Latest news with #IDfy
Entrepreneur
21-06-2025
- Business
- Entrepreneur
Guardians Of Digital Trust
Opinions expressed by Entrepreneur contributors are their own. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. As India's digital penetration deepens across Tier I to Tier III cities, the digital economy is thriving, but so are digital frauds. According to the Reserve Bank of India's (RBI) annual report, digital payment fraud surged more than fivefold to INR 14.57 billion (USD 175 million) in the fiscal year ending March 2024. KYC (Know Your Customer) scams are on the rise, with cases like a 73-year-old Mumbai woman losing INR 2 lakh and an RTO clerk duped of INR 4.35 lakh, exposing the growing vulnerabilities in the system. Amidst this landscape, IDfy is stepping up to combat fraud with Artificial Intelligence (AI) solutions. "We power about 60 per cent of all video KYCs in India," says Ashok Hariharan, Co-founder and CEO of IDfy. The company provides end-to-end verification services for banks, insurance providers, credit card issuers, and online merchants from employee onboarding to authenticating transactions. Yet, as Ashok points out, fraudsters are constantly evolving. "Fraudsters are always finding holes in the lock one area, they'll find a backdoor." Phishing, digital arrest scams, and mule accounts have proliferated, exploiting weaknesses in systems that rely heavily on physical KYC or less sophisticated technologies. "They target cooperative banks with weaker systems, often colluding with branch managers to bypass manual verification," Ashok adds. AI, however, is proving to be a formidable defense. "Deepfake detection, device mimicry, and intrusion attacks – we can catch all of this today," Ashok explains. By using AI models that analyse anomalies, IDfy can flag suspicious transactions such as a low-income applicant seeking a high-value loan. "A person living in Dharavi applying for a INR 10 crore loan that's anomalous," he highlights. IDfy's platform operates on four fundamental questions: Does the individual exist? Is the person the one transacting? Have they committed fraud before? Are they likely to commit fraud in the future? With AI, the company matches PAN card selfies to live photos, preventing fraudsters from impersonating others. It also cross-references court records and prior transactions to strengthen fraud detection. The need for such rigorous checks is clear. "In a test with cab aggregator platforms, seven per cent of vehicles we flagged were linked to drivers with criminal records or vehicles involved in hit-and-run cases," Ashok reveals.
Business Standard
20-05-2025
- Business
- Business Standard
IDfy's Privy unveils 'Data Compass'- India's first DPDPA-focused Data Governance solution
PRNewswire Mumbai (Maharashtra) [India], May 20: As India awaits the official release of the rules of the DPDP Act, one thing is clear - privacy can no longer be an afterthought for companies. With the DPDPA, privacy is becoming the foundational principle for how businesses collect, store, and use digital personal data. With companies gearing up for DPDPA compliance, a key focus area has emerged across the board: data governance. To help companies embrace privacy by design, Privy by IDfy, India's first consent governance suite, has launched Privy Data Compass; a data governance module. This platform enables enterprises to locate, identify, classify, and evaluate digital personal data sitting across their systems. By surfacing these insights, the module helps companies reduce the risk of breaches, ensure proper data disposal, and establish clear accountability for every data point in their ecosystem. This visibility is a critical first step toward enabling explicit consent collection, a key requirement under the upcoming DPDPA framework. "As enterprises gear up for DPDP Act compliance, it's critical to recognize that data governance isn't just an internal function- it must extend across the entire ecosystem. The weakest links often lie with external data processors, vendors, and partners. True trust and compliance require governance frameworks that account for these external risks and embed accountability at every touchpoint," says Malcolm Gomes, COO at IDfy. To address these ecosystem-level risks, Privy Data Compass offers a deep and nuanced approach to data discovery and classification, powered by IDfy's 14 years of experience verifying and processing identity documents at scale across India. It automates the discovery, classification, and cataloging of both structured and unstructured data across enterprise environments - including endpoint devices, CRMs, Google Drive, FTP servers and cloud storage. With native support for both current and legacy India-specific identifiers like Aadhaar, PAN, Voter ID, etc, the solution accurately detects and categorises documents, including whether PII is masked or unmasked. These deep insights drive automated masking and deletion workflows, executed entirely within the enterprise's infrastructure, ensuring minimal data exposure and maximum control. "Our AI models are trained on India-specific documents of all