Latest news with #KYC
Business Insider
a day ago
- Business
- Business Insider
VeraNet Launches Decentralized AI Ecosystem with Community-Controlled Tools and Services
California, USA, July 30th, 2025, Chainwire VeraNet has launched a decentralized artificial intelligence (AI) platform designed to provide users with direct access to AI tools while maintaining control over their data and usage. The platform introduces a hybrid architecture that combines on-chain smart contract execution with off-chain privacy measures, enabling autonomous AI services across a range of use cases. Platform Overview VeraNet functions as an open, customizable AI infrastructure aimed at individual users, developers, and organizations. The ecosystem supports a broad suite of AI agents offering functionality in areas such as: Trading: AI-driven market analysis, price forecasting, and real-time alerts Automation: Intelligent workflow management for repetitive tasks Coaching: AI agents for productivity, wellness, and goal tracking Recommendations: Data-informed decision support tools across sectors All AI logic is executed on-chain via smart contracts, ensuring transparency and security. Sensitive operations, such as personal data handling, are processed off-chain to maintain user privacy. Vera AI Bot Deployment The Vera AI bot, now live on Telegram and Twitter, provides users with voice-enabled interactions, image analysis, and custom AI outputs. Planned feature expansions include video generation and additional use-case modules. The AI bot functions independently of centralized control and is designed to respond to community governance over time. Token Utility and Developer Access The platform's native token, $VERA, facilitates access to tools and services, community governance, and developer monetization. The token can be staked, and is required for deploying and operating custom AI agents. A reported APY of up to 25% is offered to participants engaging in the staking process. VeraNet also provides SDKs for building AI applications across sectors including healthcare, logistics, finance, and education. Presale and Exchange Listings VeraNet's presale is currently in Phase 1, with a reported raise of over $225,000. Three phases are planned, with pricing tiers set at: Phase 1: $0.0045 Phase 2: $0.0065 Phase 3: $0.008 There is no vesting or lock-up period for early participants. The $VERA token is confirmed to list on BitMart, with additional centralized exchange listings anticipated. Security and Compliance The project has completed Know Your Customer (KYC) verification and smart contract auditing, according to the team, to ensure a secure and transparent environment for users. Privacy-Focused Architecture VeraNet emphasizes a privacy-first approach. It does not employ centralized data collection and allows users to retain control of their data. All AI decision logic is verifiable on-chain, while sensitive interactions are handled off-chain to preserve confidentiality. About VeraNet VeraNet is a decentralized AI platform that combines blockchain transparency with privacy-preserving off-chain processing. Designed to give users and developers full control over AI services, VeraNet offers customizable agents, community governance, and verifiable smart contract logic. Its hybrid infrastructure supports applications across trading, automation, coaching, and decision support, while maintaining a user-first approach to data privacy and ownership. Contact
Hindustan Times
a day ago
- Hindustan Times
Frauds scammed US citizens claiming e-commerce accounts were compromised: CBI probe
MUMBAI: The Mumbai unit of the Central Bureau of Investigation (CBI) recently busted a cybercrime racket in which fraudsters extracted money from unsuspecting US citizens by claiming that their accounts with two major e-commerce and consumer electronics platforms had been compromised and used for illegal activities. CBI headquarters. (HT Photo) The entire operation was carried out from an illegal call centre in Pune, with a team of trained callers, CBI officials said. The fraudsters allegedly impersonated customer care executives of the two US firms and informed them that their accounts and social security numbers had been compromised and needed remedial action. Once they had the attention of their potential victims, the fraudsters would allegedly attempt to hustle them by saying their compromised accounts were being used to conduct illegal activities, such as procuring narcotics and psychotropic substances, officials said. 'Once the US citizens fall prey to the scammers' modus operandi, the fraud callers would lure them with an offer to help them avoid legal action, including arrest by US law enforcement agencies, in lieu of service charges in US dollars, ranging from $500 to $3,000,' said a CBI official, requesting anonymity. The victims were then allegedly asked to withdraw money from their bank accounts and purchase gift vouchers. Subsequently, they were asked to share the gift voucher number along with their personal identification number, so that the amount could be redeemed by the scammers. 'In the case of such a payment exceeding $3,000, the victims were asked to buy Bitcoins and subsequently transfer them to the Bitcoin wallets of the scammers,' the official said. Bitcoin is a virtual currency that isn't legal tender in India. The syndicate allegedly generated illegal earnings of around ₹3-4 crore per month this way, officials said. The proceeds of crime were then allegedly laundered via mule accounts, cryptocurrency and hawala routes. The syndicate's operatives allegedly also posed as officials of US government agencies such as the Internal Revenue Service and Citizenship & Immigration Services, along with Indian diplomatic officials at times, to defraud their victims. CBI raids The CBI busted the cybercrime racket after conducting searches last week at seven premises belonging to individuals from the syndicate, which operated from Mumbai and Pune. The agency seized unaccounted cash worth around ₹11.2 lakh from two of the accused persons, around 150 grams of narcotic substances, cryptocurrency worth ₹6.94 lakh, and arrested four people allegedly linked to the syndicate. The agency also booked unidentified public and private sector bank officials who allegedly facilitated the opening and operation of fake bank accounts using forged Know Your Customer (KYC) documents, officials said. The operation also involved the alleged illegal acquisition of contact leads through vendors who operated on encrypted instant messaging platforms, officials added.
