sivaram kowta’s Post

sivaram kowta thanks for narrating this story. Security, whether it is of the application ecosystem or of the consumer data, is a critical concern increasingly threatened by the technology advancements and expanding digital life. As the boiling frog, we don't realize how some of the fundamental choices may have outlasted their utility and fitment. Most security professionals recognize the perils of using Phone Numbers and SMS OTPs, just as everyone in the card industry understood how weak magstripe cards were for the purpose of payments. A change as fundamental as relinquishing phone numbers as identity and SMS OTP as a verification mechanism requires industry-wide action. I am glad that we at Zeta are playing our part in driving awareness, demonstrating alternatives, and generating a sense of urgency. We can and should do more of this. Ramesh Lakshminarayanan, Karan Sapra, Ashok Hariharan, Natasha Jethanandani, and Nivedita Mookerji thanks for sharing your thoughts and enabling this forum.

With universal proliferation of our personal information, security protocols for digital payments need to evolve beyond OTPs on SMS. Zeta’s President of Banking, sivaram kowta joined industry leaders at the recently held Business Standard BFSI Insights Summit for a panel discussion on "Securing Payments in the Digital Age: Mitigating Fraud Risk and Emerging Landscape in Financial Crime."  Sivaram highlighted the importance of leveraging advanced technology and robust KYC processes to strengthen payment security and prevent fraud. Pointing out the gaps in existing authentication protocols, he emphasized that a multi-layered approach is essential for the financial sector to stay ahead of emerging threats.   Read more about the insights shared at the summit.

Hello, Here I have come across very interesting current affairs regarding securing Indian Fintech. Check out - https://lnkd.in/dJtqhJfP *)India is leading in fintech inclusion, with an fintech adoption rate of 87%, significantly higher than the global average of 64%. *)KYC Fraud : target customers through deceptive text messages or calls to lure into providing personal / sensitive / financial information How fintech can make businesses safer? (*)biometric security, such as face recognition software (*)AI-backed algorithms, fintech products can scan thousands of transactions in real time to identify payments and accounts linked to fraudulent activities (*)advanced encryption techniques to protect sensitive financial data (*)Secure payment processing analysing payment frauds (*)Policy Making: =>CERT-Fin (Computer Emergency Response Team for Financial Sector) - Launched in 2017, this specialized unit works towards strengthening cyber security in the financial sector. =>Information Technology Act, 2000 =>Digital Personal Data Protection (DPDP) Act 2023

