2023-02-06 09:50
What is face liveness detection?
Every time a business onboards a user via an automated verification journey, they use a live selfie to ensure a real-time interaction with the user. Here, th… Read More
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Aadhaar Ekyc Authentications By Rbi Regulated Entities Blog
blog.idfy.com
Tags:
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bank
verification
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aadhaar
We discuss How Aadhaar based eKYC authentication offers many benefits for businesses over other forms of KYC authentication.
2023-01-31 10:39
Thank you for the overwhelming response to my last email on how HR professionals deal with downsizing. It’s clear that many of us have had to deal with the subject and some of those wo… Read More
2023-01-31 10:34
“Dead man walks into a bank and withdraws Rs 1.3 crore”. Sounds ludicrous, doesn’t it? Except it actually happened. Well, almost.
It was late one July evening when an emplo… Read More
2023-01-31 09:55
Last month I was at the SHRM Annual Conference in Delhi, much like a lot of you. While packing for the trip, I knew we had a closed round table scheduled on day two with some big names in th… Read More
2023-01-31 09:50
Private jets, lavish parties, and hobnobbing with political bigwigs might sound like a flogged horse of a movie script, but this is exactly what emerged when Neeraj Saluja, a director of SEL… Read More
2023-01-31 09:25
Someone once told me that people are like cabbages. They have many layers. But in today’s busy world, we rarely have time for uncovering all about a person, especially, in an official… Read More
2022-12-30 06:32
What is Video KYC as per RBI?
Video-based Customer Identification Process (V-CIP) is a method of customer identification. Here, an authorized official of the regulated entity (RE) conducts f… Read More
2022-12-23 09:59
4 reasons why traditional background verification methods aren’t enough for companies in Bangalore:
Bangalore has created the largest number of jobs in 2021-22. The more t… Read More
2022-12-14 07:07
How did you feel about the document submission process when you first joined your company? Did you feel that it shouldn’t be such a tedious task? If so, you are not alone. It’s n… Read More
2022-12-08 09:54
What is Video KYC?
Video KYC (Know Your Customer) is the digital version of the traditional KYC process. It happens over a live video call, as opposed to an in-person meet in traditional KYC… Read More
2022-11-14 12:28
The need for New IRDAI Regulations for KYC & AML
Banking and capital market players already have stringent KYC & AML processes in place. And now, they are also joined by the insuranc… Read More
2022-11-14 12:28
The need for New IRDAI Regulations for KYC & AML
Banking and capital market players already have stringent KYC & AML processes in place. And now, they are also joined by the insuranc… Read More
2022-11-14 12:20
How to choose a partner for DigiLocker KYC
All important documents anywhere, anytime! Yes, that’s what DigiLocker is all about. It’s a safe and secure cloud-based digital locker… Read More
2022-10-12 11:02
If you have tried setting up an account with online trading applications like Groww, Upstox, and Zerodha, or if you have undergone a KYC process for a mutual fund company, you’ve alrea… Read More
2022-09-29 08:08
What is meant by moonlighting by employees?
Moonlighting is the act of taking up a job in addition to one’s regular employment. An employee may work a normal 9-to-5 job as a primary s… Read More
2022-09-27 05:16
PEPs (or politically exposed persons) are individuals in high-profile roles in the government, an organization, or an institution. They may also be people who have a close relationship with… Read More
2022-09-20 06:53
Squinting in the morning sun, I woke up and waddled my way to the kitchen. I poured myself some coffee and headed to the table when I saw him. Sprawled on the couch, he was scrolling through… Read More
2022-09-20 06:05
Last weekend I was playing Jenga with my nephew. Have you ever played Jenga?
Jenga reminds me of the first time I did project management. I made a nice concrete project plan. Then as time… Read More
2022-09-08 11:30
What if you check the expiry date of an expensive chocolate after buying it? And turns out, it isn’t safe to ingest anymore. Did you face a moment of instant regret? That’s the e… Read More
2022-07-26 09:28
5 out of 10 candidates lie on their resume. And, lying about previous job compensation tops their list. Form 16 verification as a part of employee background verification helps employers ide… Read More
2022-07-25 12:48
First impressions last long; and the one from an HR onboarding process lasts longer.
