tru.ID, the Mobile Verification Platform, Expands Passwordless Device Authentication Solution to India and Adds Local Data Residency
tru.ID launches SIM-based authentication services in India to help digital banks, FinTechs and e-commerce businesses prevent identity fraud and secure transactions
LONDON, January 25, 2022–(BUSINESS WIRE)–The tru.ID mobile verification platform has been launched in India to enable any digital bank, FinTech or e-commerce business to easily implement device linking for strong user authentication and secure payments and transactions. In addition to mobile verification capabilities, tru.ID now offers local data residency hosting in India for added privacy.
Businesses need to deal with cybersecurity
Since the Reserve Bank of India (RBI) issued its “Primary Direction on Digital Payments Security Controls” in February 2021, regulated FinTech, banking, payments and crypto businesses are required to validate the user transactions by implementing additional authentication methods that are “dynamic or non-replicable”, such as “device and SIM card binding”.
These important guidelines are designed to prevent fraud, including social engineering and other methods of attack.
The growing threat of cybercrime
● The incidence of digital fraud attempts against financial services firms originating in India has increased by 89%, according to quarterly data from TransUnion.
● Kaspersky reports that in India, one in two fraudulent transactions in the financial sector was an account takeover attempt.
● According to data presented by the Indian government, 1.16 million cyber security cases were reported in 2020, three times the previous year.
tru.ID: Bind device using mobile number and network SIM card
In response to the urgent need for a mobile-first security solution, tru.ID directly verifies with the mobile network the matching of the mobile phone number and its associated SIM card, providing strong device authentication. an user.
Unlike SMS one-time passwords (OTPs), SIM card-based authentication filters virtual numbers, is impervious to hacking, and uses the tamper-proof cryptographic security built into every SIM card. It has the added benefit of providing an uninterrupted and seamless “no need to log in” user experience, just like using the mobile network itself.
Improved data privacy with local hosting
In addition to providing an authentication method for device linking and further enhancing its presence in India, tru.ID has launched local data residency hosting for added privacy at no additional cost for using the platform. When businesses register with tru.ID, neither their account data nor user data will ever leave the region and will be processed locally.
Paul McGuire, CEO of tru.ID, comments“With tru.ID, every business can now access the tremendous authentication security built into every GSM mobile network. The combination of SIM security in everyone’s mobile phones and simplicity makes tru.ID the solution for most innovative authentication for device pairing.”
Parth Awasthi, Product Manager at tru.ID, added“At tru.ID, we also believe in data privacy and using the minimum data required to process verifications, which is why we have launched a local data residency hosting in India. When onboarding of tru.ID, businesses can be absolutely sure that their customer data remains within the local jurisdiction.”
tru.ID (https://tru.id) is a mobile authentication platform that harnesses the power of the SIM card to provide passwordless multi-factor authentication (MFA) and digital identity solutions that help businesses combat the growing problem of cybercrime. tru.ID integrates with global mobile network operators to provide API connectivity for SIM-based mobile authentication capabilities that are built into every mobile network. The platform is active in 20 markets covering over 2 billion mobile identities. To learn more about tru.ID, visit https://tru.id.
See the source version on businesswire.com: https://www.businesswire.com/news/home/20220125005769/en/