Nowadays, more and more technologies are developing rapidly. So, companies can bind multiple new technologies, maximize their security, and protect their customers. Among all the industries, the Kerala FinTech industry is leading the digital transformation.
The system has changed a lot. The change is, today all the banks provide the facility of online transaction and services through multiple channels like ATMs, mobile, tab, pos machines, smart voice assistance, and more.
Thus, using this technology to reduce various friction functions has given rise to a whole new industry. And it is further named FinTech. It has witnessed tremendous growth in the past few years globally. The innovation in sectors such as payment gateway, e-KYC, credit scoring has also been assisted by FinTech.
FinTech: Fraudsters Love
In the previous year, the fraud cases in the FinTech sector blew up at an eye-watering rate. Recently, 85% of financial industries have experienced fraud in the account opening process. Scammers break anti-fraud systems to steal personal information and credit card details. They use the victim’s account and online wallet to buy an existing account on the black market.
Now, see the top ways to prevent the occurring frauds in the FinTech industry.
- Customer behaviour
One should monitor the behavioural patterns after tracking the habits of their clients. The changes in the patterns could be through address, duplicate card request, password reset, typical spend velocity, typical shopping time, the period between different payment locations, and more.
One must take help of Machine Learning Algorithms as it helps to gather data that determines likely fraudulent patterns. Your system must have the technology to report the high probability of frauds via suspicious alerts like blocking the account from further transactions and more.
- Basic Web Safety
Your client should have all the essential security knowledge regarding your website. You can create alerts on the website that describes the following:
- Leaving open cards: Send an alert if your client has forgotten to dismiss their card details on the website.
- Clicking on unknown links: If your client opens unfamiliar links, send an alert.
- Never submit personal data: Do not trust well-known companies that ask for registration and personal data submittal in return for job offers.
Ask your customers not to post any personal information on their social handlings.
- Fraud Detection Technologies
You may get excellent results for identity verification through liveness detection technology. Selfie technology is developed where liveness detection requests users to authenticate real people. However, this technology does not provide 100% security to the company as the criminal copies selfies, wax figures, and other ways to get to the user account.
Moreover, some of the clients stick to selfies rather than opting for liveness detection. But now, many people are getting back to this tool as the technology has increased client rates up to 40%.
- Biometric Security
It is almost the next to impossible task for a criminal to use the person’s physical identification and fool a system. Biometric is safer among all the other security options. One can leak the password or change it, but biometric stands as a barrier for fraudsters to overcome.
Face Id and fingerprint are used as a security option to unlock and enable you to monitor all the client’s login details. You can block the unusual behavioural patterns to protect the user’s account.
- Partner with the right company
It is essential to partner with companies having a broad base of documents and identities. Many scammers produce fake documents. Investing in cybersecurity is more important here to keep your user’s account safe.
Hence, by combining the above listed multiple types of fraud protection, you can keep track of users’ accounts regarding safety concerns.