Bank of India has deployed Fraud Risk Management solution (FRM) for all its card related business. The FRM solution will be managed by Worldline India, a subsidiary of Atos.
Worldline India will provide the bank with a customized, real time monitoring end-to-end fraud management solution, which covers the entire chain i.e. from detecting to reaction, preventing by using latest technology tools for optimized results and a dedicated expert support team to help address grievance / problems. The solution will help the bank to monitor transactions that are growing at more than 30% per annum.
According to an Assocham Study on Cyber and Network Security Framework, cybercrimes in India may touch 300,000 crimes in 2015 and in the last 5 years, registered cybercrime cases have grown at CAGR 107%.
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