Banks use 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 e-commerce 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 Rajagopalan, president products, FSS.