Surviving against fraudsters in the banking world!

The BW Businessworld and Wipro’s initiative on fraud in digital banking gathered the best of risk management representatives and experts from Wipro to talk about the importance of cyber security. As India is becoming digital, Wipro is removing tools, cyber security products and solutions to keep valuable data from the hands of digital thieves.

A panel discussion on how banks can survive from fraudsters in the digital world was one of the most interesting and the last panel discussed at the BW Businessworld and Wipro’s ‘Digital Banking Fraud’. The panel included Prasanna Lohar, Head – Technology Innovation & Architecture, DCB Bank Limited, R K Shastri, Assistant Vice President, State Bank of India, Abhishant Pant, Founder, Cashless Journey, Kiran Surve, Head Financial Risk & Fraud BFSI, Wipro and Sunil Manelkar, Sr Consultant, Wipro.

“I think when it comes to responding against cybercrimes we must understand that hackers have become more innovative and the second thing we need to also consider is that the speed of response is quite slow. Hence with the correct systems in place and acting upon the above mentioned points, we can respond to fraudsters in the digital world much effectively.” Said Sunil Surve while opening the discussion at the panel.

On talking about other factors like crime detection, Abhishant Pant spoke about the contributions Wipro has made in detecting and providing counter measures to cyber threats and unknown hacks. He said, “It depends on the PoS devices and identifying the person who is accessing it and in totality many institutes provide devices which keep a track of a customer’s payments and also where they keep the customer’s account safe and avoid giving any information to unknown sources. Many software institutions like Wipro are do provide solutions to protect valuable data of customers and cyber security products that can prevent any hacking or threats to take place.”

“We have recently implemented a fraud and risk management system that we have recently acquired and we our building our own logic and language around artificial intelligence. We really think about how and we are going to spread digital literacy in India and also as to how our devices can bridge the gap and in building secured and user friendly products and services for our customers.” Said Prasanna Lohar at the panel discussion when talking about digital awareness while cybercrimes increase.

R K Shastri opined on striking a balance that organizations need to do in order to build and maintain security structures and frameworks. “Organizations need to have a balance in between convenience, cost and connectivity with control comfort and culture.”

“The new age solutions are more focused on going out and finding the right tools that can deal with online threats.” Concluded Sunil Manelkar at the panel discussion while explaining the roles organizations need to play in order to avoid frauds in an environment which is evolving according to the digital environment.

Tags assigned to this article:
banking digital security digital awareness cybercrimes


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