Audit , Fraud Management & Cybercrime , Governance

Using AI, Machine Learning to Detect Payment Fraud

Bharat Panchal, NPCI's Risk Management Head, Discusses New Fraud Detection Methods
Using AI, Machine Learning to Detect Payment Fraud
Bharat Panchal, senior vice president & head-risk management, NPCI

The fight against fraud in a cashless economy requires investments in technologies that can offer early warning signals, says Bharat Panchal, senior vice president and head of risk management at National Payment Corporation of India.

While the traditional rule-based static technology lacks the capability of detecting new forms of payment frauds, new technologies like artificial intelligence and machine learning are changing the methodology of analyzing and detecting transactional frauds, Panchal says in an interview with Information Security Media Group.

These new technologies help in profiling and behavioral pattern recognition, enabling banks to establish additional authentication mechanisms, he says.

In this interview (see audio link below photo) at ISMG's recent Fraud and Breach Prevention summit in Bengaluru, Panchal discusses:

  • The implications of new payment forms on security;
  • Using AI and machine learning in detecting threats;
  • Enhancing risk management capabilities.

In his role as senior vice president and head of risk management at National Payment Corporation of India, Panchal is responsible for monitoring, evaluating and implementing improvements of risk management controls and governance areas, including enterprise risk management, operational risk management, information security and internal audit and fraud management. Previously, Panchal worked for Kotak Mahindra Bank, Citi, Reliance Communications and Avaya Global.




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