NEXT Biometrics’ Post

🌍 Biometrics: The Global Solution to Fraud Prevention? 🌍 Reposting this insightful piece that highlights how countries are leveraging biometric authentication to combat fraudulent activities in banking. 🔑 Vietnam saw a staggering 72% reduction in fraudulent accounts by making biometric authentication mandatory for bank accounts. Now, Kuwait is following suit, taking steps to enhance banking security through biometrics. The question is: Will more countries adopt this strategy to protect their financial ecosystems? 📖 Read the full article here: https://lnkd.in/dQts598W #Biometrics #BankingSecurity #FraudPrevention #DigitalTransformation #SecureBanking #FinancialInnovation

The financial impact of fraudulent activities in the telecommunications sector is substantial, with the average cost per incident around $260,000. Alarmingly, 26% of businesses report losses exceeding $500,000. The Minister of Justice has even mandated that network operators enhance their fraud prevention measures by securing the data of FICA and RICA subscribers of SIM cards in South Africa. iiDENTIFii’s face biometrics solution provides a safe, accurate, and effective approach that enhances security, reduces costs, and aligns with government mandates. Some of the benefits of Implementing iiDENTIFii face authentication for telcos are: - Secure SIM swaps: Adds an extra layer of security to SIM swap processes. - Comprehensive data management: Builds a detailed database of subscribers across all segments. - Enhanced authentication: Decreases the risk of fraud and unauthorised access to sensitive account information. - Cost efficiency: Reduces costs by decreasing the volume of unproductive calls to customer service centres. - Integrated solutions: Offers further integration through an API with banking systems, reducing criminal activity. For personalised advice tailored to your business, click the link below: https://hubs.li/Q02vQwdd0 #iiDENTIFii #biometricauthentication #telcosecurity #4Dliveness #IDV

CYBERSECURITY CENTRIC REGULATIONS: BANKING SECTOR The 2016 Aadhaar Act: The gathering and application of biometric data for identity verification are governed by this act. The Aadhaar requirements for the secure transmission and storage of client data must be adhered to by banks. Section 8 - Authentication of Aadhaar number Section 29 - Restrictions on sharing information Section 29(4) - Restrictions on collection or disclosure of identity information Section 33 - Disclosure  of  information in certain cases Section 28 - Security and confidentiality of information Section 47 - Offences by companies This section prescribes penalties for companies, including banks,  for  offenses committed under the Act. Penalties can include fines up to ₹1 crore and imprisonment of  the company's officers. If banks fail to comply with these guidelines, the Unique Identification Authority of India (UIDAI) can act against them for non-compliance with the Aadhaar Act, 2016. Guidelines for the UPI: The safe use of UPI for digital payments is governed by standards published by the National Payments Corporation of India (NPCI). To guarantee the security of UPI transactions, banks are required to follow certain standards. Guidelines on implementing robust security measures to protect UPI transactions from fraud and unauthorized  access.  Specifications on transaction limits per day, per transaction, and for different types of transactions to ensure  financial  safety and prevent misuse. Procedures for verifying the identity of users and ensuring secure  authentication for UPI transactions. Guidelines on data protection, encryption, and secure storage of user information to safeguard privacy  and prevent data breaches. Requirements for banks and financial institutions to  comply with UPI guidelines to maintain the integrity and security of the payment system. If UPI guidelines are not followed by banks, the following bodies can take action: National Payments Corporation of India (NPCI) NPCI reserves the right to impose penalties on member banks for  violating UPI guidelines. Penalties may include fines, suspension, or termination of end-to-end connectivity for frequent  violations. UPI Steering Committee The UPI Steering Committee can recommend legal action against banks that fail to abide  by  UPI Procedural Guidelines. The committee can also decide on fines to be imposed for violations. Amit Ghodekar Abhijit Shrawagi Rushi Mehta Devhuti Bakshi Adv (Dr.) Prashant Mali ♛ [MSc(Comp Sci), LLM, Ph.D.] Dr. Pavan Duggal Kanishk Gaur CyberDost #Cybersecurity #BankingRegulations #AadhaarAct2016 #UPIGuidelines #DataProtection #FinancialSecurity #DigitalPayments #UIDAI #NPCI #BankingCompliance #SecureTransactions #DataPrivacy #IndiaTechLaw #BankingSector

Financial Fraud Cases Surge 986% in Five Years, Recovery Efforts Lag In a recent speech, Minister of State for Finance Pankaj Chaudhary reported a dramatic rise in financial fraud cases over the past five years. Data from the Reserve Bank of India (RBI) shows a huge increase in fraud involving credit cards, ATM/debit cards, and internet banking. Fraud cases soared from 2,677 in FY 2019-20 to 29,082 in FY 2023-24, a 986% rise. The financial impact has also been severe, with the total amount involved growing from ₹129 crore to ₹1,457 crore, a 1,068% increase. Despite efforts to recover funds, progress has been slow. Recoveries rose from ₹12 crore to ₹139 crore, but the recovery rate only slightly improved from 9.3% to 9.5% of the total amount lost. Frauds involving the Aadhaar Enabled Payment System (AEPS) have been especially troublesome, often involving stolen Aadhaar numbers and biometric data leading to unauthorized transactions. I believe simplifying the system requires strong verification measures. ezto.io is dedicated to preventing fraud before it occurs through flexible, on-demand identity verification modules. #fraudprevention #phishingattacks #identityverification

