Payment security technology provider Wibmo is rolling out an upgraded anti-fraud solution for its bank customers to safeguard their electronic payments services.
In a press release issued late last week, Wibmo – which is based in the U.S. but identifies India as one of its top markets – said its Trident solution is now live for FI customers in India. The solution replaces eGuard, its first-generation fraud protection solution.
Trident provides real-time fraud detection using machine learning and advanced analytics, the company explained.
In a statement, Wibmo CEO Govind Setlur said the solution "leverages our longstanding insight into the payment security domain in India."
"The experience with eGuard, which today secures millions of payment transactions at India's leading banks – and the industry leadership in payment authentication – has enabled us to launch an intelligent, low-cost fraud management capability in Trident, designed for emerging markets such as India," added Setlur.
Trident can identify and mitigate fraud threats across multiple channels, devices and payment technologies, the company explained. The technology scores each transaction based on analysis of fraud trends, customer behavior and historical data.
Banks the world over have placed a growing emphasis on anti-fraud efforts, but the issue became pertinent in India following a massive fraud scheme uncovered at Punjab National Bank earlier this year. Nirav Modi, a jewelry retail owner, has been charged by India's Central Bureau of Investigation as the ringleader of a bank fraud scheme worth $2 billion. Authorities say Modi and his uncle, Mehul Choksi, who was also charged, conspired with executives at the lender. Punjab National Bank has since expelled some of its executives who were accused of participating in the scheme.
In a separate case, also uncovered earlier this year, senior bank officials at IDBI Bank were investigated as part of another $90 million loan fraud scheme.