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In the era of digital transformation, the battle against online fraud has intensified, casting a shadow over payment systems, financial transactions, and compliance procedures. Businesses find themselves grappling with the relentless onslaught of fraudsters exploiting vulnerabilities, resulting in a surge of fraud incidents spanning merchant and customer onboarding, Know Your Customer (KYC) compliance, transaction fraud, and money laundering.

From a transaction point of view, online businesses are in dire need of solutions encompassing fraud detection mechanisms, risk scoring for transactions, validation of transactions in real time, and issues with reconciliations of financial transactions.

Most financial companies also need to manage compliance with regulatory requirements like payment regulations, data protection laws, industry standards, implementing measures to detect and prevent money laundering activities, compliance with PCI DSS, and maintaining trails of reports and audits.

A breakthrough solution

In response to this mammoth challenge, Tutelar, a fintech startup headquartered in Chennai, has emerged as a beacon of trust, offering cutting-edge solutions to fortify businesses against these evolving threats.

The startup detects and prevents fraud in onboarding, KYC, real-time payment transactions, and anti-money laundering. As part of its portfolio, Tutelar also provides automation and software solutions for managing compliance in line with guidelines by regulatory authorities to avoid penalties, fines, and business closures. This is coupled with data intelligence to help businesses make informed risk decisions by assessing details of unapproved and blacklisted entities from an exhaustive list of sources.

Their latest innovation, a 360-degree, No-Code Risk Intelligence Tool, is designed to safeguard businesses by detecting and mitigating the impact of online fraud.

Mohan K, CEO, Tutelar, underscores the company’s commitment to empowering clients with defensive risk mechanisms. “We are currently serving clients like Lyra, PayG, Nexdha, Foloosi etc., protecting online transactions worldwide. Our capability to adapt to evolving risk demands and technology and make customised products and risk engines, to suit multiple industries and geographies, is enabling our expansion not just in India, but also in the GCC and Southeast Asian markets,” he says.

Shanthi A, President of Product and Risk Solutioning at Tutelar, adds that Tutelar’s innovative approach, founded on 40+ years of collective domain expertise and state-of-the-art technology, including machine learning, artificial intelligence, and big data analytics, ensures seamless global expansion while staying attuned to dynamic regulatory demands.

Holistic approach to fraud prevention

According to a report titled ‘Anatomy of Fraud Report 2023’, prepared by Praxis Global Alliance in collaboration with Bureau, investing in fraud detection and prevention (FDP) solutions can lead to potential benefits, including cost reduction, improved user experience, and better orchestration capabilities. It can enable businesses to make informed decisions and protect financial and reputational interests.

It added that FDP solutions reduce fraud operational costs, false positives, and chargebacks by facilitating real-time monitoring, seamless CX, and orchestration capabilities, eliminating white spaces across various industries.

Tutelar’s fraud prevention solutions cater to a wide range of industries, like payment aggregators and gateways, banks and fintechs, marketplaces and ecommerce, travel and hospitality, lending, and online gaming players.

Some of their key offerings include:

01. Tutelar-Onboarding: This solution offers real-time KYC and Know Your Business (KYB) validations, identity and background verifications, and licence checks based on Merchant Category Code (MCC) guidelines. It provides invaluable insights into onboarding-level risks.

02. Tutelar-Transaction Monitoring: Leveraging AI and machine learning-powered big data analytics, this solution monitors online, offline, and Cash on Delivery (COD) transactions across industries, enabling real-time, robust monitoring. Businesses can define and adjust monitoring parameters according to their needs.

03. Tutelar-Compliance: Ensuring adherence to compliance requirements set by banks, card schemes, and regulatory bodies, this solution automatically generates comprehensive fraud and audit reports, safeguarding businesses from penalties and fines.

04. Tutelar-Dispute Management: This feature aids in managing chargebacks by providing complete transaction information, enabling businesses to effectively contest disputes and minimise financial losses.

05. Tutelar-Crawling: This solution actively monitors partner sites to identify questionable content and illegal sales, protecting businesses from potential fraudulent activities.

06.Tutelar-AML: By identifying high-risk transactions and alerting businesses about potential threats, this solution performs Politically Exposed Persons (PEP) and adverse media checks, enhancing fraud prevention.

07. Tutelar-Reconciliation: Streamlining businesses’ reconciliation processes, this solution screens transactional data for discrepancies, promoting efficient financial management.

08. Tutelar-Data Intelligence: By providing access to an exhaustive list of unapproved and blacklisted entities, this solution equips businesses with informed insights for risk decision-making.

As the global digital payment market continues its upward trajectory, Tutelar remains steadfast in its mission to safeguard businesses against the mounting threat of online fraud. By delivering advanced, tailored solutions, Tutelar is not only protecting businesses’ bottom lines but also contributing to a safer and more secure digital landscape for all.