Indian Overseas Bank Increases Security With Move To Visa

Indian Overseas Bank (IOB) became the first bank in India to fool-proof all its ATMs, point of sale and internet transactions, by adopting Visa’s real time fraud detection solutions. The new smarter, self-learning solutions, Visa Advanced Authorization (VAA) and Visa Risk Manager (VRM), have been introduced to offer unprecedented levels of real time protection and greater security for Visa cardholders.

IOB’s move is a significant step towards providing its cardholders with a comprehensive protection against potential fraud as well as strengthening the security of sensitive financial data. IOB cardholders can now enjoy the convenience, reliability and security of VisaNet, Visa’s global processing platform with access to millions of ATMs around the world that accept Visa cards.

More from Biztech

S. Radhakrishnan, General Manager, Indian Overseas Bank, said, “Indian Overseas Banks has always put its customers first and we will provide them with advanced security technology to safeguard their money and sensitive financial data. This move to Visa’s network will significantly help us fulfil our commitment as it will empower our customers with real time data protection in today’s dynamic and hyper connected world of electronic payments. We have also introduced PIN change facility through our ATMs for our credit cardholders to further secure their interests.”

Visa Advanced Authorization and Visa Risk Manager create a reliable and safe experience for customers using their cards by offering comprehensive fraud prevention to financial institutions that better identify and stop fraud before it occurs.

Uttam Nayak, Group Country Manager - India & South Asia, Visa said, “There is no room for compromise when customer security and protection is on the line. With fraud technologies becoming ever sophisticated by the day, it is critical for institutions to enhance their fraud detection and management capabilities to ensure India continues to remain protected or is able to minimise any external threats arising due to electronic payment frauds. We are happy that Indian banks have recognised Visa’s global expertise to provide uncompromising reliability. At Visa we will continue to empower banks and their customers with enhanced protection against any potential threat while transacting electronically.”

In less than two seconds, Visa Advanced Authorization can analyse and risk “score” a transaction for the card-issuing financial institution with unprecedented accuracy. Visa Risk Manager then allows issuers to streamline decision-making, so they can turn that insight into action. This remarkable speed and clarity allows issuers to prevent fraud from occurring in the first place.

VAA VRM also has the ability to pinpoint and address coordinated attacks on multiple accounts in real time. In the year 2010 INR 8,250 crores (or USD 1.5 billion dollars) global fraud avoidance opportunity was identified by VAA. By relying on one of the most advanced electronic payment networks, IOB will now have access to a risk management tool that get smarter with every transaction processed.