In 2022, hiring an employee is as good as closing a client. Multiple organisations are competing fo… Read More
2022-07-25 12:18
Has your bank ever asked you to undergo a re-KYC?
Buying a new house or taking out a loan are some of the instances that would trigger a requirement to update a customer’s KYC. … Read More
2022-07-19 10:11
If you can pay for your company’s flight tickets via UPI, why shouldn’t payment for Background Verifications be just as easy?
Adding money to your prepaid BGV account was difficu… Read More
2022-07-13 05:48
The United Nations Drug Report in 2011 pronounces India as the biggest consumer of heroin. Cocaine is another favorite amongst individuals in the age group of 25-34 years. With such data, em… Read More
2022-07-11 20:08
What is identity verification?
Identity verification helps organisations ensures that a person is who s/he claims to be. It is one of the primary practices that organisations use before onbo… Read More
2022-07-11 10:00
If you have noticed a recent surge in anti-money laundering (AML) news lately, you’re not alone. But what exactly is money laundering? What image does your brain conjure up when you he… Read More
2022-07-08 06:39
If I told you that you could make US $600,000 by selling a virtual gaming character, you would have a difficult time believing me. But this actually happened in November 2020 when “Tri… Read More
2022-07-04 10:23
Organisations from all sectors today are competing over the same pool of employees, customers, partners, and merchants. At such times, to have a competitive advantage over other businesses… Read More
2022-07-04 10:22
If you have ever opened a bank account, you have performed the KYC process.
KYC or Know Your Customer is used to verify a person’s identity. Reserve Bank of India (RBI) has… Read More
2022-07-04 07:16
A few weeks ago, I applied to open a savings account at a private bank. Around the same time, I applied for a credit card with a fintech company. One was a paper-intensive process, the other… Read More
2022-07-04 07:02
How does ‘pineapple on pizza’ sound to you? Weird or great?
I felt something similar when I first heard of HR professionals asking for APIs. It sounds interesting but we’r… Read More
2022-07-04 05:46
Imagine a normal Monday morning.
A mug of coffee on your desk as you prepare to work through your inbox, alt-tabbing with your calendar. There are interviews to be scheduled, offers letters… Read More
2022-07-03 19:48
We have news for you. Fake photos sure make a good meme, but not everybody loves it.
As businesses continue their digital drive and digital documentation becomes more the norm than the… Read More
2022-07-03 19:28
A quick look at some crimes that have been committed using stolen PAN cards.
Sep 19, 2018 • 2 min read
A quick look at some crimes that have been committed using forged PA… Read More
2022-07-03 18:29
It’s imperative for the RBI and UIDAI to frame policy and back it with technology to help businesses implement presence-less e KYC (Aadhaar) and onboarding. While businesses should ens… Read More
2022-07-03 15:45
RBI needs to embrace technology that makes e-KYC safer and more secure while giving a boost to an emerging sector that can impact millions of people by giving them access to finance at the c… Read More
2022-07-03 14:32
Here’s what the Supreme Court’s Aadhaar Verdict means for Private companies.
Organisations that embrace technology and actually upgrade their authentication processes in these ti… Read More
2022-07-03 14:20
Aadhaar paperless e KYC is a necessity and there is no debating that!
In today’s world, it is also a necessity for businesses to have the ability to conduct KYC in a paperless and… Read More
2022-07-03 14:02
Section 57 of the Aadhaar Act allowed private parties to authenticate the identity of customers using the Aadhaar authentication process.
