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Reducing frauds with MyTRUST

Reducing frauds with MyTRUST

In today’s digital world frauds are a common occurrence. Digital frauds can be categorized into four types; they are ID fraud which implies that the physical ID card is fake or the person using it is not the rightful owner of the said ID card. Identity fraud is when a person claims to be someone they are not. Documents/contracts fraud is when the document submitted for verification purpose is a fake. Transactions/audit fraud is when a transaction is carried out based on afore mentioned frauds and manipulation of transaction/ audit...

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Enable inclusive, citizen-centric TRUST in digital economies

Citizens are the core of socio-economic development. Digital Transformations being inevitable, Governments are working full time to ensure participations of citizens in such transformations. Central to success of such transformations are Participation of Citizens and their TRUST in such programmes. This is where our new Vision drives what we do and our goal of “empowering citizens”. So, how does this translate into our vision? Enable: is when someone or something helps or supports in achieving the end goal/objectives. Inclusive: is when there is no individual left out and participation of...

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KYC (more aptly KYP) in Healthcare

Digital Transformation of Healthcare is a Reality now. “On-Demand Healthcare” is driving the Digitalisation in healthcare industry aided by Wearables, TeleMedicine, Virtual Reality and BigData. This Digital Transformation brings enormous benefits to Patients, Doctors and Hospitals. Unfortunately, this has also resulted in related Frauds and Data Breaches due to unauthorised access and misuse of data. Most of these are through identity spoofing or impersonation. According to a recent report – “The healthcare sector saw a whopping 41.4 million patient records breached in 2019, fuelled by a 49 percent increase in...

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EKYC in telecom

Telecom industry can be considered as the starting point in any nation’s digital transformation. A country’s digital readiness and advancement can be determined by the state of its telecommunications sector. As stated in a previous blog, there are more mobile connections than people on the planet, and more people have access to a mobile phone than to a toilet. This situation lends itself to the emergence and use of mobile money transactions. Mobile money is predicted to grow rapidly in low- and middle-income countries, especially in Sub-Saharan Africa which has...

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EKYC in banking

As mentioned in the previous blogs eKYC is one of the process which has been digitized in order to make it efficient and user friendly. Today eKYC also helps the banks in achieving the goal of customer acquisition. It establishes the relationship between the bank and its customer which may encourage the costumer to opt for banks other offers. Banking is undergoing a paradigm shift. Digital/Mobile Banking and launch of Virtual Banks are revolutionising the industry, regulatory framework and Bank-Customer relationships. Banks are increasing adopting newer technology solutions to manage...

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Complications and Complexities involved in eKYC

There are complexities of compliance and lack of proper legal framework to perform Onboarding/KYC digitally. First, one of the major issues is pertaining individuals and roles and the lack of regulations for eKYC for all the said roles. An individual entity can have multiple roles within an organization and each role may require a different set of compliance regulations to be followed. In case of a bank, an individual may be onboarded as a costumer, employee, vendor etc. Here customer onboarding has to happen in line with country’s central bank...

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eKYC – Foundation for Digital Transformation

“The world is becoming DIGITAL” Every business no matter how small or big has to have some form of digital aid in order to function and grow. Governments world over are adopting digitalization to provide better services and promote inclusion. In the wake of such transformation many processes and functions are being conducted digitally, using mobile platforms. Over the past decade the usage of technology has grown leaps and bounds. There are more mobile connections than people on the planet, and more people have access to a mobile phone than...

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The Story of eID retold…

Globally, Digital Transformations have become inevitable for governments and businesses to stay current, connected, competitive, sustain and scale. TRUST in the digital world is of paramount criticality for these transformations to succeed, survive, sustain, and scale. This TRUST shall encompass security, Accountability and legal validity, while delivering excellent user experience. Governments across the world realized this as inevitable and critical need, and embarked on eID and/or Digital ID programmes. However, the usage of eID/Digital ID to achieve the intended objective of “TRUST in the digital world”, hasn’t been up to...

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State of identity

The ability to prove one’s identity is increasingly recognized as the basis for participation in social, political, economic, and cultural life. Yet at least a billion people in developing countries lack any form of officially recognized ID. World over more than 1.5 billion people lack any form of officially recognized identification, either paper or electronic-based. This identity gap is a serious obstacle for participation in political, economic, and social life—without a secure way to assert and verify a person’s identity, it becomes very difficult for a person to open bank...

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Evolution of legal identity

Legal identity is a document which declares to any party one is interacting with who you are. Over the past decade, many countries have mandated the possession of a government-issued identity; as it has been recognised that the ability to prove one’s identity has become an important factor for participation in social, political, economic, and cultural life. The inception of identity cards The contemporary era of ID cards started during World War II. The United Kingdom lawmakers passed the National Registry Act in 1938, which made the possession of identity...

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