With financial crime increasing day by day, the fintech industry fights hard to solve this complex issue with advanced solutions like anti-malware tools. The purpose of such sophisticated tools is to identify and stop fraudulent activities. They play a vital role in preserving financial systems’ integrity.
These techniques effectively identify potential fraud by utilizing cutting-edge technologies. They provide vital insights by analysing enormous volumes of data in real time. These tools assist in identifying unusual transaction patterns, encrypting sensitive data, and verifying user identities.
Using such advanced digital tools, let us learn how DBS detects and blocks scams in real-time. When it comes to identifying and blocking fraudulent transactions, DBS employs a multi-layered defence strategy, which includes a real-time fraud monitoring system, improved anti-malware tools, and machine learning to scrutinize millions of banking transactions to combat fraud.
Additionally, customers are urged to be proactive in safeguarding their accounts and to keep up with the latest scam trends.
How Does DBS’ Multi-Layered Defense Plan Work?
DBS’ multi-layered defence strategy includes:
- Real-Time Fraud Monitoring
Real-time financial data analysis operates in the present, as financial transactions occur—and often even before—instead of sifting through transactions that have already occurred. Millions of transactions are scanned every day by a fraud monitoring system in real-time to find and stop suspicious activities. With this advanced technology, fraudulent transactions are precisely and accurately detected by the DBS team.
This is made possible by artificial intelligence (AI) and machine learning (ML), which learn from the data they are given, both new and old, to spot anomalies like large transactions and odd time intervals between transactions that might be signs of digital banking fraud. Real-time fraud detection by DBS focuses on:
- Pattern recognition, identifying typical behaviours
- Anomaly detection, which is finding behaviours that deviate from this pattern
- Fraud prevention using predictive analytics, which finds patterns and assesses the probability of fraudulent activity
- Advanced Anti-Malware Tools
The improved anti-malware technology of DBS helps protect digibank accounts by restricting access from devices infected with malware or settings that leave them vulnerable. This covers prohibitions on devices with highly risky apps, running known malware applications, rooted devices, or devices that share screens without authorization.
Some prominent anti-fraud tools include:
- digiVault
It functions similarly to an online safe deposit box. Even if the scammers manage to access a customer’s account, it enables users to lock money in their current accounts; thus, prohibiting unauthorized digital transfers. Customers can easily use their ATM or debit card to unlock their funds at all DBS ATMs in and around Singapore. Additionally, they still receive interest on the money they have locked up. More and more customers have been seeking it since its launch in February last year.
- Digibank App’s Security Check-up feature
Customers can closely monitor the security of their bank accounts with this. The Security Check-up helps them get frequent reminders to perform crucial security tasks, including updating personal information and checking daily transfer limits.
- Digital Card Fraud Dispute Tool
Customers can use this tool to monitor and report unauthorized credit card transactions. Customers used to file a case by calling a hotline before. Nevertheless, disputes can now be submitted using the digibank app of DBS or POSB with a single click. Additionally, the settlement process can be monitored in real-time, giving clients prompt updates during a delicate circumstance.
- Use of Machine Learning Technology
DBS uses AI/ML to identify shifts in user behaviour, compare odd account modifications, and immediately stop questionable transactions. A large volume of refunds handled by one account holder or a quick increase in transactions from an unusual location could be signalled as suspicious.
Additionally, this technology aids in automating procedures for sharing information, sending out notifications, and identifying scam victims. This makes it possible for banks to identify and stop fraud quickly before it happens.
- User-Friendly Security Features
Customers can use security measures, adjust payment settings, and lock funds using advanced features like Security Check-up, Payment Controls, and digiVault. The Payment Controls feature allows customers to control important payment settings, such as spending caps, card usage restrictions, and more.
- Customer Education
Customers can know the latest fraudulent activities and self-defence tools to protect themselves.
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