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HDFC Bank develops tool to prevent fraudulent ATM transactions

20-11-20151HDFC Bank has introduced a tool with which the bank can prevent fraudulent or suspicious transactions at its ATMs. The bank has carried out a pilot project in this regard in association with the National Payments Corporation of India and it is not planning to introduce the tool for its customers. The technology provides for the bank to be able to map a customer’s location using that person’s smartphone. If the ATM card is being used at a location, which is a different location than the phone, then it will raise an alert. Nitin Chugh, head-Digital Banking, for the bank said if the customer has a smartphone, which is a major probability in all cases, the location of the phone can be identified based on the telecom towers in that area. However, if the phone happens to be in another city then the system can raise an alarm and give warning signals to stop that transaction. The bank can then determine whether to decline the transaction or send a confirmation call to the customer first before allowing it. The technology has been developed by Zumigo that also owns the application.

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