5 FinTechs combating fraud in India’s financial infrastructure

By Gloria Mathias

In the dynamic landscape of India’s financial sector, innovation has brought unprecedented convenience and ease. However, alongside these advancements, the frequency and complexity of financial frauds and scams have surged. As transactions move increasingly online, the vulnerability to cyber threats has escalated, highlighting the critical role of cybersecurity firms. These companies are at the forefront, safeguarding sensitive financial data and fortifying digital infrastructures against malicious attacks.

Financial security can be strengthened through a combination of robust cybersecurity measures, regulatory compliance, and continuous transaction monitoring. Advanced technologies like AI-driven fraud detection, digital identity verification, and secure payment gateways play a crucial role in protecting users and institutions.

The Reserve Bank of India (RBI) plays a pivotal role in this ecosystem, setting stringent guidelines and regulations to ensure the integrity and resilience of financial systems. Its proactive measures not only mitigate risks but also foster an environment conducive to sustainable innovation. As India navigates this digital transformation, the collaborative efforts of financial institutions, cybersecurity experts, and regulatory bodies like the RBI are essential in fortifying the nation’s economic security framework.

Listed below are 5 FinTechs ensuring financial security in India:

• Clari5 (CustomerXPs)

Clari5 by CustomerXPs is a real-time banking fraud management system that helps financial organisations manage fraud and improve customer experience. Clari5 redefines financial crime risk management by using a central nervous system approach that harnesses the combined power of automation, AI, machine learning, decision sciences, and real-time decisions. It helps banks combat fraud across all channels, including branches, cards, mobile banking, and internet banking. It uses AI, machine learning, and automation to analyse data from across all systems and provide actionable intelligence in real-time. 

• Drona Pay

Drona Pay provides fraud and scam prevention solutions for financial institutions. It specialises in monitoring real-time transactions to detect and prevent fraud, using advanced tools like behavioural biometrics, machine learning, and data analytics. Their offerings include anti-money laundering (AML) compliance, scam detection, claims fraud reduction, and data governance. Drona Pay helps banks, insurers, lenders, and other financial entities reduce fraud risk while ensuring regulatory compliance.

• Digitap.ai

Digitap provides high-tech, advanced AI/ML solutions to new-age internet-driven businesses for reliable, fast and 100% compliant customer onboarding, automated risk management, and extensive data-enabled services like risk analytics and customised scorecards.

• Karza Technologies
  

Karza Technologies (a Perfios Company) is a data, analytics, automation, and decisioning solution provider to FIs. It caters to the entire lending lifecycle, from onboarding to diligence and monitoring to collections. Its solutions enable systemic fraud prevention, risk management, compliance, and automation through superior data engineering and deep tech applications.

• PixDynamics

Established in 2018, PixDynamics is a unique combination of informed AI, computer vision, and machine learning solution providers, which enables reliable and secure verification of remote users while streamlining the onboarding process. PixDynamics focuses on advanced imaging and data analytics solutions. They provide technologies for capturing, processing, and analysing high-resolution images and video, often used in sectors like security, surveillance, and infrastructure monitoring. Their solutions typically involve cutting-edge visual analytics to enhance data accuracy and operational efficiency.