𝗥𝗲𝘁𝗵𝗶𝗻𝗸𝗶𝗻𝗴 𝗗𝗲𝘃𝗶𝗰𝗲 𝗕𝗶𝗻𝗱𝗶𝗻𝗴 𝗶𝗻 𝗗𝗶𝗴𝗶𝘁𝗮𝗹 𝗕𝗮𝗻𝗸𝗶𝗻𝗴: 𝗕𝗮𝗹𝗮𝗻𝗰𝗶𝗻𝗴 𝗥𝗶𝘀𝗸 𝗮𝗻𝗱 𝗚𝗿𝗼𝘄𝘁𝗵 Device binding, a security measure in digital banking, restricts access to specific devices. However, this approach can hinder growth and limit customer experience. In this essay, we'll explore why device binding is harmful to digital banking's growth and propose alternative controls to manage risk. 𝗟𝗶𝗺𝗶𝘁𝗮𝘁𝗶𝗼𝗻𝘀 𝗼𝗳 𝗗𝗲𝘃𝗶𝗰𝗲 𝗕𝗶𝗻𝗱𝗶𝗻𝗴 1. Convenience vs Security_l: Device binding prioritizes security over convenience, frustrating customers. 2. Device Limitations: Customers may own multiple devices, making device binding restrictive. 3. Security Illusion: Device binding provides a false sense of security, as hackers can still exploit vulnerabilities. 4. Growth Restraints: Device binding discourages new customers and limits digital banking adoption. 𝗔𝗹𝘁𝗲𝗿𝗻𝗮𝘁𝗶𝘃𝗲 𝗖𝗼𝗻𝘁𝗿𝗼𝗹𝘀 1. Behavioral Biometrics: Analyze user behavior to detect anomalies and prevent fraud. 2. Machine Learning: Implement machine learning algorithms to identify and mitigate risks. 3. Two-Factor Authentication: Enhance security with dynamic, one-time passwords or authenticator apps. 4. Real-Time Monitoring: Continuously monitor transactions and user activity for suspicious behavior. 5. Customer Education: Empower customers with knowledge to recognize and report potential threats. Banks should reassess their risk appetite and adopt a more balanced approach. By implementing alternative controls, banks can manage risk without compromising customer experience and growth. 𝘚𝘱𝘢𝘤𝘦 𝘭𝘪𝘮𝘪𝘵𝘢𝘵𝘪𝘰𝘯𝘴 𝘱𝘳𝘦𝘷𝘦𝘯𝘵𝘦𝘥 𝘮𝘦 𝘧𝘳𝘰𝘮 𝘧𝘶𝘭𝘭𝘺 𝘦𝘹𝘱𝘭𝘰𝘳𝘪𝘯𝘨 𝘦𝘢𝘤𝘩 𝘱𝘰𝘪𝘯𝘵 𝘪𝘯 𝘵𝘩𝘪𝘴 𝘱𝘰𝘴𝘵. 𝘍𝘦𝘦𝘭 𝘧𝘳𝘦𝘦 𝘵𝘰 𝘢𝘴𝘬 𝘮𝘦 𝘵𝘰 𝘦𝘭𝘢𝘣𝘰𝘳𝘢𝘵𝘦 𝘰𝘯 𝘢𝘯𝘺 𝘰𝘧 𝘵𝘩𝘦 𝘱𝘰𝘪𝘯𝘵𝘴 𝘵𝘩𝘢𝘵 𝘪𝘯𝘵𝘦𝘳𝘦𝘴𝘵 𝘺𝘰𝘶. #DigitalBanking #RiskManagement #DeviceBinding #CustomerExperience #GrowthMindset #FinancialInclusion #Cybersecurity #Biometrics #MachineLearning #TwoFactorAuthentication #RealTimeMonitoring #CustomerEducation

𝙃𝙤𝙬 𝘼𝙄 𝙞𝙨 𝙘𝙝𝙖𝙣𝙜𝙞𝙣𝙜 𝙗𝙖𝙣𝙠𝙞𝙣𝙜 Artificial intelligence is considered one of the technologies that can fundamentally change industries. Banking is no exception. for 3 weeks, ING Deutschland was represented at konaktiva at the TU Darmstadt.   In addition to a presentation about the ING Germany and our talent acquisation programms from Sabrina Jordan, my colleague Eddie Kayiira and i had the honour to present how banks in general and particulary ING fight against Fraud. We presented a fraud detection usecase and highligted why realtime monitoring and customer education are critical line of defense against identity theft and Fraud  🎇 𝘀𝗼𝗺𝗲 𝗯𝗲𝘀𝘁𝘀 𝗽𝗿𝗮𝗰𝘁𝗶𝗰𝗲𝘀 𝗳𝗼𝗿 𝗙𝗿𝗮𝘂𝗱 𝗗𝗲𝗰𝘁𝗲𝗰𝘁𝗶𝗼𝗻 𝗶𝗻 𝗕𝗮𝗻𝗸𝗶𝗻𝗴 ✨ 𝘾𝙪𝙨𝙩𝙤𝙢𝙚𝙧 𝙀𝙙𝙪𝙘𝙖𝙩𝙞𝙤𝙣 𝙖𝙣𝙙 𝘼𝙬𝙖𝙧𝙚𝙣𝙚𝙨𝙨 Educating customers about the latest fraud schemes and promoting awareness of security best practices empowers them to play an active role in fraud prevention. ✨ 𝙍𝙚𝙖𝙡-𝙏𝙞𝙢𝙚 𝙈𝙤𝙣𝙞𝙩𝙤𝙧𝙞𝙣𝙜 Real-time transaction monitoring is a critical practice, serving not only as a compliance measure for Know Your Customer standards  but also as a robust strategy for detecting fraudulent activities. ✨ 𝙈𝙪𝙡𝙩𝙞-𝙇𝙖𝙮𝙚𝙧𝙚𝙙 𝘼𝙪𝙩𝙝𝙚𝙣𝙩𝙞𝙘𝙖𝙩𝙞𝙤𝙣 Implementing multi-layered authentication protocols adds an extra layer of security. This may include biometric verification, two-factor authentication, or other advanced methods to ensure that access to accounts is granted only to authorized individuals 🤔 What are you your thoughts about AI? Do you think AI can change our everyday life or do you think it is more a Bubble?

