Financial Software and Systems (FSS), a Chennai-based payments and fintech company, has launched FSS Sentinel, a real-time, preventive fraud-risk-monitoring and management solution, for financial institutions to minimise fraud exposure. The big-data solution automates risk-assessment, enabling banks to see a full picture of their risk profile and take calibrated actions to secure transaction experience. It deploys machine-learning modelling technology to analyse fraud signals, identify fraud types and make better-informed transaction-authorisation decisions, the firm said.

It continually learns customers’ transaction behaviour such as maximum transaction amount, and generates automatic alerts on detecting anomalous usage patterns, according to a press release.

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 de-registration attempts, frequent mobile number changes, as well as SIM swapping.

comment COMMENT NOW