SBI & Bank of Baroda Join Forces: AI to Stop Online Frauds in Real Time
In a major step towards safer wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW">digital transactions, State bank of india (SBI) and Bank of Baroda (BoB) are collaborating to launch an AI-powered platform to fight online payment frauds. Here’s everything you need to know about this innovative initiative.1️⃣ Introducing IDPIC: The Future of wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW">digital Payment Security· The new platform is called Indian wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW">digital Payment Intelligence Corporation (IDPIC).· Its core mission is to detect fraudulent transactions instantly and prevent money loss for customers.· By leveraging advanced AI and machine learning algorithms, the platform promises to revolutionize how banks monitor wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW">digital payments.2️⃣ How Real-Time Fraud Detection Will Work· IDPIC will monitor transactions across multiple banks and payment gateways in real time.· Suspicious patterns such as unusual payment amounts, location anomalies, or rapid multiple transactions will trigger instant alerts.· The AI system will flag potential fraud before the transaction completes, protecting both customers and banks.3️⃣ Why AI is a Game-Changer· Traditional fraud detection relies heavily on manual monitoring and post-event alerts, which can be slow and inefficient.· AI can analyze millions of transactions simultaneously, spot subtle fraud signals, and learn from past patterns to improve accuracy.· This makes the platform faster, smarter, and more proactive than conventional systems.4️⃣ Collaboration for a Stronger wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW">digital Ecosystem· sbi and BoB combining resources means a wider network of data for AI training, improving the system’s efficiency.· This initiative also supports India’s vision of a secure, cashless economy by instilling trust in wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW">digital payments.· Experts say IDPIC could eventually expand to other banks and fintech companies, creating a unified defense against online fraud.5️⃣ What It Means for Customers· Faster fraud alerts and prevention measures will reduce the risk of financial loss.· Enhanced AI monitoring means higher confidence in online banking and UPI transactions.· customers may also see smarter, personalized transaction security features in the future.💡 Takeaway: With sbi and BoB leading the charge, digital payments in india are set to become safer than ever. The AI-driven IDPIC platform could redefine real-time fraud prevention and set a benchmark for banks worldwide. Disclaimer:The views and opinions expressed in this article are those of the author and do not necessarily reflect the official policy or position of any agency, organization, employer, or company. All information provided is for general informational purposes only. While every effort has been made to ensure accuracy, we make no representations or warranties of any kind, express or implied, about the completeness, reliability, or suitability of the information contained herein. Readers are advised to verify facts and seek professional advice where necessary. Any reliance placed on such information is strictly at the reader’s own risk.