ICICI Bank-Fraud Prevention System

Today, in the banking sector, the most critical problem is tracing fraud

transactions. ICICI's Fraud Prevention System is able to assign risk scores to

each e-commerce transaction and identify suspect transactions. The key basis of

risk scoring is device ID. The application checks whether the mailing address is

the same as the one registered with the merchant, whether the name on the card

is the same as that of the registered user, which commodity



is being purchased, the travel time between two transactions, the geographical
location, card velocity, etc.

The application uses a Tracker, a Risk Analyzer and a Fraud Simulator.

Bharosa's Tracker does the risk scoring for each transaction based on the models

developed through the Risk Analyzer and the case management for suspect

transactions. The user is profiled by integrating Bharosa's tracker with

Internet banking.

Once profiling is done, FPS suggests whether the transaction should be

allowed or rejected or whether the user should be asked for further

authentication or given restricted access. It can monitor the behavior of users,

and if any unfamiliarity is encountered the transaction can be stopped



immediately.

This solution is meant to remove altogether, any worries that customers might

have about transactions they never made. Since it reduces the risk of any

fraudulent transaction for a customer, it helps the banks to improve customer

satisfaction and enable them to retain their elite customers and serve them

effectively. It also helps the banking sector grow both economically and

socially. By reducing any fraud transaction it is bound to improve the use of

e-commerce in India.