Latest news with #AshokHariharan
Entrepreneur
9 hours ago
- Business
- Entrepreneur
Guardians Of Digital Trust
Opinions expressed by Entrepreneur contributors are their own. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. As India's digital penetration deepens across Tier I to Tier III cities, the digital economy is thriving, but so are digital frauds. According to the Reserve Bank of India's (RBI) annual report, digital payment fraud surged more than fivefold to INR 14.57 billion (USD 175 million) in the fiscal year ending March 2024. KYC (Know Your Customer) scams are on the rise, with cases like a 73-year-old Mumbai woman losing INR 2 lakh and an RTO clerk duped of INR 4.35 lakh, exposing the growing vulnerabilities in the system. Amidst this landscape, IDfy is stepping up to combat fraud with Artificial Intelligence (AI) solutions. "We power about 60 per cent of all video KYCs in India," says Ashok Hariharan, Co-founder and CEO of IDfy. The company provides end-to-end verification services for banks, insurance providers, credit card issuers, and online merchants from employee onboarding to authenticating transactions. Yet, as Ashok points out, fraudsters are constantly evolving. "Fraudsters are always finding holes in the lock one area, they'll find a backdoor." Phishing, digital arrest scams, and mule accounts have proliferated, exploiting weaknesses in systems that rely heavily on physical KYC or less sophisticated technologies. "They target cooperative banks with weaker systems, often colluding with branch managers to bypass manual verification," Ashok adds. AI, however, is proving to be a formidable defense. "Deepfake detection, device mimicry, and intrusion attacks – we can catch all of this today," Ashok explains. By using AI models that analyse anomalies, IDfy can flag suspicious transactions such as a low-income applicant seeking a high-value loan. "A person living in Dharavi applying for a INR 10 crore loan that's anomalous," he highlights. IDfy's platform operates on four fundamental questions: Does the individual exist? Is the person the one transacting? Have they committed fraud before? Are they likely to commit fraud in the future? With AI, the company matches PAN card selfies to live photos, preventing fraudsters from impersonating others. It also cross-references court records and prior transactions to strengthen fraud detection. The need for such rigorous checks is clear. "In a test with cab aggregator platforms, seven per cent of vehicles we flagged were linked to drivers with criminal records or vehicles involved in hit-and-run cases," Ashok reveals.
Yahoo
18-02-2025
- Business
- Yahoo
Axis Bank partners with Privy to pioneer trust and data privacy through the Digital Personal Data Protection Act 2023
MUMBAI, India, Feb. 18, 2025 /PRNewswire/ -- Axis Bank, one of the largest private sector banks in India, has partnered with Privy by IDfy to become the first bank in India to implement compliance for the Digital Personal Data Protection Act (DPDP Act) 2023. This collaboration highlights the Bank's dedication to customer centricity, ethics, and transparency, ensuring that customer privacy remains a top priority. The DPDP Act 2023 establishes new standards for data protection and accountability. The Act brings out several new legal requirements such as providing privacy notices in 22 languages, collecting and maintaining consent artifacts, obtaining verifiable parental consent for minors, communicating on privacy breaches, and administering consent nominations. In addition to the above, the partnership with Privy will enable Axis Bank, a Data Fiduciary under the Act, to provide comprehensive regulatory reporting. It will also facilitate the creation of dashboards for Data Protection Officer (DPO) to monitor and track customer consent activities, including when consent was given, modified, or revoked. Speaking about the partnership, Mr. Balaji N., President & Head - Business Intelligence Unit (BIU), Axis Bank, said, "At Axis Bank, we take the privacy of our customer's data and earning customer trust seriously. In that regard, our partnership with Privy marks a significant milestone in strengthening our commitment to the new data protection standards set by the DPDP Act. By integrating Privy's advanced solutions, we are enhancing compliance, safeguarding customer information, and elevating our services." Privy is an initiative by the IDfy group, Asia's leading Integrated Identity Platform. Privy empowers organizations like Axis Bank to simplify consent management and navigate complex data protection requirements. This partnership underscores the critical role technology plays in fostering trust and transparency in customer relationships. Ashok Hariharan, CEO of IDfy, says, "DPDP Act compliance is not to be looked at as a compliance requirement but as a way to build trust in the ecosystem. We are proud to be working with Axis Bank on this initiative to establish trust in the ecosystem." About Privy: Privy is India's first suite of DPDPA solutions brought to you by IDfy. The Privy suite offers instant compliance checks, monitoring of digital journeys, personal-data discovery, consent governance (from collection to deletion), and Data Protection Officer dashboards for privacy management controls. With Privy, you can confidently navigate the complexities of data privacy and protection, ensuring your organization is fully compliant and building trust with your users. For more information, contact: About IDfy IDfy is an Integrated Identity Platform offering products and solutions for KYC, KYB, Background Verifications, Fraud and Risk Mitigation, Digital Onboarding and Digital Privacy. We establish trust while delivering a frictionless experience for you, your employees, customers and partners. Only IDfy combines enterprise-grade technology with business understanding and has the widest breadth of offerings in the industry. With more than 13 years of experience and 2 million verifications per day, we are pioneers in this industry. About Axis Bank: Axis Bank is one of the largest private sector banks in India. Axis Bank offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture, and Retail Businesses. With its 5,706 domestic branches (including extension counters) and 14,476 ATMs across the country as on 31st December 2024. The network of Axis Bank spreads across 3,122 centres, enabling the Bank to reach out to a large cross-section of customers with an array of products and services. The Axis Group includes Axis Mutual Fund, Axis Securities Ltd., Axis Finance, Axis Trustee, Axis Capital, Ltd., Freecharge, Axis Pension Fund and Axis Bank Foundation. For further information on Axis Bank, please refer to the website: Logo: View original content to download multimedia: Sign in to access your portfolio
