning modeling technology to analyze fraud signals, precisely identify fraud types and make better informed transaction authorization decisions. FSS Sentinel continually learns customers’ transaction behavior such as maximum transaction amount and generates automatic alerts on detecting anomalous usage patterns. 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 deregistration attempts, frequent mobile number changes as well as SIM swapping.
Customers can form the weakest security link in securing digital transactions. Many customers use the same PIN or use multiple devices to transact, rendering their transactional accounts vulnerable to fraudsters. With FSS Sentinel, banks can provide a risk exposure score to customers as well as merchants to improve security awareness and gain customer trust.
Suresh Rajagopalan, President Software Products, stated; “As a growing number of merchants embrace the transactional simplicity offered by UPI, the threat associated with these transactions has intensified. Existing counter-fraud measures are post-facto in nature and provide an opportunity to fraudsters to slip through the defenses. Advanced fraud detection and management tools such as FSS Sentinel can help banks pre-empt fraud and improve channel profitability, market expansion, and customer satisfaction.”
FSS “risk management as a service” allows banks to gain actionable risk insights at a minimal upfront cost and a competitive ‘pay as you use’ commercial model. FSS Sentinel is an application built on FSS’ Paynalytix, an advanced Big Data analytics platform. that efficiently models risk performance along multiple dimensions. The platform synthesizes data from multiple payment applications to generate actionable insights for driving risk efficiencies and improving revenue performance. Rich data visualization and on-demand access to dashboards, make it easy for banks to fine-tune risk performance, channel profitability and the end-customer experience.