Financial crime is becoming more sophisticated
Incidence of bank card fraud in India (involving either debit or credit card) has risen 238% in first five months of 2015 (105 cases during January-May 2015, compared to 31 in 2014). The victims are mostly well-aware people, who end up losing money from their credit or debit cards. Identity theft, hacking and lottery scams (‘Nigerian frauds’) are among other practices that are used to cheat people.
Financial institutions are recognising that out-of-wallet questions for verifying identity are becoming less effective. Today, criminals often manage to get access to not just payment data, but credit files and answers to out-of-wallet questions. By installing a Trojan app on their victim’s computer, for instance, they can get passwords and access to email for one-time PINs.
Traditional tools to combat transactional fraud are thus indeed compromised. The new trend is to move to mobile device solutions, which are found to be far more robust in verifying the identity and credit card credentials of a customer.
Ricoh’s Transecure adds a mobile security shield to your transactions
Ricoh has introduced Transecure, a geolocation technology based solution to help in the prevention of fraud over e- and m-commerce.This system adds an additional verification for the transaction, so that fraudulent purchases can be prevented even before they have the chance to take place.
As a card issuing bank, you need to devise smarter ways of protecting your customers and retail partners from fraud. With Ricoh new solution, you can secure card transactions no matter where they occur. By leveraging the power of location and network data, you can validate a customer’s transaction in real time. APIs can be integrated into websites, mobile applications, transactional networks and core banking systems to provide the highest level of confidence.
The solution works on both debit card and credit card transactions on ATM, POS, and online transactions.
Highlights of Ricoh Transecure
- Match transactions to consumer location– Using location-based tracking, the solution passively validates the customer’s location at the point of transaction. It identifies transactions while roaming domestically or internationally too. It is easy to adopt as it is compatible with any mobile phone, works without an app, and doesn’t need the consumer to alter his or her behaviour.
- Identify the device – Now you needn’t worry about how smart is a smartphone used by a customer, in terms of its security features. You can simply verify that the device utilising the network is the same as registered by the customer.
- Identify the consumer – Get valuable information about the owner of the mobile device. Now, when a device seeks to log onto your network, you can verify the ownership of the device. Existing account data can be compared to the contractual data for the mobile device, assuring you that the phone belongs to your customer.