In Indian Overseas Bank (IOB) claims to have become the first bank in India to fool-proof all its ATMs, point of sale and internet transactions, by adopting Visas real time fraud detection solutions.
The new smarter, self-learning solutions, Visa Advanced Authorization (VAA) and Visa Risk Manager (VRM), have been introduced to offer unprecedented levels of real time protection and greater security for Visa cardholders.
S Radhakrishnan, General Manager, Indian Overseas Bank, said, Indian Overseas Banks has always put its customers first and we will provide them with advanced security technology to safeguard their money and sensitive financial data. This move to Visas network will significantly help us fulfill our commitment as it will empower our customers with real time data protection in todays dynamic and hyper connected world of electronic payments. We have also introduced PIN change facility through our ATMs for our credit cardholders to further secure their interests.
Visa Advanced Authorization and Visa Risk Manager create a reliable and safe experience for customers using their cards by offering comprehensive fraud prevention to financial institutions that better identify and stop fraud before it occurs.
Uttam Nayak, Group Country Manager - India & South Asia, Visa, said, There is no room for compromise when customer security and protection is on the line. With fraud technologies becoming ever sophisticated by the day, it is critical for institutions to enhance their fraud detection and management capabilities to ensure India continues to remain protected or is able to minimize any external threats arising due to electronic payment frauds...
In less than two seconds, Visa Advanced Authorization can analyze and risk score a transaction for the card-issuing financial institution with unprecedented accuracy. Visa Risk Manager then allows issuers to streamline decision-making, so they can turn that insight into action. This remarkable speed and clarity allows issuers to prevent fraud from occurring in the first place.
VAA VRM also has the ability to pinpoint and address coordinated attacks on multiple accounts in real time. In the year 2010 Rs8,250 crore (or USD 1.5 billion dollars) global fraud avoidance opportunity was identified by VAA.
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