legacy formats and languages across all Indian states- something most global tools can't match. That's how we verify over 60 million profiles every month, with an average response time of under 2 seconds- all within the enterprise's own infrastructure. Having operated at the intersection of identity and compliance for years, our deep understanding of evolving document formats keeps us a step ahead," says Nikhil Jhanji, DSCI-certified DPO at IDfy. Privy's Data Compass is also one of the few privacy products in India that offers endpoint scanning, helping organizations ensure that PII data isn't lingering on employee laptops or field agent devices. This is especially crucial for the BFSI and insurance sectors, where agents often collect sensitive data locally before uploading it. Data governance is the bedrock of meaningful privacy programs, strengthening downstream efforts like consent, risk, and rights management. With IDfy's new product offering, enterprises gain accurate, context-rich visibility into their data, enabling smarter, more actionable compliance. As the foundational layer of the privacy stack, it not only supports regulatory readiness under the DPDP Act but also drives long-term business value. With large organizations already piloting the solution, Privy by IDfy is emerging as the trusted privacy partner for enterprises in India. About Privy by IDfy : Privy is India's leading Consent Governance suite, enabling organizations to manage user consent for Personally Identifiable Information (PII) in line with the DPDP Act requirements. By prioritizing transparency and trust, Privy helps businesses establish robust compliance practices. Privy empowers your Data Protection Officer to strengthen customer trust, govern data responsibly, and stay ahead of regulatory expectations. It provides solutions for: 1. Consent & Rights Management 2. Data Governance 3. Risk Management 4. Continuous Compliance About IDfy: As an Integrated Identity Platform, IDfy scales trust by empowering businesses to verify identity products, detect fraud, and ensure compliance with identity authentication at its core, ensuring security and regulatory adherence. A pioneer in digital trust for over 13 years, IDfy enables more than 2 million authentications every single day. Logo:
Business Upturn
20-05-2025
- Business
- Business Upturn
IDfy's Privy unveils ‘Data Compass'- India's first DPDPA-focused Data Governance solution
MUMBAI, India , May 20, 2025 /PRNewswire/ — As India awaits the official release of the rules of the DPDP Act, one thing is clear – privacy can no longer be an afterthought for companies. With the DPDPA, privacy is becoming the foundational principle for how businesses collect, store, and use digital personal data. With companies gearing up for DPDPA compliance, a key focus area has emerged across the board: data governance. To help companies embrace privacy by design, Privy by IDfy, India's first consent governance suite, has launched Privy Data Compass; a data governance module. This platform enables enterprises to locate, identify, classify, and evaluate digital personal data sitting across their systems. By surfacing these insights, the module helps companies reduce the risk of breaches, ensure proper data disposal, and establish clear accountability for every data point in their ecosystem. This visibility is a critical first step toward enabling explicit consent collection, a key requirement under the upcoming DPDPA framework. 'As enterprises gear up for DPDP Act compliance, it's critical to recognize that data governance isn't just an internal function- it must extend across the entire ecosystem. The weakest links often lie with external data processors, vendors, and partners. True trust and compliance require governance frameworks that account for these external risks and embed accountability at every touchpoint,' says Malcolm Gomes , COO at IDfy. To address these ecosystem-level risks, Privy Data Compass offers a deep and nuanced approach to data discovery and classification, powered by IDfy's 14 years of experience verifying and processing identity documents at scale across India . It automates the discovery, classification, and cataloging of both structured and unstructured data across enterprise environments – including endpoint devices, CRMs, Google Drive, FTP servers and cloud storage. With native support for both current and legacy India -specific identifiers like Aadhaar, PAN, Voter ID, etc, the solution accurately detects and categorises documents, including whether PII is masked or unmasked. These deep insights drive automated masking and deletion workflows, executed entirely within the enterprise's infrastructure, ensuring minimal data exposure and maximum control. 