🔒💡 Elated about India's central bank proposal for advanced authentication methods in digital payments! SMS OTPs, thank you for your service, but it's time for tokens and biometrics to shine ✨ Let's discuss the future of cybersecurity together! 🚀 🔐 With the overuse of SMS OTPs, the tech world is evolving towards more secure authentication methods. Embracing tokens and biometrics is the next logical step in safeguarding our digital transactions. 💳💻 🤖 Predictions for the future? Say goodbye to the hassle of typing in OTPs and hello to seamless and secure payments with tokens and biometrics! It's all about enhancing security while ensuring a smooth user experience. 🛡️💰 🔍 History lesson: Remember when OTPs were the gold standard for authentication? Times are changing, and it's exciting to witness the continuous evolution of cybersecurity in the digital age. 📜🔐 🌐 Let's stay ahead of the curve and adapt to these innovations in authentication. By embracing new technologies, we pave the way for a more secure digital ecosystem for businesses and consumers alike. 💼🔒 Join the conversation! What are your thoughts on the shift towards tokens and biometrics for authentication in digital payments? Share your insights below! 👇💬 #ainews #automatorsolutions #CyberSecurity #DigitalPayments #Biometrics #Innovation 🌟🔒 #CyberSecurityAINews ----- Original Publish Date: 2024-08-01 20:37

As Two-Factor Authentication (TFA) became a regulatory requirement in India, it rapidly became synonymous with One-Time Passwords (OTPs). Initially perceived as a potential impediment to the digital transition, particularly in the realm of ecommerce where digital payments were anticipated to surge, OTPs surprisingly emerged as a welcomed safeguard and a symbol of security for Indian consumers. Fast forward to the present, OTP serve as the cornerstone of authentication mechanisms across diverse sectors, reshaping how businesses and individuals engage with numerous applications and services. However, the evolution of authentication technology is inevitable, driven by the imperative to safeguard against cyber threats originating from various corners of the globe. As we look ahead, the landscape of authentication is poised for transformation, with emerging technologies such as biometric authentication, dynamic security measures, and multifaceted verification methods set to redefine how we verify identity and ensure security in an increasingly digital world. It's time to embrace the forthcoming innovations and bid farewell to the era dominated solely by OTPs.

🔍 Implementing Real-Time Transaction Monitoring: Best Practices for Secure Banking 🚀 In today’s fast-paced banking environment, real-time transaction monitoring is more critical than ever. As cyber threats evolve and the demand for instant, frictionless banking grows, monitoring transactions in real-time helps prevent fraud, ensure compliance, and maintain trust. But how can banks implement this effectively? 🔑 Best Practices for Real-Time Transaction Monitoring: 1️⃣ Leverage AI and Machine Learning: AI-powered models can detect anomalies and identify suspicious patterns faster, making your monitoring more proactive and precise. 2️⃣ Risk-Based Monitoring: Not all transactions carry the same risk. Prioritize high-risk transactions by using a risk-based approach to focus resources on the most critical areas. 3️⃣ Automate Alerts and Investigations: Real-time monitoring should include automated alerts that immediately notify teams when suspicious activities are detected, enabling quick action to prevent fraud. 4️⃣ Enhance Data Integration: Seamless integration of data across all channels—mobile, web, in-branch—ensures a holistic view of customer activity, reducing blind spots. 5️⃣ Implement Behavioral Analytics: Understand your customers' normal behavior patterns to flag unusual activities and minimize false positives, making your monitoring more efficient and accurate. 6️⃣ Regular System Audits: Periodic audits and updates to monitoring systems are essential to keep up with emerging threats and regulatory changes. By implementing these best practices, banks can enhance fraud prevention, boost operational efficiency, and provide a safer, more seamless experience for customers. 🔐 I #TransactionMonitoring #Fintech #DigitalBanking #AIinBanking #FraudPrevention #CyberSecurity #BankingInnovation #DigitalTransformation

