Overview
UPI is a popular payment instrument , enabling real-time payments that are available round the clock. With growing popularity there is an increased risk of fraud. FSS Sentinel uses machine-learning to monitor UPI transactions in real time and identify anomalous and potentially fraudulent activity.
The system can identify fraud signals to help banks make better informed transaction authorization decisions.
0 B
transactions each month
0 Banks
for more than 10 banks
Self-adjusting System
Requiring No Manual
Intervention
FSS Sentinel’s machine learning technology can internalise subtle changes in payment behaviours and identify emerging fraudulent transaction patterns. This helps banks refine their fraud detection capabilities and stay ahead of new fraud schemes.
Spending patterns with
IP geo-location
Customer behavioral profiling
Caters to recent fraud trends , regulatory norms, frequent addition of beneficiaries and frequent changes in PIN
Multiple VPAs
Frequent device changes whether transaction has been initiated from a new device, or one with odd characteristics, such as a foreign keyboard
Demographic and locational changes
End-point device intelligence
Supports Internal, NPCI and third-party scoring models
Real-time Decisioning
for Fast Action Against
Fraud
FSS Sentinel leverages extensive pre-configured rule sets and advanced machine learning to analyse and score every live transaction. The system can analyse transactional and behavioral data from multiple sources to protect against complex fraud attacks. The platform uses over a 100 transaction scoring parameters to score every incoming transaction. Transactions scores are based on a combination of risk elements including:
Frequent UPIN reset
Transaction location
Merchant from where transaction has originated
Multiple UPIN retries
Transactions anomalous to the customer’s transaction pattern
Frequent device and location changes
The system automatically blocks high risk transactions with risk scores exceeding the permissible levels. Transactions from blacklisted or hotlisted VPAs, IP addresses, e-mail and mobile numbers are declined and an alert sent
to the bank for quick action. Real-time risk detection isolates transactions that are more likely to be fraudulent controlling costs associated with fraud loss and reducing the number of follow ups.
Risk Exposure Scores for Improved Security
FSS Sentinel enables merchants to offer their customers multiple payment options to choose from, covering multitude of fraud use cases:
Account Takeover Fraud
Criminals can take over an account and use it to ‘hop’ money through, thereby making it more difficult for the authorities to follow the money. In some instances, the legitimate account holder may not even spot it’s happening, particularly if it’s an account that they don’t regularly access themselves.
Lost Mobile Device
Fraudster with stolen phone gets customer account details and extracts monies from the customer’s account.
SIM Swap
Fraudsters approach mobile service providers by faking a customer’s identity and initiate financial transactions on the new SIM where all SMSs for alerts, payment confirmation are received.
Risk Exposure Scores
Risk exposure scores are based on factors that increase a customer’s or merchant’s exposure to risk and fraud.
Build Customer Risk Profiles
FSS Sentinel’s machine algorithms can detect online fraud by building customer risk profiles from historic data. The platform can determine if certain activities are typical for a customer profile by comparing unusual spot transaction behaviours with normal behaviours based on:
- Transaction trends – financial/non-financial, type, status
- Customers usage patterns – Host banks PSPs/Other bank PSPs
- Other bank’s customer usage patterns - Host banks PSPs/Other bank PSPs
- Top PSPs adoption trends
Extract Risk Data from All Payment Sources
FSS Sentinel’s adaptors can integrate with structured and unstructured data sources that automatically consolidate information from virtually any enterprise and third-party data source.
Insights for Business Performance
Comprehensive merchant and customer risk dashboards offer the ability to drill-down at multiple levels which enables banks to be pro-active in their decision-making and shortening time to revenue.
Benefits
Benefits to Banks
