Fraud Detection Has To Improve To Protect Banks

BCT Digital is a fintech, regtech, and sustaintech solutions provider. It recently enhanced its rt360 Early Warning System with the integration of Goods and Services Tax (GST) data. It brings GST non-compliance into sharp focus within the rt360 Credit Monitoring framework. In July last year, the Reserve Bank of India recognised the company's rt360 Real-Time Monitoring System. JAYA VAIDYANATHAN, chief executive officer (CEO) of BCT Digital, interacted with Raghu Mohan via email. Edited excerpts:

- JAYA VAIDYANATHAN CEO, BCT Digital

Why do frauds continue to plague banking and financial services despite all the investments in technology?

With the rise of digital and contactless banking, fraudsters have found newer ways to exploit vulnerabilities.

The high volume and speed of digital transactions make traditional fraud detection and fund tracking increasingly difficult. While regulatory gaps and compliance failures continue to create vulnerabilities for exploitation, the Reserve Bank of India (RBI) is taking stringent measures to close these gaps and strengthen compliance. Addressing these challenges requires a proactive, technology-driven approach, alongside robust regulatory oversight to enhance the resilience of the financial ecosystem.

What has been the impact of BCT Digital's rt360 real-time monitoring system (rt360 RTMS) in banks?