The Supreme Court has held that the provision in… Read More
2022-07-03 13:56
The Supreme Court verdict on the use of Aadhaar KYC by private enterprises has affected several sectors’ KYC processes.To understand the scale of the impact, we’ll look at d… Read More
2022-07-01 07:41
Here are stories of some big companies like JPMorgan Chase, Uber, etc. paying a heavy price for their background verification failures. These BGV mistakes will help you learn how to che… Read More
2022-06-30 06:16
Essentially, the Bill clears the way for Aadhaar e-KYC, Aadhaar offline KYC, and KYC through passport or other OVDs, depending on the customer’s choice.
In December 2018, the Cabinet h… Read More
2022-06-29 11:56
Oct 15, 2018 • 8 min read
Identity theft or misrepresentation is the most common method of committing financial fraud. In fact, more than 75% of all financial fraud in Ind… Read More
2022-06-29 10:35
A few weeks ago, I logged on to a portal to check my credit rating. My heart pounded as I waited for it to fetch my score. I had this niggling feeling and I needed to check whether I had fal… Read More
2022-06-28 12:09
OK, so the RBI wants data localization so they can seize / inspect records / data whenever they have to – that’s fine – but why don’t they at least allow data mirrori… Read More
2022-06-28 11:35
Nov 8, 2018 • 1 min read
With Aadhaar-data unavailable to fintechs, banks, insurers, telcos and other private enterprises after the recent Supreme Court ruling, the UIDAI… Read More
2022-06-28 09:51
Unlikely!
While the Economic Times article on the subject strikes an optimistic tone, it’s unlikely that the new offline KYC rules issued by the RBI, allowing Fintechs of… Read More
2022-06-28 09:44
The RBI released its new KYC Master Directives. We’ve read the 60-page document and distilled it down to the 6 bullet points that matter to you.
Aadhaar is now an OVD: &helli…Read More
2022-06-28 09:39
The fintech and payments industry, including banks and non-banking financial companies (NBFCs), is considering artificial intelligence (AI)-based solutions for fulfilling e KYC verification… Read More
2022-06-28 09:39
Last week, the RBI released the ‘Enabling Framework for Regulatory Sandbox’ (RS).
Key highlights of the framework are summarised below:
Eligible applicants – Companie… Read More
2022-06-27 12:10
It’s now an open secret as to who HDFC Bank’s Video KYC partner is.That’s why it’s especially satisfying to see a vlogger try out the Bank’s Vide… Read More
2022-06-27 06:30
After the RBI, it is now the turn of SEBI and IRDAI to launch their own Regulatory Sandbox Frameworks for Fintech and Insurance companies. SEBI, thankfully, also addresses access to data as… Read More
2022-06-27 06:27
That’s exactly why we’ve built a SDK that helps the customer get it ‘right first time’ at the time of uploading their documents.
Like most things in business, Digita… Read More
2022-06-27 06:23
Yes, we’ve been selected…for the 2nd year in a row…in the REGTECH100, a list of World’s Top 100 Regulatory Technology Companies released annually by FinTech Global… Read More
2022-06-27 06:15
Of all things Coronavirus, the least talked about is how it has made WFH favorite for Word of the Year 2020.
Yes, we are all adjusting to this new work-culture phenomenon. No more than those… Read More
2022-06-26 15:55
IDfy, a leading Regulatory Technologies solutions provider (KYC company), and Beatroute Innovations, a mobile app platform for field force, are collaborating to digitise on-ground, agent-a… Read More
2022-06-26 15:10
Banks and Fintechs are looking for clear digital KYC norms from the RBI. Here’s a list of 4 must-haves for the same.
It’s getting clearer that Banks and Fintechs simply cannot su… Read More
2022-06-26 14:16
In an article in the Economic Times, IDfy CEO Ashok Hariharan echoes the fintech industry’s lack of enthusiasm towards Aadhaar eKYC XML process suggested by the UIDAI.
&ldquo&hellip…Read More
2022-06-25 10:31
Recently, Economic Times recently reported that Anthony, an Ex-HR manager of two pvt. firms, was held for misappropriation of funds.
