Bank of India and Worldline partner to deploy FRM solutions

The FRM solution will be managed by Worldline India, a subsidiary of Atos. Worldline India will provide the bank with a customized, end-to-end fraud management solution, which covers the entire chain, preventing by using latest technology tools for optimized results and a dedicated expert support team to help address grievance / problems. The solution will help the bank to monitor transactions that are growing at more than 30% per annum.

According to an Assocham Study on Cyber and Network Security Framework, cybercrimes in India may touch 300,000 crimes in 2015 and in the last 5 years, registered cybercrime cases have grown at CAGR 107%.

A Pricewaterhouse Coopers Report (PWC) report also unveils that around 65% of the total cases reported by banks were technology-related frauds (covering frauds committed through / at an internet banking channel, ATMs and other payment channels like credit/debit/prepaid cards), whereas advance – related fraud accounted for a major proportion (64%) of the total amount involved in fraud. Further industry reports also indicate in Mumbai alone, card frauds have risen 2.5 times compared to 2014, emerging as the main cybercrime offence.