#Fraudulent attempt to authenticate aadhaar number | Explore Tumblr posts and blogs

loansproviderinindia · 18 days ago

Text

Are Online Lenders Safe for Fast Approval Personal Loans?

The onset of the digital age gave rise to cyber security threats such as phishers and scammers, that preyed on people who failed in following basic online safety measures.

Online money lending services are no exception to these online miscreants, therefore today we’ll figure out whether fast approval personal loan is safe or not.

What is Online Money Lending?

Online money lending is the technological innovation that took place in the banking industry with the onset of the digital age.

It gave rise to fast approval personal loans to people who couldn't physically be present or were otherwise predisposed through online means.

Safety Provisions By Banks for Personal Loans

Banks in particular have made great strides to make sure that their online services remain efficient and secure.

Some of the steps taken by them are:

Secure Infrastructure

Banks make sure to use robust encryption(128 or 256 bit) to keep their systems safe from online hacking attempts.

Many banks use Secure Sockets Layer (SSL) to avoid the possibility of a hacker attack by encrypting the data going to and from the user’s device and banks servers.

Secure Servers

Secure servers are a cornerstone to keeping the banks systems free of any malicious software.

Banks employ a number of features such as firewalls, intrusion detection systems, encryption, multi-factor authentication, and regular security audits to ensure safety of the online banking environment.

Multi-Factor Authentication

Banks utilize a multi-faceted method of verification. This keeps the customer as well as the bank safe. The bank also uses stringent document verification processes to validate the authenticity of the provided documents.

This helps especially in the context of approving a bank loan. In the instance that a customer needs a personal loan, he or she, will have to:

Provide KYC documents such as Aadhaar card and Pan card and address proof.

The biometrics of the person will also be scrutinized to verify the authenticity of the personal loan request.

Banks will also conduct a background search into the applicants history to verify the authenticity of the personal loan claim. They will check for:

Credit history and credit score (CIBIL)

Proof of residence

Proof of employment & other verification details.

Automatic Logouts

Banks employ a timer that monitors the activity of their websites logs a user out automatically if it notices an extended duration of inactivity.

Antivirus

Keeping the antivirus on your device up to date will help you avoid infecting your computer with malicious software.

A few good antivirus softwares are norton, bitdefender and kaspersky. These softwares will not keep a 100% of the hackers at bay, but will wash out the majority of the attempts.

Fraud Detection

Banks employ a slew of highly sophisticated software to detect fraud attempts in accounts.

This allows them to secure an account even before a critical failure can take place. The same goes for fraudulent personal loan attempts that a scammer may make.

When Approached For Fast Approval Personal Loan Online:

In the previous section we discussed in length, the security steps taken by banks to keep your fast approval personal loan process secure. We will now check what we can do when a bank representative calls in regard to an online personal loan.

Steps to take when answering calls from bank representatives:

Verify their identity

Make sure the person you are talking to, really is, a bank representative.

Verify phone numbers

In the event that a call takes place between you and the bank representative make sure to verify the identity of the caller.

Scammers use a lot of methods to change their numbers quickly like caller ID spoofing and phone number spoofing.

Make sure you keep a knowledge of country codes in numbers (India’s number code is +91), they show the country of origin where the call was placed from.

OTP’s

Do not share any One Time Passwords, even if they assure you that they are a representative of a particular bank.

Online personal loans are a feature that banks offer to ease the access to quick injection of cash when and where needed, from the comfort of your home and keeping basic online security measures in mind while going with the loans will help you keep safe from scammers and other malcontents making the process of availing a personal loan online extremely safe.

youtube

#apply for personal loan instant approval #instant personal loan approval #fast approval personal loan #personal loan #instant loan #finance #Youtube

0 notes

sudeepkedar · 2 years ago

Text

Identity Verification Market Trends, Analysis & Forecast, 2032

As per a recent research report, Identity Verification Market to surpass USD 55 Bn by 2032.

