Mobile verification platform tru.ID has launched in India to help digital banks, FinTechs, and e-commerce companies prevent identity fraud and secure transactions.
In addition to mobile verification capabilities, tru.ID now offers local data residency hosting in India for enhanced privacy.
Businesses must address cybersecurity
Since the Reserve Bank of India (RBI) published its ‘Master Direction on Digital Payment Security Controls’ in February 2021, regulated businesses in FinTech, banking, payments and crypto are required to validate user’s transactions by implementing additional authentication methods that are ‘dynamic or non-replicable’, such as ‘device binding and SIM’.
These important guidelines are designed to prevent fraud, including social engineering and other attack methods.
The growing threat of cybercrime
- The incidence of digital fraud attempts against financial services businesses originating from India have risen 89%, according to quarterly data from TransUnion.
- Kaspersky reports that, in India, every second fraudulent transaction in the finance industry was an account takeover attempt.
- According to data presented by the Indian government, there were 1.16m cybersecurity cases reported in 2020, that’s three times the year before.
tru.ID: Device binding using mobile number and network SIM
In response to the urgent need for a mobile-first security solution, tru.ID verifies directly with the mobile network the pairing of the mobile phone number and its associated SIM card, thereby providing strong authentication of a user’s device.
Unlike SMS one-time-passwords (OTP), SIM-based authentication filters out virtual numbers, is impervious to hijacking and uses the tamper-resistant, cryptographic security embedded in every SIM card. It has the added benefit of offering an uninterrupted, seamless “no need to login” user experience, just like using the mobile network itself.
Enhanced data privacy with local hosting
In addition to providing an authentication method for device binding and to further enhance its presence in India, tru.ID has launched local data residency hosting for added privacy, at no extra cost to using the platform. When businesses sign-up with tru.ID, neither their account data nor data from users will ever leave the region, and will be processed locally.
Paul McGuire, CEO at tru.ID, comments, “With tru.ID, every business can now access the formidable authentication security embedded into every GSM mobile network. The combination of SIM security in everyone’s mobile phones and simplicity makes tru.ID the most innovative authentication solution for device binding.”
Parth Awasthi, Head of Product at tru.ID, added, “At tru.ID, we also believe in data privacy and using the minimal data required to process verifications, which is why we’ve launched with local data residency hosting in India. When integrating tru.ID, businesses can be absolutely sure that their customer data stays in the local jurisdiction.”