'Our AI models are trained on India -specific documents of all legacy formats and languages across all Indian states- something most global tools can't match. That's how we verify over 60 million profiles every month, with an average response time of under 2 seconds- all within the enterprise's own infrastructure. Having operated at the intersection of identity and compliance for years, our deep understanding of evolving document formats keeps us a step ahead,' says Nikhil Jhanji , DSCI-certified DPO at IDfy. Privy's Data Compass is also one of the few privacy products in India that offers endpoint scanning, helping organizations ensure that PII data isn't lingering on employee laptops or field agent devices. This is especially crucial for the BFSI and insurance sectors, where agents often collect sensitive data locally before uploading it. Data governance is the bedrock of meaningful privacy programs, strengthening downstream efforts like consent, risk, and rights management. With IDfy's new product offering, enterprises gain accurate, context-rich visibility into their data, enabling smarter, more actionable compliance. As the foundational layer of the privacy stack, it not only supports regulatory readiness under the DPDP Act but also drives long-term business value. With large organizations already piloting the solution, Privy by IDfy is emerging as the trusted privacy partner for enterprises in India . About Privy by IDfy : Privy is India's leading Consent Governance suite, enabling organizations to manage user consent for Personally Identifiable Information (PII) in line with the DPDP Act requirements. By prioritizing transparency and trust, Privy helps businesses establish robust compliance practices. Privy empowers your Data Protection Officer to strengthen customer trust, govern data responsibly, and stay ahead of regulatory expectations. It provides solutions for: 1. Consent & Rights Management2. Data Governance3. Risk Management 4. Continuous Compliance
Yahoo
20-05-2025
- Business
- Yahoo
IDfy's Privy unveils 'Data Compass'- India's first DPDPA-focused Data Governance solution
MUMBAI, India, May 20, 2025 /PRNewswire/ -- As India awaits the official release of the rules of the DPDP Act, one thing is clear - privacy can no longer be an afterthought for companies. With the DPDPA, privacy is becoming the foundational principle for how businesses collect, store, and use digital personal data. With companies gearing up for DPDPA compliance, a key focus area has emerged across the board: data governance. To help companies embrace privacy by design, Privy by IDfy, India's first consent governance suite, has launched Privy Data Compass; a data governance module. This platform enables enterprises to locate, identify, classify, and evaluate digital personal data sitting across their systems. By surfacing these insights, the module helps companies reduce the risk of breaches, ensure proper data disposal, and establish clear accountability for every data point in their ecosystem. This visibility is a critical first step toward enabling explicit consent collection, a key requirement under the upcoming DPDPA framework. "As enterprises gear up for DPDP Act compliance, it's critical to recognize that data governance isn't just an internal function- it must extend across the entire ecosystem. The weakest links often lie with external data processors, vendors, and partners. True trust and compliance require governance frameworks that account for these external risks and embed accountability at every touchpoint," says Malcolm Gomes, COO at IDfy. To address these ecosystem-level risks, Privy Data Compass offers a deep and nuanced approach to data discovery and classification, powered by IDfy's 14 years of experience verifying and processing identity documents at scale across India. It automates the discovery, classification, and cataloging of both structured and unstructured data across enterprise environments - including endpoint devices, CRMs, Google Drive, FTP servers and cloud storage. With native support for both current and legacy India-specific identifiers like Aadhaar, PAN, Voter ID, etc, the solution accurately detects and categorises documents, including whether PII is masked or unmasked. These deep insights drive automated masking and deletion workflows, executed entirely within the enterprise's infrastructure, ensuring minimal data exposure and maximum control. "Our AI models are trained on India-specific documents of all legacy formats and languages across all Indian states- something most global tools can't match. That's how we verify over 60 million profiles every month, with an average response time of under 2 seconds- all within the enterprise's own infrastructure. Having operated at the intersection of identity and compliance for years, our deep understanding of evolving document formats keeps us a step ahead," says Nikhil Jhanji, DSCI-certified DPO at IDfy. Privy's Data Compass is also one of the few privacy products in India that offers endpoint scanning, helping organizations ensure that PII data isn't lingering on employee laptops or field agent devices. This is especially crucial for the BFSI and insurance sectors, where agents often collect sensitive data locally before uploading it. Data governance is the bedrock of meaningful privacy programs, strengthening downstream efforts like consent, risk, and rights management. With IDfy's new product offering, enterprises gain accurate, context-rich visibility into their