These days the frauds through the online banking are raising rapidly, in a bid to control this, the banks have come up with a new measure. It has been reported that the banks are using analytics to detect the suspicious transactions.
The third largest lending institution – HDFC bank has already implemented the analytic software. It was informed that if the customer undertakes a transaction in Delhi within an hour of a transaction in Mumbai, the software will identify that something is wrong and this will trigger an inquiry from the bank.
The software will help the bank in detecting the suspicious transactions easily. There will be two kinds of fraud detection in payments: One is during the transaction, and the other is using analytics to identify suspicious transactions based on past behaviour.