Digital Banking and Security go hand in hand 🔒

As part of the SafeGuard suite, SafeNet, offered by Global Payment Services (GPS), provides comprehensive fraud prevention and detection for financial and payment institutions.   Protecting against fraudulent activities across various electronic channels is crucial in today's digital landscape. SafeNet offers robust security measures for:   -       International Banking Portals -       Mobile Banking Applications (backend APIs) -       Payment Gateways -       Phone (Call Centre), IVR, and SMS Banking -       Open Banking/PSD2 Payment APIs -       Electronic Fund Transfers With advanced technology and real-time monitoring, SafeNet equips financial institutions with the tools to proactively identify and prevent unauthorized access attempts, identity theft, and malicious activities. Explore SafeNet by GPS today and enhance security protocols with its comprehensive fraud prevention and detection capabilities.   #GlobalPaymentServices #GPS #SafeNet #SafeGuard #Security #Fraud #Detection

Criminal Challenges of Technology in Developing Countries As technology expands beyond affluent and technologically advanced regions, developing countries face a new wave of criminal challenges. This shift, driven by increasing access to mobile phones, internet, and electronic banking, creates significant risks. Here are some of the key criminal challenges for developing countries: 1. Expansion of Advanced Fee Fraud (‘419 Scams’): Originating in West Africa, these scams have evolved from a local phenomenon into a global issue. The internet enables fraudsters to reach millions of potential victims worldwide, exploiting the promise of financial rewards in exchange for upfront payments. 2. Economic and Financial Crimes: The spread of electronic banking and online transactions has provided fertile ground for new types of financial crimes. Developing countries, where banking systems may be less resilient, are especially vulnerable to international fraud schemes, amplifying the global impact of unlawful activities. 3. Globalization of Credit Card Fraud: Organized crime groups use advanced counterfeiting technologies to exploit credit card systems. Fraudulent data compromised in one country is quickly turned into counterfeit cards and used across borders, making detection and prevention more complex. This globalized fraud generates billions in illicit profits annually. 4. Cyber Attacks and Extortion: Developing countries are becoming prime targets for cyber attacks, including those aimed at disrupting online businesses and financial services. In recent months, high-profile attacks have affected companies ranging from online retailers to gambling sites, with sophisticated criminal groups often seeking extortion payments to prevent further disruptions. 5. Technological Dependence and Vulnerability: As developing nations increase their reliance on technology for communication, finance, and governance, the risks associated with technological failure or exploitation grow. The more these systems are integrated, the more devastating the consequences when they are compromised by criminal activities, including extortion, data breaches, and service disruptions. (Savona, E. U. 2004. Crime and technology: New frontiers for regulation, law enforcement, and research.) #CyberSecurity #FinancialCrimes #TechRisks #DevelopingCountries #DigitalFraud #OrganizedCrime #CyberAttacks

🚨 Cyber Fraud in Banking Transactions Spikes in FY24 Today’s Opinion in The Hindu highlights a critical issue: cyber fraud in banking transactions surged this year, with Maharashtra alone accounting for over 25% of India’s total losses. This rise serves as a wake-up call for both banks and customers. Key Insights from the Article: Urgent Need for Enhanced Security: Banks must boost their cybersecurity measures to tackle evolving fraud tactics. Customer Awareness: Educating users on safe digital practices is essential for prevention. Collaboration is Key: Financial institutions, regulators, and cybersecurity experts must work together to protect digital banking. Let’s stay informed, vigilant, and proactive in securing financial transactions.

Banks in Singapore to Strengthen Resilience Against Phishing Scams Ms Loo Siew Yee, Assistant Managing Director (Policy, Payments & Financial Crime), Monetary Authority of Singapore (MAS), said, “MAS continues to work closely with banks to protect consumers by leaning hard against digital banking scams. This latest measure will complement good cyber hygiene practices that customers must continue to practise, such as safeguarding their banking credentials.” https://lnkd.in/eRa5bawm Ai Boon Ong-Ang The Association of Banks in Singapore #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

Choosing the right fintech partner is crucial for tackling banking fraud in Nigeria, as reported by This Day Live. The article emphasizes the importance of robust security measures and advanced technologies in the fintech sector to protect against fraud. By selecting reliable fintech partners, Nigerian banks can enhance their security and protect customers' assets. Stay informed on the latest strategies to combat banking fraud. https://lnkd.in/gqfw5tWu #Fintech #BankingFraud #Nigeria #FinancialSecurity #TechNews #BankingTech #FraudPrevention #Cybersecurity #DigitalBanking #TechInnovation #UnderstandingEnterpriseTech #EnterpriseTechnologyNow #EnterpriseTechnologyToday