However, an out-of-the-way transaction could get declined if the client does not respond to a phone call or a message immediately.
Financial institutions such as HDFC Bank have already implemented analytics software. In banking transactions, banks can ask the customer for additional information to verify the transaction if it is undertaken on a different computer. But in the case of card payments, banks have to rely on direct contact with the customer.
According to Ganapathy, general manager (South Asia) at ACI Worldwide, the analytics software can be used to personalize services for customers. He further mentioned that there are two kinds of fraud detection in payments: one is during the transaction and the other is using analytics to identify suspicious transactions based on past behaviour.
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