Now, banks take to artificial intelligence to prevent frauds - Times of India

Chennai: Buying on Amazon, Flipkart or Snapdeal always comes with the prompt Do you want to save your card details?' A question that poses a lot of risks -at the merchant gateway, bank and customer end -irrespective of whether it is a large retailer or your neighbourhood florist and confectioners.For banks, customers using e-commerce sites poses the debate of convenience versus security . With convenience comes lesser steps and faster buying, but higher security would mean multiple authentications and more time -so to strike a fine balance between the two -Indian banks are now looking at software products like FSS' Access Control, geo-fencing of accounts and rule-based access. "What it means is, if you use your card at an ATM in Chennai and in the next 5 minutes your husband tries to buy a product online from an ecommerce site from Delhi -the card could get blocked or ask for further authentication. With artificial intelligence, the system could sense this is an unusual transaction because the same card is being used within 5 minutes at locations more than 1,000 kilometres apart," says Suresh Raja gopalan, president products, FSS. Banks now have the capability to set rules to ensure that any unusual transaction gets blocked or requires multiple authenticators.