Ricoh India, the leading provider of digital office equipment and IT services, today announced its entry into the service solution space for financial institutions with the launch of TranSecure, a security solution for banks. Ricoh will take this service across the financial institutions in the India market, which will allow banks to detect suspected fraud transactions and arrive at a more intelligent decisioning methodology to reduce false positives.

TranSecure, a geolocation technology based payment security solution from Ricoh India is used to help in the prevention of e- and m-commerce fraud. The service enables a bank to authenticate a user's identity based on their mobile phone location at the point of transaction, which can be an ATM Machine, Merchant Outlet or e-commerce website. As a result, a bank can effectively and pro-actively determine a potential fraud transaction and take necessary precautionary measures. The solution is easy to adopt as it does not require any mobile application installed by the end user. The service protects both the bank as well as a customer from ever increasing card fraud. It also ensures less false positives and card declines, improving customer satisfaction.
 
Speaking on the occasion Manoj Kumar, CEO and managing director, Ricoh India, said, ''Incidence of bank card fraud in India (involving either debit or credit card) has risen 238% in the first five months of 2015. Today, fraudulent often manage to get access to not just payment data and credit files. The new trend is to move to mobile device solutions based on location, which are found to be far more robust in verifying the identity and credit card credentials of a customer. Ricoh forays into the service solution space for financial institutions, further strengthening our solution portfolio beyond office automation, into the application space.''

Ricoh also announced the launch of 'Pinpoint', a geolocation based solution for banks and insurance companies. For banks, Ricoh's solution helps in reaching out to customers near its partner retailers with customized offers. For insurance companies, the solution provides them a means to monitor their typically huge agent/sales force by tracking their location, enabling better planning of customer visits and service calls.
Ricoh Pinpoint targets only those customers who are near the partner-retailer's location. By defining the proximity that is meaningful to the partner's business, retailers can draw people in with the right offer, at the right time, in the right place.

Since Ricoh Pinpoint runs on the network and not the mobile phone, there is no app required, not even a smartphone, so there is no-need to convince customers to install another app, especially since many customers are still using feature phones in India.

The solution helps create personalized offers to keep the partner-retailer's loyal customers coming back and fill empty restaurant seats at the last minute with customers that are nearby. It helps create impulse sales opportunities when customers are close, and draws customers away from the competition and reinforce loyalty. For customers, the offers are timely and relevant, maintaining engagement and the location triggers add gamification value making savings fun.

Shares of the company declined Rs 39.25, or 5.78%, to trade at Rs 640. The total volume of shares traded was 30,704 at the BSE (12.45 p.m., Monday).