Vasai Vikas Sahakari Bank has successfully implemented three advanced fraud prevention systems in collaboration with the Department of Telecommunications (DoT), Government of India, reinforcing its commitment to customer protection and secure digital banking.
The Bank has integrated the Mobile Number Revocation List (MNRL), Digital Intelligence System (DIS), and Fraud Risk Indicator (FRI) platforms to strengthen its fraud detection and prevention capabilities. These systems enable the Bank to proactively identify potential fraud risks related to mobile number changes, telecom-linked financial fraud, and suspicious transactions.
Through these initiatives, the Bank enhances its ability to safeguard customer accounts while maintaining strong compliance with regulatory and cybersecurity frameworks.
Ashay H. Raut, Chairman, Vasai Vikas Sahakari Bank, stated, “The trust of our customers is the foundation of our institution. By integrating these advanced systems in collaboration with the Department of Telecommunications, the Bank has taken another significant step towards strengthening the safety of our customers’ financial assets. This initiative reflects our commitment to adopting modern technologies that enhance security, reliability, and confidence in digital banking services.”
Dilip Y. Thakur, Chief Executive Officer, Vasai Vikas Sahakari Bank, “The implementation of MNRL, DIS, and FRI represents an important advancement in our risk management and fraud prevention framework. These systems enable real-time intelligence sharing and faster identification of potential fraud risks. Our collaboration with the Department of Telecommunications supports our ongoing commitment to regulatory compliance, operational resilience, and secure banking operations.”
Ashok HN Tiwari, Chief Information Security Officer, Vasai Vikas Sahakari Bank, explained the technical significance, stating, “These systems strengthen the Bank’s security controls at multiple levels. The Mobile Number Revocation List (MNRL) alerts the Bank when a customer’s registered mobile number is revoked or changed, reducing the risk of SIM swap fraud. The Digital Intelligence System (DIS) facilitates real-time fraud intelligence sharing across institutions, while the Fraud Risk Indicator (FRI) helps identify high-risk telecom connections and suspicious transactions. Together, these systems significantly enhance our ability to detect and prevent fraud before it impacts customers.”
The deployment of these systems highlights the Bank’s continued focus on cyber security, digital risk management, and customer protection. By adopting advanced fraud prevention technologies and collaborating with national digital security infrastructure, Vasai Vikas Sahakari Bank Ltd aims to create a resilient and secure banking ecosystem for its customers.
Vasai Vikas Sahakari Bank Ltd is a Scheduled Urban Co-operative Bank committed to delivering reliable, customer-centric banking services. The Bank continues to adopt innovative technologies and strong governance practices to ensure secure, efficient, and compliant banking operations.
Send news announcements/press releases to:
editor@thefoundermedia.com
