BWI: Indian Overseas Bank Increases Security with Move to Visa

Press release from Business Wire India
Source: Visa
Monday, September 03, 2012 02:35 PM IST (09:05 AM GMT)
Editors: General: Consumer interest, People; Business: Advertising, PR & marketing, Banking & financial services, Business services, Defence & security, Information technology, Major diversified industrial groups
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Indian Overseas Bank Increases Security with Move to Visa
First bank in India to process issuer transactions through Visa to offer superior protection for its customers through real-time detection and prevention of potential frauds

Mumbai, Maharashtra, India, Monday, September 03, 2012 -- (Business Wire India) -- Indian Overseas Bank (IOB) today became the first bank in India to fool-proof all its ATMs, point of sale and internet transactions, by adopting Visa's real time fraud detection solutions. The new smarter, self-learning solutions, Visa Advanced Authorization (VAA) and Visa Risk Manager (VRM), have been introduced to offer unprecedented levels of real time protection and greater security for Visa cardholders.

IOB's move is a significant step towards providing its cardholders with a comprehensive protection against potential fraud as well as strengthening the security of sensitive financial data. IOB cardholders can now enjoy the convenience, reliability and security of VisaNet, Visa's global processing platform with access to millions of ATMs around the world that accept Visa cards.

Mr. S. Radhakrishnan, General Manager, Indian Overseas Bank, said, "Indian Overseas Banks has always put its customers first and we will provide them with advanced security technology to safeguard their money and sensitive financial data. This move to Visa's network will significantly help us fulfill our commitment as it will empower our customers with real time data protection in today's dynamic and hyper connected world of electronic payments. We have also introduced PIN change facility through our ATMs for our credit cardholders to further secure their interests."

Visa Advanced Authorization and Visa Risk Manager create a reliable and safe experience for customers using their cards by offering comprehensive fraud prevention to financial institutions that better identify and stop fraud before it occurs.

Uttam Nayak, Group Country Manager - India & South Asia, Visa said, "There is no room for compromise when customer security and protection is on the line. With fraud technologies becoming ever sophisticated by the day, it is critical for institutions to enhance their fraud detection and management capabilities to ensure India continues to remain protected or is able to minimize any external threats arising due to electronic payment frauds. We are happy that Indian banks have recognised Visa's global expertise to provide uncompromising reliability. At Visa we will continue to empower banks and their customers with enhanced protection against any potential threat while transacting electronically."

In less than two seconds, Visa Advanced Authorization can analyze and risk "score" a transaction for the card-issuing financial institution with unprecedented accuracy. Visa Risk Manager then allows issuers to streamline decision-making, so they can turn that insight into action. This remarkable speed and clarity allows issuers to prevent fraud from occurring in the first place.

VAA VRM also has the ability to pinpoint and address coordinated attacks on multiple accounts in real time. In the year 2010 INR 8,250 crores (or USD 1.5 billion dollars) global fraud avoidance opportunity was identified by VAA. By relying on one of the most advanced electronic payment networks, IOB will now have access to a risk management tool that get smarter with every transaction processed.

About Visa Inc.

Visa is a global payments technology company that connects consumers, businesses, financial institutions and governments in more than 200 countries and territories to fast, secure and reliable digital currency. Underpinning digital currency is one of the world's most advanced processing networks-VisaNet-that is capable of handling more than 20,000 transaction messages a second, with fraud protection for consumers and guaranteed payment for merchants. Visa is not a bank and does not issue cards, extend credit or set rates and fees for consumers. Visa's innovations, however, enable its financial institution customers to offer consumers more choices: pay now with debit, ahead of time with prepaid or later with credit products. For more information, visit www.corporate.visa.com .

About Indian Overseas Bank

Founded in the year 1937 with an objective to specialising in the foreign exchange business, Indian Overseas Bank is now the seventh largest nationalised bank in India. The wide range of MSME products and services are tailor made to suit individual and industry requirements. Indian Overseas Bank has a network of 2,680 branches, 1500 ATM's and has sponsored two Regional Rural Banks - Pandyan Grama Bank and Neelachal Gramya Bank. The global business of the Bank has now crossed INR 330,000 crore with six international branches - one each in Singapore, Colombo, Seoul and Bangkok, and two in Hong Kong. Indian Overseas Bank was the first Indian bank to obtain ISO 9001 certification for its Computer Policy & Planning Department in September 1999. Indian Overseas Bank has won several prominent awards which include, National Award for Excellence in MSE Lending in 2010-11 and Best Bank Award 2012 by SME Chamber of India among several others

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Technology prowess of VisaNet
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CONTACT DETAILS
Anuja Sharma, Visa, +91 9004604426, ansharma@visa.com
Vaishanvi Ramakrishnan, Edelman India, + 91 7738015770, vaishnavi.ramakrishnan@edelman.com
Mihir Mukherjee, Edelman India, + 91 9987556960, mihir.mukherjee@edelman.com

KEYWORDS
CONSUMER, PEOPLE, MARKETING, BANKING, BUSINESS SERVICES, DEFENCE, IT, GROUPS

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