Digital Payment Fraud Management

Challenges

Increased fraud attempts: Phishing and social engineering targeting digital payment systems.
Lack of centralized monitoring: No centralized system for fraud detection.
Regulatory pressure: Need to comply with RBI guidelines on cybersecurity.

Deployed an AI-powered fraud detection system: Enabled real-time monitoring capabilities to detect and prevent fraudulent activities.
Implemented multi-factor authentication (MFA): Required MFA for all user logins and transactions to add an additional layer of security.
Conducted regular training: Educated employees and customers on identifying phishing attempts and other common fraud tactics.
Aligned processes with RBI’s cybersecurity guidelines: Ensured compliance with RBI’s security framework and regulations.

Reduced fraud incidents by 40%: Significant decrease in fraudulent transactions within the first year of implementation.
Increased customer trust: Higher engagement and trust in digital payment services.
Passed regulatory audits: Successfully passed audits with minimum critical findings.