The story goes like this: At the first firm, Anthony stol… Read More
2022-06-24 08:58
Jan 18, 2019 • 4 min read
Abhishek Senthilnathan and Aaron Kamath of leading law firm Nishith Desai Associates share their insights on the RBI’s Data Localisati… Read More
2022-06-24 08:36
Complying with RBI regulations is getting real serious with global financial institutions being slapped with large fines by regulatory authorities in the first month of 2019.
Not complying w… Read More
2022-06-24 07:20
Speaking on CNBC Awaaz, Ashok Hariharan – CEO of IDfy – said that the lack of clarity on tax structures for foreign investors is keeping international venture capitalists away fr… Read More
2022-06-24 06:50
An Economic Times article today has reported on IDfy’s latest product release – the Video KYC process platform.
“IDfy has launched a video KYC process to help service ent… Read More
2022-06-23 10:28
A report in the Technology edition of the Economic Times has reported on the recent twin product launches at IDfy – Aadhaar Masking and Video KYC. The report says that “both th… Read More
2022-06-21 10:38
In Aadhaar card XML, all the resident’s demographic data is downloaded by default and the choice is illusionary. This could potentially be a larger source of personal data leakage and… Read More
2022-06-21 09:15
In a report published in the Economic Times today, Wriju Ray – CBO at IDfy – spoke about the lack of use cases for eSign India that might lead to it becoming redundant for the i… Read More
2022-06-20 09:55
Digital KYC costs anywhere between Rs 10-15 per transaction. In fact, for very high volumes like large telcos, this could even go as low as Rs 5 per transaction.
Getting eSigns just got expe… Read More
2022-06-20 06:51
Indian Gaming companies are eyeing almost Rs 12,000 Crores by 2023. That’s bigger than the current Indian Fintech sector. Going by this we can safely assume that stricter regulations… Read More
2022-06-20 06:43
The requesting entity can download the video. But how would the entity authenticate whether this is the same person transacting now? So, it could take the video and match it with the documen… Read More
2022-06-20 06:13
We all love having a competitive advantage in the cut-throat job market. Many of us go to great lengths to stand out from the crowd to employers. But how far is too far?
But let’s fac… Read More
2022-06-16 11:47
IDfy, a Mumbai-based company listed amongst the world’s top 100 regulation technology companies, today announced that it has partnered with Baazi Games to keep their gaming platforms … Read More
2022-06-16 06:19
Two-timing. Whether the receiver’s a romantic partner or an employer, the phrase just doesn’t bode well with either of them.
Such is the story of ‘dual employment’. I… Read More
2022-06-15 07:06
Whether you’re an e-commerce, logistics, a bank, or any other sort of business, you own company vehicles that are handled by employees. These employees drive on your company’s be… Read More
2022-06-14 09:25
On Google, the more a result is clicked on, the higher it ranks. And while searching for incidents around ‘fake work history’, I came across this result on the first page
Yes, t… Read More
2022-06-13 13:10
India: Multinational companies plan to hire more than 2,00,000 employees by the end of the ongoing financial year 2022-23.
It’s not a new story. MNCs practice bulk-hiring every year. B… Read More
2022-06-07 10:20
How does ‘pineapple on pizza’ sound to you? Weird or great? I felt something similar when I first heard… Read More
2022-05-30 11:16
When financial products and offerings are already digital, verification should be, too. As a result of recent reforms, financial institutions are now able to conduct the complete onboarding… Read More
2022-05-30 07:19
Today, it is possible to perform the KYC (know your customer) process of your customers using multiple channels. Owing to the rapid wave of digitisation sweeping across India’s financi… Read More
2022-05-30 06:44
Introduction
Your customers and their financial transactions may put your financial institution at danger of high-risk fraud. There are a vast number of rules for to navigate in terms of com… Read More
2022-05-02 07:21
Regulations have made the term “Know Your Customer” (KYC) a commonplace. All institutions in the BFSI industry are required to adhere to KYC regulations. Hence, KYC must be done… Read More
2022-04-26 12:51
Banking and Financial Services account for the largest share of internal fraud cases examined by the ACFE, with 15.4% of the total.
