Punjab & Sind Bank Elevates Digital Security with Cutting-Edge Fraud Prevention

Punjab & Sind Bank, a venerable name in Indian banking, is enhancing its digital security with an advanced fraud prevention network. By partnering with Coforge and implementing new technologies, the bank aims to safeguard transactions in real-time, ensuring trust and safety for all its customers.

Punjab & Sind Bank, one of India's foremost public sector institutions, is taking a revolutionary step in digital banking security by upgrading its real-time fraud prevention framework. As part of this endeavor, the bank has launched a series of strategic technology initiatives, employing cutting-edge Fraud and Anti-Money Laundering (AML) platforms to set new standards in secure transactions.

The bank has recently introduced a new Enterprise Fraud Risk Management (EFRM) platform, with technology firm Coforge guiding its implementation. This system, utilizing the expertise of Jocata, a prominent B2B FinTech and RegTech player, ensures seamless protection across the bank's extensive network of over 1,600 branches. It vigilantly monitors over 4 million digital transactions daily, spanning diverse channels such as UPI, mobile and internet banking, and more, effectively identifying and blocking high-risk activities.

By integrating advanced solutions like MuleHunter.AI and boosted AML systems, Punjab & Sind Bank is strengthening its ability to monitor transactions in real-time and promptly address potential security threats. According to MD & CEO Shri Swarup Kumar Saha, this initiative aligns with the bank's commitment to safe digital banking, promising innovative security solutions designed to bolster customer trust and institutional resilience.

(With inputs from agencies.)