TPS launches the world’s best fraud prevention system by IBM in Pakistan
Karachi, Pakistan – May 10, 2018: The pace of shift to digital payments has significantly increased with strong move towards a less-cash society, indicating a favorable environment for the banking industry. However, increased digitization has led to various risks and challenges in the banking ecosystem. With more and more consumers preferring digital payments, the chances of getting exposed to fraud are also increasing.
To discuss how financial institutions can combat new threats and take advantage of transformative digital payment solutions, TPS organized Digital Payments & Combating Fraud conference on May 10, 2018 at Pearl Continental Hotel, Karachi. Banking professionals from all across Pakistan participated in the conference to learn how TPS, IBM’s Registered Business Partner for IBM Safer Payments, can help them prevent and mitigate the risk of fraud in any cashless payment system, through any channel.
Shahzad Shahid, CEO at TPS, provided opening remarks and spoke about how the new partnership between TPS & IBM is going to help the fast evolving and highly regulated banking industry reduce the risk of payment fraud with IBM Safer Payments. He said that the next few years will see fraud systems getting really critical for digital security.
Abdellah BEN MEGDOUL, MEA Ecosystem Development Sales executive at IBM, discussed how IBM will continue to dominate digital disruption across industries with solutions for Regulatory Compliance, Financial Risk, Anti-Money Laundering, Counter-Fraud Management, etc. He also talked about why regulatory compliance is a key driver of cost and risk. Every year tens of thousands of regulatory actions, enforcement cases, interpretive rulings and guidance documents are issued around the world. He said that keeping up with regulatory change information, let alone understanding how it impacts an organization, is not possible without the right processes and technology.
The conference’s key speaker, Olga Parra, Financial Services Sector Analytics Leader at IBM, presented IBM Safer Payments. Olga highlighted that the multi-channel fraud management solution protects 618 million customers, 4.8 million merchants along with a total of 72 billion digital payment transactions every year. It also helps reduce fraud losses while keeping false alarms to a minimum. Some of the largest IBM Safer Payment customers have seen their false positives go down from industry average of 1:30 to as low as 1:1, resulting in lower cost of fraud investigation and greater customer convenience.
Talking about IBM Safer Payments, Ahson Saeed, Global Head – Business Development at TPS, said “We believe that the risk management function within banks is undergoing more transformation than ever before. Fast-moving banks now require proven and advanced models to combat financial crimes. We are delighted to offer IBM Safer Payments to customers who rely on the TPS brand for latest innovations and surety of service delivery.”
