Indian Banks Remain Practical In Managing The Risks From Digital Banking Fraud

A panel discussion on how banks can survive from fraudsters in the digital world was one of the most interesting and the last panel discussed at the BW Businessworld and Wipro’s ‘Digital Banking Fraud’. The panel included Prasanna Lohar, Head – Technology Innovation & Architecture, DCB Bank Limited, R K Shastri, Assistant Vice President, State Bank of India, Abhishant Pant, Founder, Cashless Journey, Kiran Surve, Head Financial Risk & Fraud BFSI, Wipro and Sunil Manelkar, Sr Consultant, Wipro.

“I think when it comes to responding against cybercrimes we must understand that hackers have become more innovative and the second thing we need to also consider is that the speed of response is quite slow. Hence, with the correct systems in place and acting upon the above-mentioned points, we can respond to fraudsters in the digital world much effectively.” Said Kiran Surve while opening the discussion at the panel.

On talking about other factors like crime detection, Abhishant Pant spoke about how Technology can help triangulate the fraud as raise an exception in the system. He said, “The data like geolocation, amount, type of purchase can be effectively used to alert the Customer. There are technological means to enable such alerts today.” When asked if Fraud prevention can become like a premonition, Pant added that “its difficult to have a system like for less understood anomalies”.

“We have recently implemented a fraud and risk management system that we have recently acquired and we are building our own logic and language around artificial intelligence. We really think about how we are going to spread digital literacy in India and also as to how our devices can bridge the gap in building secured and user-friendly products and services for our customers.” Said Prasanna Lohar at the panel discussion when talking about digital awareness while cybercrimes increase.

R K Shastri opined on striking a balance that organizations need to do in order to build and maintain security structures and frameworks. “Organizations need to have a balance in between convenience, cost, and connectivity with control comfort and culture.” When asked about public reporting of the Security breaches, he opined “it will be counterproductive and most of the people would not be in a position to perform a qualitative evaluation of the numbers. “

“All fraud prevention systems have to be effective in handling the diversity of tools and applications on the customer site,” said Sunil Manelkar at the panel discussion while explaining the roles organizations need to play in order to avoid frauds in an environment which is evolving according to the digital environment.

Bhaktvatsal Sharma

BW Reporters The author is a journalist with BW Businessworld