Melisande Mual
03 Sep 2015 / 5 Min Read
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.
Melisande Mual
03 Sep 2015 / 5 Min Read
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