Tagged: Banking

Customer Liability in The Age of Digital Banking Banner

Customer Liability in The Age of Digital Banking

Today, in India, when a customer discovers and reports fraud in his account through the use of ATM, Internet Banking or Mobile Banking, customer is liable for the full funds lost. As of Feb 2011, Indian Banking industry has 70,462 ATMs and 5,65,542 POS terminals. The value of debit card POS transaction from Mar 2010-Feb 2011 was 75,326 crores and the value of debit card ATM transaction during the same period was 10,90,053 crores. The size of credit card POS transaction was 75,328 crores. (Source: RBI). Given this huge volumes of electronic transactions in India banking, the value at risk for banks would be humungous when the customer zero liability protection policy gets introduced. It’s high time the banks secure their electronic channels with adequate measures to monitor, detect and prevent fraud in real-time. Read on..

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Defending Against Financial Crime in MENA: Insights & Recommendations

Alarming revelations on money laundering and banking frauds have emerged in recent reports by Deloitte, Thomson Reuters and PwC, who comprehensively surveyed MENA (Middle East & North Africa) nations. While the findings have helped financial institutions in improving resourcing, benchmarking and streamlining regulatory compliance, it has also highlighted certain pertinent concerns. Here are the top five takeaways from these reports. 1.    From blame game to action Prominent...

Increase Profits - Reduce Losses

A ‘Yin and Yang’ Approach to Growing Topline and Bottom-line

How To Monetize your Anti-Fraud Solution to Make Money for you In Chinese philosophy,   yin and yang (also yin-yang or yin yang, ‘dark-bright’) explains how seemingly opposite or contrary forces may actually be complementary, interconnected, and interdependent in the natural world. This intriguing idea actually applies perfectly in the context of banking, if we were to see the yin as saving money (from losses) and the yang as making money (from sales)....