Academy of Fraud Investigations along with Consult Verraton have developed Trayambak, a solution to prevent ATM, online banking and PoS (point of sale) frauds.
Trayambak will add another layer of security for all ATM, online banking and PoS transactions.
Every time a transaction is initiated, the backend runs a check whether the customer is using the bank’s mobile app. If the customer is not using the mobile app, the system will check if the transaction is taking place in the customer’s registered city or by the distance set by the customer. If this is true, then the transaction takes place, otherwise an SMS or a mobile notification is sent to customer to accept or decline the transaction. If the customer is using the bank’s mobile app, the system will check the distance between the transaction device and the customer’s mobile, if the distance condition is met, the transaction takes place, if the distance is more than the specified distance, an in-App notification is sent to the customer asking them to either accept or reject the transaction.
Sandeep Mehra, Founder and CEO, Academy of Fraud Investigations, said as India has been rapidly moving towards digital banking, fraudsters and scamsters have found innovative means to dupe customers and banks.
“We as financial institutions need to constantly innovate and offer solutions that prevent frauds,” he added.
In case of dispute, Trayambak provides a real-time report on the transaction, ensuring prompt reply to the customer with evidence.
Cybersecurity is vital to interconnected world
The bank concerned would also get a ‘Fraud saved’ report in real-time which will provide details of attempted fraudulent transactions and the amount Trayambak has saved. All this, with no additional manpower or efforts on part of the bank or customers.
Abhisar Bhatnagar, Founder and CTO Consult, Verraton LLP, said: “We follow a dynamic Problem – Solution approach. Using cutting edge technology our development centre is in the forefront of developing a host of solution for banking and healthcare sectors.”