You and I aren’t strangers to internal fraud i… Read More
2022-04-25 08:52
You and I aren’t strangers to cases of fraudulent bank employees robbing their customers. It’s a classic example of internal fraud where employees commit crimes against the same… Read More
2022-04-21 05:24
Knowing your customers is a significant element of the fight against money laundering and financial crime. Preventive measures, such as KYC (Know Your Customer), are given a boost here in te… Read More
2022-04-14 09:30
Buy Now Pay Later (BNPL) has gained popularity as a more convenient payment method in recent years. It essentially reduces borrowers’ financial burden by providing no-cost EMIs.
Accord… Read More
2022-04-11 14:44
Dwight is right. ‘Identity theft is not a joke!’
We couldn’t be more serious about it.
BNPL is everything we ever wanted. Buy now and pay later. Unfortunately, fraudsters… Read More
2020-12-16 05:29
Kaspersky has predicted that cyber fraud in India will increase going into 2021 owing to more users connecting to the internet and adopting digital payment modes.This hardly comes as a surpr… Read More
2020-12-16 05:18
The stock markets have hit an all-time high. The kind that was unfathomable just a few weeks ago. It’s now fair to say that doomsday predictions from March have been proven wrong.This… Read More
2020-12-09 06:59
A few years ago, Bernard Ribeiro came across a farmer's cooperative growing organic produce under the guidance of the spiritual organisation of Swami Samarth. Other than ensuring clean organ… Read More
2020-12-07 16:58
Deva Rao is a Kirana store owner in Jamshedpur. Deva Store has stood in this place in the residential area of Agrico for two decades.Deva has been running this store since he was 17. He is p… Read More
2020-12-07 16:51
As India went under lockdown during a pandemic, jobs became scarce and people, skeptical. There was one industry, though, that started preparing for a massive demand surge.E-commerce compani… Read More
2020-12-07 16:43
Since the last five years, crores of loans have been disbursed by banks and financial institutions across India under the Pradhan Mantri Mudra Yojana (PMMY) scheme. Most of these loans are S… Read More
2020-12-02 06:33
Ali runs a little outlet on the main arterial road in Mumbai. He pays rent for it to a friend who (may be) is the rightful tenant of this pop-up. He's been selling coconuts in Mumbai since h… Read More
2020-11-23 07:39
Ranjhana runs a vegetable shop in Mumbai's upmarket suburb of Juhu. She was almost born into the shop. Her parents having set this up when Juhu was just a tall grassland village near the bea… Read More
2020-11-18 13:45
How Ranjhana became a merchantHer parents set the shop up when Juhu was just a village of tall grasslands near the sea. She pretty much grew up in the shop. She’s been running it since… Read More
2020-11-18 06:41
How Ranjhana became a merchantHer parents set the shop up when Juhu was just a village of tall grasslands near the sea. She pretty much grew up in the shop. She’s been running it since… Read More
2020-11-08 05:54
If you have ever come across a person seeking resolution on social media for a faulty purchase they recently made, chances are you’ve witnessed a fraud in the making. This is not to sa… Read More
2020-11-06 07:17
The year 2020 has not been kind. Especially to the weaker economic sections of our society. Uman Sayyed, a 19-year-old from Mumbai, was awaiting his exam results when his brother, the sole e… Read More
2020-08-28 07:31
Yes. An IRDAI circular dated Aug 24, 2020 has made Video KYC a legitimate way for Insurance companies to verify and onboard new customers. Video KYC was approved by the RBI in Jan 2020 for B… Read More
2020-08-19 11:32
It's now an open secret as to who HDFC Bank's Video KYC partner is. That's why it's especially satisfying to see a vlogger try out the Bank's Video KYC process and find it to be simple and s… Read More
2020-07-23 06:19
Since the world went into this pandemic-induced lockdown, Banks and Financial Institutions have accelerated their adoption of Video KYC. With good reasons too. Factors like security and scal… Read More
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