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Legacy financial institutions turn to startups like Data Sutram for tech support in customer verification. Data Sutram's 'DS Authenticator Trust Score' aids in assessing customer trust levels during account opening. Bureau Inc's 'Money Mule Score' enhances fraud detection.
Around 560 million card tokens have been issued in India since October 2022, when the Reserve Bank of India mandated tokenisation of cards for ecommerce transactions, global card payment scheme Visa said in a report.
“The software update is happening and should be completed very soon. Once it gets implemented across all biometric devices, it will be easier to reduce fraudulent biometric based-transactions,” a senior banker told ET.
With the rampant surge of fraudulent schemes hitting the world at the moment - including the creation of fake cryptocurrencies, bank websites and investment scams -
Cybercriminals become more sophisticated as digital fraud rises – leaving many organisations unprepared for how to deal with the onslaught of attacks.