Industry Leaders Share Insights on Digital Fraud Risk Management and Payment Security
Recently, the Learning Resource Centre hosted a Masterclass on Enterprise Digital Fraud Risk Management and Digital Payment Workshops, drawing experts from various sectors including Audit, Fraud Risk, Compliance, IT Governance, and Digital Business. Day 2 witnessed engaging sessions where industry leaders discussed enhancing efficiency in digital payments routed via 1LINK and strategies to prevent digital frauds in line with SBP BPRD Circular 4 of 2023.
Some key takeaways from the event include the acknowledgment of cyber threats and digital frauds as significant risks for Commercial banks, Financial Institutions (FIs), and Challenger Digital banks. Participants emphasized the importance of utilizing 1LINK (Pvt) Limited FTDH and SDRS for reporting payment frauds, layering, and resolving disputes effectively.
Moreover, the discussions highlighted the role of real-time fraud prevention on 1LINK switch without incurring additional changes or integration costs for FIs/Banks. Experts also delved into the detection and prevention of behavioral fraud using 1LINK FRMS Adaptive Classification Engine, leveraging machine learning algorithms for enhanced security.
Another noteworthy aspect covered during the sessions was the implementation of advanced fraud analytics for Device and Internet banking Apps using Trust Decision anti-fraud solution, which captures over 150 device parameters to ensure robust security measures.
Overall, the Masterclass received positive feedback, reflecting the industry’s commitment to supporting consumers and fostering efficiency and security in digital payments. This event stands as a testament to the industry’s proactive approach to staying ahead in the rapidly evolving digital landscape.
