Fraud prevention technology has made enormous strides from advances in computing speeds (high-performance analytics), machine learning and other forms of artificial intelligence (AI). Fraud touches every area of our lives; it raises the price we pay for goods and services, squanders tax money, pulls resources from innovation and even costs human lives.
India is among the world’s fastest growing emerging markets, aided by liberal foreign investment policies and an expanding consumer base. This has catapulted the number of market players – foreign and domestic – and led to high levels of competition in each industry, often exposing firms to the threat of fraud and other risks. A recent industry survey showed that 89 percent of the companies based in India were victims of at least one instance of fraud; 33 percent of them suffered revenue losses of more than seven percent due to this. Foreign investors expanding to the Indian market therefore need to prioritize conducting due diligence when entering into partnerships and contracts with firms and vendors in India.
Part of the range of sub-sectors of Fintech, Anti-Fraud covers a range of solutions, including authentication methods, anti-money laundering and fraud prevention methods, with technologies that use such tools as biometrics, behavior analytics, KYC, IAM and more.
Israeli startups are easing payment processes, reducing fraud, saving users money, promoting financial planning, and ultimately moving this giant industry forward. Israel has introduced a large number of expanding companies and startups to the global market in the growing arena of Financial-Tech. Israel also hosts the Citibank Strategic Innovation Lab and the Barclays R&D Centre to develop advanced financial technology products and support global operations.
Companies in India can benefit from such yearly events. Relevant companies, interested to learn more on potential collaboration are invited to contact the Economic and Trade Department at the Israeli Consulate General in Bengaluru.
For further queries:
contact: Kavitha Saravanan, Trade Officer, Trade and Economic Affairs
Tel: +91-80-49406515. firstname.lastname@example.org