Anti-Fraud AI for Banking and FinTech Used in a Proactive Banking Strategy to Thwart SIM Phishing

Abstract

The Fintech disruption has sped up and opened up banking to everyone. People with old-style accounts can now conduct their daily banking activities from any locality at any time thanks to allied technology. Financial invasion requires fin-tech as well. People without bank accounts can now access essential financial services, such as peer-to-peer lending and digital payments, thanks to smart phone apps and web-tools. India is one of the fastest growing Fintech ecologies of the world. It stands second after China in terms of Fintech adoption index rate of 87%. Overall estimation of the Fin-tech market in 2021 for India has come out to be $31 billion as mentioned in a report by BLinC Invest. Nevertheless, dangers also come with bigger digital networks in banking. Hackers are always inventing new plans to steal money, and as they're doing it hastily, there are many needs to safeguard the SIM info which the banks are using. Here is a need to guard the online operation not only at the user-end, but also at banker end.