• About
  • Advertise
  • Privacy & Policy
  • Contact
Thursday, January 21, 2021
Finance Infinity
  • Home
  • News
  • Market Watch
  • Ministration
  • Opinion
  • Beyond Finances
No Result
View All Result
  • Home
  • News
  • Market Watch
  • Ministration
  • Opinion
  • Beyond Finances
No Result
View All Result
Finance Infinity
No Result
View All Result
Home Beyond Finances

Can India’s FinTech sector tackle growing cases of identity fraud?

Indra Mittal by Indra Mittal
December 7, 2019
in Beyond Finances
0
FinTech
0
SHARES
23
VIEWS
Share on FacebookShare on Twitter

The Indian FinTech software market holds the potential to reach USD 2.4 billion by 2020, notes a 2015 report titled “Fintech in India: a Global Growth Story” by KPMG in India and NASSCOM 10000 Start-ups. With about 2000 startups, India is currently the world’s second-largest FinTech hub.

There are many factors such as large population, favorable regulatory policies, digitally empowered entrepreneurs that forms the basis for the prospective growth in the FinTech industry in India.

That said, this recent spur is also affected with multitude of challenges that includes identity theft, service misuses, among others- thereby negating the overall growth.

In its fifth annual PACE report, FIS revealed that nearly 96% of the Indian respondents fell victim to financial fraud last year, implicating the seriousness of this issue. Thus, it becomes imperative for the FinTech players to safeguard themselves from rising financial frauds.

Where on one hand, the government of India is bolstering the security with preventive measures, on the other, the current identity systems don’t necessarily ensure the secure delivery of financial services.

One big reason that can be attributed to such state of affairs is continuous relying on outdated approaches, not in sync with current landscape.

Such instances have led to the introduction of more digitally secured, advanced security measures such as Artificial Intelligence (AI)- to achieve context-aware identity verification. This includes, taking a selfie, or recording a voice note to match with ID, etc.

To mitigate the possibility of identity fraud and malpractice, it would be important to either amalgamate or use nuances from both the traditional methods and new-age practices, for more informed security decisions in real-time.

Owing to such security measures in place, lending, financial institutions can now identify prospective borrowers while weeding out cases with a higher probability of fraud, save costs and reduce the loan processing time.

This in turn, will determine the success of SME and MSMEs, which often turn to informal lenders for credit. At a time when the consumer expectations are constantly evolving, it becomes critical for financial institutions to provide a fully digital, seamless banking experience.

It can be assumed that the Indian FinTech market is poised for exponential growth. That said, it wouldn’t be plausible without addressing the rising cases of identity fraud.

Previous Post

Finding it difficult to manage your finances? Here are top apps that will help you out!

Next Post

Gold investment demands plunged 35 percent in rural India, price hike add foes

Indra Mittal

Indra Mittal

Indra Mittal is a writer who has done MBA in finance and worked with several CA firms as well. She has a great experience in the major finance domains like taxation, budget and more. Additionally, she has worked closely with renowned finance journalists based in Mumbai, India’s business capital.

Related Posts

India digital payments policies
Beyond Finances

Tech pioneer Bill Gates lauds India’s digital payments policies

December 11, 2020
Should the world trust China in the bid to revive the economy?
Beyond Finances

Should the world trust China in the bid to revive the economy?

May 4, 2020
covid 19 health insurance claims
Beyond Finances

Covid-19 and Health Insurance Claims, Here’s All You Need To Know

April 20, 2020
economic downfall behind Covid-19
Beyond Finances

The story of economic downfall behind Covid-19

March 30, 2020
Meniga
Beyond Finances

Meniga now registered as an Account Information Service Provider by Financial Conduct Authority

February 21, 2020
Sustainable Investment
Beyond Finances

UAE launches global call to action on sustainability through global investments

January 18, 2020
Next Post
gold prices

Gold investment demands plunged 35 percent in rural India, price hike add foes

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stock Market

  • Trending
  • Comments
  • Latest
India Post’s mobile bank facility

All about India Post’s mobile bank facility for its saving accounts customers

November 6, 2019
Axis Bank

Learning how to utilize digital channels for selling products with Axis Bank

January 9, 2020
Advent to invest in Aditya Birla Capital Ltd

Advent to invest Rs 1,300 crore in Aditya Birla Capital Ltd

September 4, 2019
KPMG Future of Finance

KPMG Future of Finance: Data, Automation, and Integration

December 14, 2020
India Post’s mobile bank facility

All about India Post’s mobile bank facility for its saving accounts customers

1
Piramal Capital wins bid war for DHFL

Piramal Capital wins bid war for DHFL

0
FPI Surcharge

FPI Surcharge: Finance ministry to consult Law ministry for providing immediate relief

0
National Housing Bank to infuse Rs 10,000 crore in housing finance companies

National Housing Bank to infuse Rs 10,000 crore in housing finance companies

0
Piramal Capital wins bid war for DHFL

Piramal Capital wins bid war for DHFL

January 20, 2021
NSO predicts 7.7 per cent contraction in Indian economy

NSO predicts 7.7 per cent contraction in Indian economy

January 19, 2021
SBI reduces home loan charges, processing fees

SBI reduces home loan charges, processing fees

January 18, 2021
BSNL invites EoI from local companies in the spirit to boost ‘Aatmanirbhar Bharat’

BSNL invites EoI from local companies in the spirit to boost ‘Aatmanirbhar Bharat’

January 14, 2021

Recent News

Piramal Capital wins bid war for DHFL

Piramal Capital wins bid war for DHFL

January 20, 2021
NSO predicts 7.7 per cent contraction in Indian economy

NSO predicts 7.7 per cent contraction in Indian economy

January 19, 2021
SBI reduces home loan charges, processing fees

SBI reduces home loan charges, processing fees

January 18, 2021
BSNL invites EoI from local companies in the spirit to boost ‘Aatmanirbhar Bharat’

BSNL invites EoI from local companies in the spirit to boost ‘Aatmanirbhar Bharat’

January 14, 2021
Facebook Twitter Youtube Instagram
Finance Infinity

Finance Infinity is a media platform which delivers latest financial information. Find news, articles, editorials and blogs written by our dedicated team of professionals and get yourself updated on what's happening in the business world.

Browse by Category

  • Beyond Finances
  • Business
  • Market Watch
  • Ministration
  • Mobile
  • News
  • Opinion
  • Tech

Recent News

Piramal Capital wins bid war for DHFL

Piramal Capital wins bid war for DHFL

January 20, 2021
NSO predicts 7.7 per cent contraction in Indian economy

NSO predicts 7.7 per cent contraction in Indian economy

January 19, 2021

Copyright© 2020 Financeinfinity - All rights reserved

No Result
View All Result
  • Home
  • News
  • Market Watch
  • Ministration
  • Opinion
  • Beyond Finances

Copyright© 2020 Financeinfinity - All rights reserved

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In