https://lnkd.in/djUnv6Qu Digital economy rests on digital trust. RBI comes up with a draft framework on alternate authentication measures for digital transactions. It is a much needed , righty timed , forward looking and risk focussed policy intervention. Recently Monetary Authority of Singapore also came up with a similar directive. The key highlights and points to ponder are: 1. The gap between digital product outreach and customer digital awareness has created globally lucrative avenues of cyber crimes. Allmost all (excluding the remote sharing apps) cyber thefts leverage the OTP sharing by customers. 2. The telecom ecosystem is trying very hard through multiple measures to arrest the perpetuation of frauds through SMS. Sanchar Saarthi , Standardisation of SMS templates , registration of bulk sms senders etc. are wonderful steps but falling short of preventing frauds. 3. What needs to be seen is what risks alternate authentication channels will bring about. We recently heard about AEPS frauds using biometrics and concerns around live tissue scanning. 4. Token providing applications , if sitting on customer devices are also susceptible to similar risks as the OTP, until stringent containers are created. Getting the security implemented might be a challenge based on the deep penetration of digital products and variety of devices in use by our customers. 5. With systemic and transactional cyber threats looming large , such policy interventions help us to leverage mutiple technologies for enabling safety and security of our stakeholders. 5. As mentioned by RBI , Risk based authentication framework are the key for leveraging this direction in true spirit.

Biometrics in Fintech: Trends for 2024 Biometrics are transforming the fintech industry by providing more secure and convenient methods for identity verification and authentication. As we move through 2024, the integration of biometrics in financial technology is likely to expand significantly. Here are some key trends and developments to expect: 1. Enhanced Security Measures Fraud Prevention: Biometric authentication, such as fingerprint scanning, facial recognition, and iris scanning, is becoming essential in mitigating fraud. As cyber threats grow, biometrics offer a more secure alternative to traditional passwords and PINs. 2. Integration with Mobile Payments Convenience and Speed: Mobile payment platforms are increasingly integrating biometric technologies like facial recognition and fingerprints for seamless transactions. This makes the payment process quicker and enhances user experience. 3. Regulatory Compliance Know Your Customer (KYC): Biometric solutions are becoming essential for meeting KYC regulations. Organizations can use biometrics to verify identities more efficiently, reducing paperwork and potential errors. 4. Multi-Factor Authentication (MFA) Layered Security: Many fintech companies are combining biometrics with traditional methods (like OTPs) to create robust multi-factor authentication systems, enhancing security and user confidence. 5. User Experience Optimization Simplified Access: Biometrics provide a frictionless way for users to access financial services. Users can log in, authorize transactions, and manage accounts with a simple biometric scan, improving overall satisfaction. 6. Adoption of Voice Recognition Voice Biometrics: The rise of voice-activated financial services is gaining momentum. Financial institutions are implementing voice recognition for customer service and transactions, offering a hands-free, convenient option. 7. Increased Focus on Privacy Data Protection: As biometric data is sensitive, companies are investing in robust data protection measures to ensure user privacy, complying with regulations such as GDPR and CCPA. 8. Expansion into Emerging Markets Financial Inclusion: Biometrics are especially beneficial in regions with limited access to traditional banking. Fingerprint and facial recognition technologies are enabling greater financial inclusion by providing verification methods for individuals without formal identification. . . . #Radicalpay #Fintech2024 #startupcompany