Cybercrime , Fraud Management & Cybercrime , Mobile Payments Fraud

How Intermediaries and Banks Can Mitigate Payment Scams

PhonePe's Bhansali on Role of Intermediaries in Authorized Push Payment Fraud
Anuj Bhansali, head of trust and safety, PhonePe

What is the role of payment intermediaries when fraud takes place? How much are they working with banks to reduce risks from payment fraud? Anuj Bhansali, head of trust and safety at PhonePe, discusses the payment fraud landscape in India and steps to reduce authorized push payment fraud.

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"The role of intermediaries is very important. If you look at an NEFT payment or RTGS payment, things were happening on a banking platform, but UPI changes this completely," Bhansali said. "It becomes an interoperable network where the intermediary is onboarding a customer, authorizing the payment and passing that information to their banking partner."

"An intermediary is sitting closest to the customers and has enough signals to take a call on whether to allow or decline a transaction," he said. "It is not 100% on an intermediary because a bank also has a customer profile, but it is a joint responsibility."

In this video interview with Information Security Media Group at the Bengaluru Cybersecurity Summit, Bhansali also discusses:

  • The payment fraud landscape in India;
  • The potential for the RBI to hold banks liable for authorized push payment fraud;
  • Controls that intermediaries put in place to detect fraud.

Bhansali oversees areas related to trust, identity, safety and security at PhonePe. He has been involved in the anti-fraud and financial crime domain for the past decade and focuses on securing millions of users performing billions of transactions. He works on building scalable systems and fraud detection platforms to reduce customer risk.


About the Author

Suparna Goswami

Suparna Goswami

Associate Editor, ISMG

Goswami has more than 10 years of experience in the field of journalism. She has covered a variety of beats including global macro economy, fintech, startups and other business trends. Before joining ISMG, she contributed for Forbes Asia, where she wrote about the Indian startup ecosystem. She has also worked with UK-based International Finance Magazine and leading Indian newspapers, such as DNA and Times of India.




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