Indian Banks lost Rs. 12.6 Crore to Cyber Fraud in 2010.
Recent CIO.in article talks a lot about the money lost by financial institutes in India during 2010. In our opinion, it is just a tip of the iceberg. CyberFrauds in India are on much higher scale and still unaccounted for due to various reasons. IndiaPay has been actively working with world’s most advanced experts on Cyber Security and has been advocating use of various methods of cyber security like FRISK and 2 Factor Authentication using phone verification methods. In addition to this, we have now teamed up with guys who worked for Interpol and US government to introduce revolutionary IP technology to Indian financial institutes and eCommerce shops.
Electronic payments are growing both in method and in volume. For banks, payment processors and merchants, the ability to collect money online by credit card, RTGS/NEFT/ECS, or new point of sale (POS) methods like iPhone or Android are exciting. Unfortunately, as existing and breakthrough internet-based payment methods grow in India, so too does the volume of cybercrime related to fraud.
There is only one way connecting the Internet, and that ramp is called an IP address. IndiaPay is now able to provide the most comprehensive and real-time intelligence about the risk profile of every IP address in the IPv4 and IPv6 space.
IndiaPay looks at 15+ risk factors, in real time, when determining the risk score (0-100) of an IP address. The IP’s risk score provided by IndiaPay is multidimensional, taking into account such aspects as negative activity in various protocols, real-time geospatial calculations, or the routing characteristics of the IP address.
The risk score is not just a tool for online merchants – over 40% of point of sale card readers are now residing on the internet with unique IP addresses. Many of these are among the 800 million – 1.2 billion IPs continuously flowing through our systems with some level of risk associated, including point of sale machines infected with malware used to steal card data from unsuspecting shoppers.
Implementing the IndiaPay solution is simple. We offer an API that is easily integrated into an existing environment, or a simple network appliance can be installed if internet latency is a concern. The risk score is returned to the requestor in less than 2 milliseconds, before the authorization check to the card association, yet another savings for the gateway and the merchant.
Financial institutes or eCommerce shops can utilize this incredible knowledge even for simple logins to net banking and shopping carts. If the IP associated from the customer has been involved in any suspicious activity before, anywhere in the world – it will immediately generate a RED FLAG which can be utilized to deny that transaction using certain matrix. We have seen 10-30% decrease in cyber attacks specially using proxies, phishing, skimming and other frauds. For demonstration of this technology, call us today.