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India-based Federal Bank has selected ACI Worldwide and its UP Payments Risk Management solution.<\/p>\n
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<\/p>\n$12.4m was lost to fraud in India during Q4 2019<\/p>\n<\/div>\n
Starting off as a private bank founded in 1931 named Travancore Federal Bank, it has since become one of India’s largest private sector banks, with assets of around $22 billion.<\/p>\n
Federal Bank has 1,200 branches and over 1,600 ATMs and claims to have a customer base of more than 10 million.<\/p>\n
Through its tie-up with ACI Worldwide, the bank is aiming to identify fraudulent card activity, mitigate losses and enhance customer relationships.<\/p>\n
While security challenges for banks are changing fundamentally, we want to make sure that we are always ahead of fraudsters,” says Shalini Warrier, executive director at the bank.<\/p>\n
“Given ACI’s expertise and proven ability to scale, we approached them to discuss our fraud and risk management requirements.”<\/p>\n
Reserve Bank of India (RBI) data reports than 11,000 cases of fraud worth a combined $12.4 million occurred between October and December 2019 in Federal Bank’s home country. Figures for the whole year showed $30 million lost to fraudsters.<\/p>\n
Our objective was to equip Federal Bank with real-time reactivity and adaptation to emerging fraud trends, enabling faster decision-making,” says Kaushik Roy, vice president and country leader for South Asia at ACI Worldwide.<\/p>\n
Federal Bank tied up a remittance partnership with MoneyGram<\/a> in May, and offers a direct-to-account remittance option for its customers.<\/p>\n The bank is also undergoing a technology change. In 2017 it selected Intellect Design Arena’s digital transaction banking (DTB) platform as part of a revamp programme.<\/p>\n Tags:<\/b> Alex Hamilton<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"See Campaign: <\/strong>https:\/\/www.fintechfutures.com\/2020\/05\/moneygram-and-federal-bank-tie-up-remittance-partnership\/<\/a>
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India-based Federal Bank has selected ACI Worldwide and its UP Payments Risk Management solution. $12.4m was lost to fraud in India during Q4 2019 Starting off as a private bank founded in 1931 named Travancore Federal Bank, it has since become one of India’s largest private sector banks, with assets of around $22 billion. Federal … Continue reading Federal Bank picks ACI Worldwide to boost fraud protection<\/span><\/a> Continue Reading