Identity Verification Market is anticipated to expand during 2023-2032, propelled by stringent rules imposed by the regulatory authorities toward the compliance of AML (anti-money laundering) and KYC (know your customer) among reporting organizations. These regulations strictly adhere to verifying the identity of their customers to prevent money laundering and terrorist financing.

Request for Sample Copy report @ https://www.gminsights.com/request-sample/detail/5522

Based on the component, the solution segment will depict over 20% CAGR through 2032. The rising demand for complying with AML and KYC standards and increasing initiatives, such as smart border control that utilizes face recognition for identity verification and smart airports and smart cities that employ video analytics and liveness detection for identity verification, will assist the segment expansion during the estimated timeframe.

By deployment, the on-premises segment will surpass USD 30 billion by 2032. On-premises deployment allows enterprises to authenticate their client base and store information on its servers. After the one-time installation, no outside party can access the client data.

Considering the organization size, the large enterprise segment will grow considerably as several enterprises continue implementing identity verification systems due to rising cases of fraud, money laundering, identity theft, processing of high-risk transactions, and cost-cutting on manual processes.

In terms of type, the biometric segment will gain momentum during the estimated timeframe. Biometrics offers assurance of a person's identity by using one or more distinguishing biological traits. Biometric traits differ for each-individual, offering a quick and efficient way to identify and verify them.

By application, the fraud prevention segment will register a positive trajectory through 2032. Identity verification helps prevent fraud by validating the identity of the person opening an account or making a transaction. It also authenticates a user's individuality in case of any suspicious login attempt or strange online behavior.

Request for customization this report @ https://www.gminsights.com/roc/5522

Based on end-use, the healthcare segment will expedite during the next ten years as identity verification assists the staff in managing and accessing patients instantly. It also supports pre-registration and check-in demographic data validation and correction by providing instant access to the person's correct name, address, date of birth, and phone number. Besides, it enables healthcare providers to identify patients and access their data immediately remotely.

Regionally, the Asia Pacific identity verification industry will register notable gains through 2032. Increasing initiatives taken by the government to combat identity-related fraud and reinforcing eKYC to verify identities will favor the regional market share. Additionally, the mandate of linking PAN cards with Aadhaar cards to track individuals has also resulted in reducing the possibility of fraudulent activities in the Indian subcontinent.

About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

Aashit Tiwari Corporate Sales, USA Global Market Insights Inc. Toll Free: +1-888-689-0688 USA: +1-302-846-7766 Europe: +44-742-759-8484 APAC: +65-3129-7718 Email: [email protected]

0 notes

web-mobile-applications-blog · 8 years ago

Text

Passwords are passé, brace for biometrics

For quite some time now, employees in many offices have been using biometric systems to mark attendance. Educational institutions like colleges too are adopting them to mark attendance in classes. More recently, biometric authentication has been integrated into our electronic devices like smartphones and laptops, giving us more secure control over them.

Not just devices, even services are being integrated with biometric systems. All new mobile phone connections need to be linked with Aadhaar, a process that will need biometric verification. Even older phone connections will need to be authenticated with Aadhaar. You may have already got a reminder from your telecom operator to link your phone number with Aadhaar.

“In the near future, passwords could potentially be eliminated and biometrics may become the key element for authentication along with presence of a device such as a mobile phone or smart watch,” said Amit Jaju, executive director, forensic technology and discovery services, EY LLP.

Going forward, we would see our electronic Aadhaar Pay transactions at commercial establishments being authenticated using just our fingerprints.

But biometric entail more than fingerprint scans. It also includes iris scans and facial recognition. “That is where I see greater possibilities. Imagine being able to simply walk out of a retail store, while an iris-recognition camera captures your iris information, knows your Aadhaar number (as you are a frequent shopper) and as the Aadhaar account is connected to your bank, simply deducts the amount of the goods you are carrying in a bag,” said Saket Modi, co-founder and chief executive officer, Lucideus Tech. “The banking industry is already seeing an upsurge in use of biometric for authenticating a transaction. It could further be used for identity verification such as at airport immigration,” Jaju said.

