While India's cashless initiative is being spearheaded by the government, all development and design undertaken by all stakeholders needs a common testing process to plug the security and fraud gaps in the ecosystem, says DCB Bank's PrasannaLohar.
PrasannaLohar, head of technology at DCB Bank, describes how 20 banks in India are working together to identify the best ways to leverage blockchain technology to help fight fraud and improve services, such as customer onboarding.
For Central Bank Digital Currency to gain mass popularity, it is important for the Reserve Bank of India to secure it in the right manner by having a strategy of continuous monitoring, two experts say. Blockchain, for example, will make it easy to build a token-based system.
To comply with the Reserve Bank of India's security master direction, organizations must involve their boards in risk assessments and building security awareness, a panel of experts says.
The Reserve Bank of India has decided to allow all banks to use remote video-based "know your customer" authentication for onboarding new clients. But some observers say many Indian banks may prove reluctant to use video KYC because they lack the necessary technology and new customers lack smartphones.
The Indian Institute for Development and Research in Banking Technology is reportedly working with the Indian government, banks and others to create an interoperable blockchain platform to improve security in the financial services sector. In a blueprint, it offers a roadmap for adoption of the technology.
The National Payments Corp. of India is labeling as "premature" news reports that it's launching a blockchain-based system called "Vajra" to secure online payments. NPCI says the system remains in development with no timeline for release.
The Virtual ID system that can be used in lieu of Aadhaar number for identity verification is now operational across banks and enterprises. However, UIDAI has extended its migration deadline to Aug. 31 to enable all organizations to be ready. Experts weigh in on the enterprise readiness for Virtual Aadhaar.
One of the key lessons offered at ISMG's Fraud & Breach Prevention Summit, held June 12-13 in Bengaluru, was the need for security practitioners to have a better perception of threats and risks so they can build successful detection and defense mechanisms.
ISMG's Fraud and Breach Prevention Summit in Bengaluru on June 12 and 13 will offer insights from leading CISOs and other experts on hot topics, including artificial intelligence, endpoint detection and response, blockchain and GDPR compliance.
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