MSB services have come to the rescue of many, who can’t access banks immediately and want to transfer money or carry out trade exchanges. So, it surely provides time and place convenience. We all know MSB services include cash acceptance for a transaction or currency exchange, global remittance services, check cashing outlets, and facilitating payments between payer and provider without the performing KYC verification.

An identity breach is an identity-based impersonation attack in which a hacker exploits vulnerabilities to obtain PII (personally identifiable information), contact information, credit card numbers, and important credentials like passwords and usernames to commit identity theft, identity fraud, or other cybercrimes without the victim’s knowledge. Using stolen information from a data breach, cybercriminals may attempt to steal classified information or money from the victim.

In India, there have been several Multi-Level-Marketing (MLM) frauds. Investing in stock shares and commodities, paid per click, investing in the IT sector, or investing in infrastructure have all resulted in scams. Aaryarup/ATCR, Unipay, Stock guru, TVI Express, and others swindle over Rs 10,000 crores. Multi-level Marketing is a sales strategy by some companies to sell directly to the customers.

The digital world has undergone a paradigm shift as a result of the worldwide pandemic, which has changed the way broadcasters deliver content to their users. The digital media business, OTT streaming and OTT communications have surely transformed everyone’s leisure time with the enormous rise in viewership and online users in recent years.

Controlling information leakage is one of the top digital ID advantages for people’s privacy. It is also known as “selective disclosure,” and it is something that all digital ID adapters regard to be critical for user privacy. However, a closer examination reveals that such a system might result in a digital trail of where and when a license is displayed, possibly allowing governments or corporations to follow people or their transactions.

Working and collaborating remotely is easier than ever in today’s digital age. As a result, the number of vendors engaging with businesses to execute job assignments has increased dramatically. People working remotely as independent contractors range from software engineers to copywriters. Because these folks will not be going into the office, Identity Verification is now an essential element of the Vendor Onboarding process. Why?

In February 2021, the Reserve Bank of India published a paper detailing Digital Payment Security Controls (DPSC). The paper was developed to aid Indian financial organisations in protecting digital channels and offering commodities to clients with Identity Verification solutions. Global financial services corporations are caught between the government and clients.

With the rising fraud in the financial industry, it is critical to preserve adequate client records in order to track any questionable behaviour. CKYC standards were implemented to reduce illicit activities in the financial sector. This aids in getting to know the consumer better. This contributes to the investment’s security. KYC has been replaced by Central Know Your Customer – CKYC. Previously, KYC rules included a separate KYC format for each organisation.

As per the World Economic Forum, digitization processes in travel, tourism, and the aviation industry will build up to $305 billion in value between 2016 and 2025. Digitalization has sped up the onboarding processes for the travel industry. And at the same time, it has also smoothened the customer travel experience. However, the travel sector has to deal with a large number of customers in a day. As you all know, they come under a lot of pressure to deliver efficient and quick services.