Financial Crime World

Pakistan’s Banking Sector Gets Boost in Fraud Detection Methods: 1LINK Steps Up

In an effort to strengthen Pakistan’s payments ecosystem and safeguard financial transactions, 36 banks and financial institutions (FIs) are now utilizing 1LINK’s comprehensive fraud detection and prevention suite. This innovative solution, known as 1LINK Fraud Risk Management Services (FRMS), empowers member banks/FIs to monitor suspicious activities on their debit/credit/prepaid/gift cards and account portfolios.

Comprehensive Solution

The FRMS suite encompasses both Off-Us (Cross-Switch) and On-Us transactions across various delivery channels, including:

  • Debit/credit/prepaid/gift cards
  • Account portfolios

Through a centralized hosting model, members can access the application via a secured web portal using point-to-point connectivity. This enables them to:

  • Review transactional data
  • Investigate alerts
  • Analyze cardholder usage profiles

Real-Time Decision-Making

Notably, 1LINK FRMS features a prevention mode that enables real-time decision-making capabilities at the bank’s level before authorization of transactions. However, this feature requires direct integration with the bank’s/FI’s switch, underscoring the importance of seamless connectivity in fraud detection efforts.

Benefits to Pakistan’s Banking Sector

By leveraging 1LINK’s cutting-edge technology, Pakistan’s banking sector is better equipped to combat fraudulent activities and protect customers’ financial interests. This initiative will play a crucial role in maintaining trust and confidence among citizens and businesses alike as the country continues to evolve its digital payments landscape.

Conclusion

In conclusion, 1LINK’s FRMS suite is a significant step forward in fraud detection methods for Pakistan’s banking sector. By providing a comprehensive solution that empowers banks/FIs to monitor suspicious activities, review transactional data, and analyze cardholder usage profiles, the country’s financial ecosystem will be better protected against fraudulent activities.