By geo-tagging mobile-based payments, the strategy is to detect fraud transactions done via international gags & hacking bots.
Ricoh India’s TransSecure is a new security method for mobile payments that promises to boosts the growing online payment habit which is becoming so beneficial for restaurateurs.
The service is available for banks and financial transactions that process these payments. This is a new venture for Ricoh India, an established provider of digital office equipment and IT services. It says TranSecure will allow banks to detect suspected fraud transactions and arrive at a more intelligent decisioning methodology to reduce false positives and card declines by enabling a bank to authenticate a user’s identity based on their mobile phone location at the point of transaction, which can be an ATM machine, restaurant or e-commerce website. As a result, a bank can effectively and pro-actively determine a potential fraud transaction and take necessary precautionary measures. The solution is easy to adopt as it does not require any mobile application installed by the end user. The service protects both the bank as well as a customer from ever increasing card fraud.
”Incidence of bank card fraud in India (involving either debit or credit card) has risen 238% in the first five months of 2015. Today, fraudulent often manage to get access to not just payment data and credit files. The new trend is to move to mobile device solutions based on location, which are found to be far more robust in verifying the identity and credit card credentials of a customer. Ricoh forays into the service solution space for financial institutions, further strengthening our solution portfolio beyond office automation, into the application space,” said Manoj Kumar, CEO & MD, Ricoh India.
