Wipro Limited
METHOD FOR PREVENTING FRAUD IN TRUSTED NETWORK, AND SYSTEM THEREOF

Abstract:

The present disclosure relates to a method for preventing fraud in a trusted network. An information related to a plurality of fraudulent transactions are received from a plurality of entities in the trusted network. Each of the plurality of entities provides a consent for sharing the information related to corresponding plurality of fraudulent transactions. Indicators of Fraudulent Transactions (IOFT) metadata are generated based on one or more patterns in the information related to the plurality of fraudulent transactions. One or more IOFT data elements comprising transaction details associated with the plurality of fraudulent transactions and excluding confidential details are identified from the IOFT metadata. One or more IOFT data elements are transmitted in an encrypted format to the plurality of entities over the trusted network to prevent the fraud in the trusted network.