The BFSI vertical is among the most fraud-hit verticals due to its amount of transactions (both monetary and data centric), number of transactions, and technological advancements. With online and card-related transactions becoming more common, the possibility of frauds in this vertical is increasing significantly. This BFSI vertical faces both internal and external fraud threats, which can lead to disastrous losses. The vertical has implemented several technology-based solutions and is one of the early adopters of FDP solutions. However, these technological advancements still create nightmares for the BFSI vertical. Fraudsters and hackers are trying newer and advanced technology-based solutions to hack into or access (unauthorized) networks and systems. As a result, banking and financial service providers spend millions of dollars to keep their systems up-to-date with the latest security measures.
Fraud Detection and Prevention Solutions in BFSI
Guardian Analytics provides products for fraud Detection, fraud Analytics and AML. It studies the fraudsters’ techniques and remain a step ahead of them. The only company to protect 100% of users and account holders against all types of threats and frauds and also learns from the attacks to be more advanced. Other solutions include account takeover detection, reconnaissance, and fraud set-up activity that indicate possible criminal activity in the early stages of an attack.