Time of India
2 days ago
- Business
- Time of India
Smart ration cards to be distributed to 1.46 crore families from Aug 25 across AP
Vijayawada: Civil supplies minister Nadendla Manohar has announced that smart ration cards will be distributed to 1,45,97,486 families across the state from Aug 25 to 31. Speaking to the media here on Tuesday, the minister said the smart ration cards are designed with security, accountability and transparency in mind, resembling debit or credit cards. He stated that the cards were digitised following the vision of chief minister N Chandrababu Naidu and suggestions from deputy chief minister Pawan Kalyan. The smart cards include the family head's photo and the names of family members, without any images of political leaders. The cards are linked to a dynamic key register via QR codes, enabling transactions to be instantly recorded at the central office. The minister highlighted that the state achieved the top rank at the national level by completing KYC for 96.05% of ration cards. He said that 11,47,132 individuals aged below 5 years or above 80 years were exempt from KYC. He added that 15,32,758 applications received for addition or deletion of members out of 16,08,612 were resolved, with only 4.72% rejected. About 9,87,644 new names were added, taking the total number of beneficiaries under the PDS to 4,29,79,897. "About 2,68,23,200 will receive ration from the Centre while the state government will bear the burden for ration grants to 1,61,56,697," said Manohar. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Learn More - How Donating Sperm May Support Your Income SpellRock Undo Ration will be distributed at 26,796 ration shops across the state from the 1st to the 15th of each month, between 8 am to 12 noon and 4 pm to 8 pm. Ration goods have been delivered at doorsteps for individuals above 65 years and differently-abled pensioners. The minister said he would personally visit ASR district, where some issues in ration delivery have been found. -
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Business Standard
2 days ago
- Business
- Business Standard
Mkt regulator Sebi opens door to fractional shares in innovation sandbox
The Securities and Exchange Board of India (Sebi) has approved a proposal from a startup to test fractional shares in its innovation sandbox, marking a potential shift in the Indian equity landscape. This represents a notable change in stance from 2021, when Sebi rejected a similar proposal in its regulatory sandbox, primarily due to concerns regarding the custody of fractional shares. Fractional shares allow investors to own or trade portions of a single share rather than being limited to whole units—a practice already popular in the United States. Earlier this month, Bengaluru-based Xaults joined Sebi's innovation sandbox to pilot fractional share trading. Co-founder Neeraj Singh stated that over the next three to four months, the company will demonstrate various use-cases to Sebi and other market participants. However, full-scale live testing will proceed only if Sebi shifts them to the regulatory sandbox. Singh emphasised that the crux of their successful application was a custody framework: fractional shares would be held at the depository rather than at the broker level. 'We will work together with the depository and enable it at the depository level. Ownership will still sit in the user's account or directly with the user. By enabling it at the depository, brokers will be able to offer fractionalised shares,' Singh explained. Xaults also plans to collaborate with clearing corporations to experiment with smart contract-based trade settlements. A specific depository will be assigned once Sebi moves them forward in the process. Sebi did not respond to emailed queries about fractional ownership as of press time. In January 2021, Zerodha and jointly sought approval for fractional share investments in Sebi's regulatory sandbox but were rejected. Their model relied on a holding entity buying full shares, then selling fractions through a registrar and transfer agent licensed by Sebi. A trustee would oversee fair treatment of fractional shareholders, but transfers could only occur to and from this holding entity—posing regulatory and structural challenges. Legal experts underline that Sebi's framework restricts brokers from holding shares as principals, complicating fractional share implementation. 'For fractional ownership to become feasible in India, the MCA must amend key provisions of the Companies Act, 2013—which currently allows only whole units. Amendments should permit issuance and transfer of fractional shares in dematerialised form, as recommended by the Company Law Committee in 2022,' said Manendra Singh, Partner at Economic Laws Practice. In 2023, the then Sebi Chairperson Madhabi Puri Buch expressed interest in enabling fractional ownership but highlighted the need for changes in both the Sebi Act and the Companies Act. 'Challenges also include ensuring compliance with KYC and AML regulations, managing corporate actions like bonus shares, and updating tax laws to clarify the treatment of fractional ownership—all of which require coordination between Sebi, the MCA and tax authorities,' Singh added.
