Banks use artificial intelligence to prevent frauds

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…

Link to Full Article: Banks use artificial intelligence to prevent frauds

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