Ricoh India, a provider of digital office equipment and IT services, has launched a new security solution that allows banks to detect suspected fraud transactions.

Dubbed as TranSecure, the geolocation technology based payment security solution is aimed at financial institutions in the Indian market. It will allow banks to reduce false positives, and card declines as well as aid in the prevention of e- and m-commerce fraud.

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Through this service, a bank can verify user identity based on their mobile phone location at the point of transaction including an ATM machine, merchant outlet or e-commerce website. This enables the bank to effectively and pro-actively determine a potential fraud transaction and take necessary precautionary measures.

The service, which does not require installation of any mobile application, will protect both the bank as well as a customer from ever increasing card fraud.

Ricoh India CEO and managing director Manoj Kuma said: "Incidence of bank card fraud in India (involving either debit or credit card) has risen 238% in the first five months of 2015. Ricoh forays into the service solution space for financial institutions, further strengthening our solution portfolio beyond office automation, into the application space."

Additionally, the company has introduced another geolocation based solution for banks and insurance companies called Pinpoint.

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The solution will help banks in reaching out customers near its partner retailers with customized offers, while it allows insurance companies to monitor their huge agent/sales force by tracking their location, allowing better planning of customer visits and service calls.

Pinpoint has been designed to create personalized offers to keep the partner-retailer’s loyal customers coming back as well as create impulse sales opportunities when customers are close, and draws customers away from the competition and reinforce loyalty.