The Reserve Bank of India has selected six entities, including Bahwan Cybertek, Crediwatch Information Analytics and HSBC, for the ‘Test Phase’ under regulatory sandbox for the theme ‘Prevention and Mitigation of Financial Frauds’.
Key points
- The selected entities will commence testing of their products from February 2023. Selected entities RBI said Bahwan Cybertek’s solution ‘rt360 Real Time Monitoring System’ provides a comprehensive surveillance mechanism for monitoring transactions and events from loan accounts on a continuous and real time basis.
- Crediwatch Information Analytics solution ‘Crediwatch EWS’ is an early warning system for credit monitoring and fraud identification.
- enStage Software (Wibmo)‘s product ‘Trident FRM’ is a risk-based authentication solution aimed at providing frictionless (without OTP) transaction experience for low value transactions based on risk assessment of users.
- The product by HSBC (in collaboration with Wibmo) is a closed user group AI/ML based solution which helps in card-not-present fraud detection.
- napID Cybersec’s product ‘napID Fraud Filter Layer’ locks the login form, payment form, ATM, POS machines and enable it only for the authorised user to initiate the transaction using their credentials.
- Trusting Social’s product ‘Trusting Social CI & AV’ helps in address verification by running its proprietary AI algorithms.
About regulatory sandbox
- The ‘regulatory sandbox’ allows the regulator, the innovators, the financial service providers and the customers to conduct field tests to collect evidence on the benefits and risks of new financial innovations, while carefully monitoring and containing their risks.
(Source: Business Line)