We take a look at how these biometric systems work.

How it works

Biometric authentication uses some form of unique biological characteristic—such as fingerprints, retinal scan, facial recognition or voice detection. Fingerprint and retinal scans have been more popular forms of identification, but face recognition is also gaining popularity as most devices these days have high resolution cameras.

“A device reads (biometric reader) the biological characteristic and uses an algorithm to convert the readings into a digital hash (numbers and digits). The algorithm and design of the device ensures that the digital hash cannot be converted back into the source (such as the fingerprint). This hash is then authenticated with a server which has a similar hash generated at the time of registering the user (master copy),” Jaju said. If both the hashes match, then authentication is granted.

A fingerprint reader, for instance, reads the fingerprint and coverts it into a digital hash and the underlying software sends the hash—securely in an encrypted manner—to the server for authentication. “A biometric reader without the underlying software has no utility. The software itself has security mechanism to be able to interact with the authenticating server,” Jaju said.

Safety issues

“Biometric authentication tends to be much safer than sharing your documents and physical signature on a form,” Jaju said. Using biometrics, a user can instantly get alerted, by SMS or email, regarding the status and source of the authentication and can take immediate action, if needed. When a someone uses biometric authentication in place of physical copies of documents, she can be sure that her documents’ copies cannot be forged or misused for data or identity theft. Modi said that devices and scanners that adhere to the standards set by Unique Identification Authority of India (UIDAI) are perfectly safe to share one’s biometrics on.

“One key change that’s going to come in the next few months is the enforcement of having the Aadhaar encryption key at device level itself. Currently, there is still a channel where the device sends the raw biometric data to the phone where encryption is applied. So technically, the wire that’s connecting the phone with the device can today be tapped to capture the biometric data. Although there are some checks and balances in place to counter this too,” Modi said.

A regular fingerprint reader, like the one used by representatives of telecom companies for Aadhaar authentication, does not have a memory of its own, said Atish Saoji, vice president sales (information technology) at BioEnable Technologies Pvt. Ltd, a company that manufactures biometric devices.

“Other forms of devices—like the ones used for attendance in offices or access control devices—have a memory of their own,” he said.

Storing biometric info

Most secure biometric authentication mechanisms use two-factor authentication techniques, such as biometric plus SMS/email or biometric plus password.

“One should also check if the biometric authentication process would send an alert SMS or email confirming the authentication attempt. This can be valuable to identify potential fraudulent attempt for fake authentication. Always remember that a biometric authentication system is more secure if it uses an additional form of authentication such as a password or PIN,” Jaju said.

“In the worst-case scenario, if a hacker is able to impersonate someone else’s biometric data and enter their Aadhaar number along with it, they would still get notifications on the registered phone number about the transaction that is happening,” Modi said.

On the widespread and increasing use of biometric-based Aadhaar authentication, he said that most people still do not realise that your Aadhaar number is like your email Address. “You can give it to as many people you want and no one can do anything with just your Aadhaar number, as they will need your fingerprint with it to authenticate and impersonate you,” he said.

Moreover, Modi added, that most “so-called hacks of Aadhaar card data reported till now have been the leak of Aadhaar card numbers only, and not of the biometric data.”

Jaju said that not so long ago, passwords were considered safe and many industries depended on it. Now passwords are strengthened with additional two-factor authentications methods such as one-time passwords (OTPs) and device recognition.

“Biometric is one of the safest forms of authentication techniques available today, when clubbed with another form of two factor authentication. It tends to bridge the gaps that could be exploited for corruption such as identity theft for obtaining fraudulent loans and benefits,” he said.

While many experts insist that biometric identification is a secure process, the debate around use of biometrics has got polarised. We will keep updating this space with stories that go beyond the rhetoric.

Ref: http://www.livemint.com/Money/jP47td1gJ9U2nsv6GJ14BM/Passwords-are-pass-brace-for-biometrics.html

be0f0000��A%

0 notes