Business Standard
3 days ago
- Business
- Business Standard
CARD91 Launches AI-Powered Merchant Verification and Classification Suite to Simplify and Secure Onboarding
PRNewswire Bangalore (Karnataka) [India], July 28: CARD91, a leading payments infrastructure provider, has introduced a secure and compliant AI-led Merchant Onboarding, Verification, and Classification Suite to streamline onboarding, reduce fraud, and ensure regulatory compliance for banks and payment aggregators. The solution leverages AI/ML algorithms for real-time risk assessment, merchant verification, and automated classification, enabling institutions to onboard merchants swiftly and confidently. Ajay Pandey, CEO of CARD91, remarked: "Merchant onboarding has long been plagued by fragmented processes and compliance challenges. With our AI-powered suite, we're enabling banks and aggregators to move faster, reduce fraud, and stay fully compliant--while delivering a seamless onboarding experience for their merchants." Key Features of the Solution Include: * AI/ML Risk Assessment Classify merchants by risk level--High, Medium, or Low--using advanced AI/ML algorithms. * Comprehensive Verification Verify merchant data through an intelligent analysis of trusted, publicly available data sources and critical elements of the merchant's digital footprint. * Bulk Reclassification Reclassify misrepresented merchants at scale for accurate data and compliance. * Smart MCC Mapping Leverage advanced natural language search for precise MCC assignments. * Score-Based Limits Set collection and transaction limits based on merchant risk scores. * Streamlined DIY Onboarding Enable secure, self-service onboarding flows within your merchant acquiring journey, with embedded verification and classification checks. The solution equips acquiring institutions with the ability to: * Mitigate Risk: Instantly flag and eliminate high-risk merchants using system intelligence. * Protect Revenue: Avoid leakage due to pricing errors or incorrect merchant categorization. * Stay Compliant: Ensure end-to-end adherence to AML/KYC norms and evolving RBI guidelines. * Improve Efficiency: Automate manual processes to reduce delays and operational overhead. * Derisk Portfolios: Build a clean, trustworthy merchant base for banking products like Current Accounts and Corporate Credit. How It Works: The platform collects merchant data with consent, verifies authenticity, assigns risk levels using AI models, and maps MCC codes accurately. Actionable risk scores are generated to inform decisions, with built-in workflows to reclassify and configure limits dynamically. Reimagine Merchant Acquiring with CARD91 With its secure, compliant, and scalable suite, CARD91 continues to redefine payment infrastructure in India. The Merchant Onboarding Suite is now available for deployment by acquiring institutions looking to modernize and future-proof their operations. About CARD91 CARD91 is an Issuance Platform-as-a-Service company providing unparalleled technology infrastructure to banks, prepaid license holders, and authorized dealers. The company enables them to issue various payment instruments (PPI, Credit Cards, Multi-currency Cards, UPI, and now, Credit Line on UPI) to their customers--ensuring seamless issuance and enhanced control. CARD91's support for multiple use cases aligns with its vision of making issuance seamless and swift for Issuers. With a team of 100+ professionals, CARD91 operates across key financial hubs, including Mumbai, Bangalore, Delhi, and Chennai.
