Regulatory Sandbox: Fourth Cohort on ‘Prevention and Mitigation of Financial Frauds’ – Exit

The Fourth Cohort of the Regulatory Sandbox focused on 'Prevention and Mitigation of Financial Frauds' recently concluded its testing phase with six entities launching innovative products. \r

Following evaluations based on agreed test scenarios and outcomes, three products have proven viable within defined parameters. Bahwan Cybertek's "rt360 Real Time Monitoring System" enables real-time transaction monitoring and alerts for banks. napID Cybersec offers the "napID Fraud Filter Layer," securing transactions via an authentication app to render compromised credentials ineffective. \r

Trusting Social's "Trusting Social Credit Insight (CI)" assesses loan applicant risk using mobile subscriber data. These products, having successfully exited the sandbox, are now eligible for adoption by regulated entities, pending compliance with regulatory standards. The cohort is now open for 'On Tap' applications under the Enabling Framework for RS.