data, enabling smarter, more actionable compliance. As the foundational layer of the privacy stack, it not only supports regulatory readiness under the DPDP Act but also drives long-term business value. With large organizations already piloting the solution, Privy by IDfy is emerging as the trusted privacy partner for enterprises in India. About Privy by IDfy : Privy is India's leading Consent Governance suite, enabling organizations to manage user consent for Personally Identifiable Information (PII) in line with the DPDP Act requirements. By prioritizing transparency and trust, Privy helps businesses establish robust compliance practices. Privy empowers your Data Protection Officer to strengthen customer trust, govern data responsibly, and stay ahead of regulatory expectations. It provides solutions for: 1. Consent & Rights Management2. Data Governance3. Risk Management4. Continuous Compliance About IDfy: As an Integrated Identity Platform, IDfy scales trust by empowering businesses to verify identity products, detect fraud, and ensure compliance with identity authentication at its core, ensuring security and regulatory adherence. A pioneer in digital trust for over 13 years, IDfy enables more than 2 million authentications every single day. Logo: View original content:
Malaysian Reserve
20-05-2025
- Business
- Malaysian Reserve
IDfy's Privy unveils 'Data Compass'- India's first DPDPA-focused Data Governance solution
MUMBAI, India, May 20, 2025 /PRNewswire/ — As India awaits the official release of the rules of the DPDP Act, one thing is clear – privacy can no longer be an afterthought for companies. With the DPDPA, privacy is becoming the foundational principle for how businesses collect, store, and use digital personal data. With companies gearing up for DPDPA compliance, a key focus area has emerged across the board: data governance. To help companies embrace privacy by design, Privy by IDfy, India's first consent governance suite, has launched Privy Data Compass; a data governance module. This platform enables enterprises to locate, identify, classify, and evaluate digital personal data sitting across their systems. By surfacing these insights, the module helps companies reduce the risk of breaches, ensure proper data disposal, and establish clear accountability for every data point in their ecosystem. This visibility is a critical first step toward enabling explicit consent collection, a key requirement under the upcoming DPDPA framework. 'As enterprises gear up for DPDP Act compliance, it's critical to recognize that data governance isn't just an internal function- it must extend across the entire ecosystem. The weakest links often lie with external data processors, vendors, and partners. True trust and compliance require governance frameworks that account for these external risks and embed accountability at every touchpoint,' says Malcolm Gomes, COO at IDfy. To address these ecosystem-level risks, Privy Data Compass offers a deep and nuanced approach to data discovery and classification, powered by IDfy's 14 years of experience verifying and processing identity documents at scale across India. It automates the discovery, classification, and cataloging of both structured and unstructured data across enterprise environments – including endpoint devices, CRMs, Google Drive, FTP servers and cloud storage. With native support for both current and legacy India-specific identifiers like Aadhaar, PAN, Voter ID, etc, the solution accurately detects and categorises documents, including whether PII is masked or unmasked. These deep insights drive automated masking and deletion workflows, executed entirely within the enterprise's infrastructure, ensuring minimal data exposure and maximum control. 'Our AI models are trained on India-specific documents of all legacy formats and languages across all Indian states- something most global tools can't match. That's how we verify over 60 million profiles every month, with an average response time of under 2 seconds- all within the enterprise's own infrastructure. Having operated at the intersection of identity and compliance for years, our deep understanding of evolving document formats keeps us a step ahead,' says Nikhil Jhanji, DSCI-certified DPO at IDfy. Privy's Data Compass is also one of the few privacy products in India that offers endpoint scanning, helping organizations ensure that PII data isn't lingering on employee laptops or field agent devices. This is especially crucial for the BFSI and insurance sectors, where agents often collect sensitive data locally before uploading it. Data governance is the bedrock of meaningful privacy programs, strengthening downstream efforts like consent, risk, and rights management. With IDfy's new product offering, enterprises gain accurate, context-rich visibility into their data, enabling smarter, more actionable compliance. As the foundational layer of the privacy stack, it not only supports regulatory readiness under the DPDP Act but also drives long-term business value. With large organizations already piloting the solution, Privy by IDfy is emerging as the trusted privacy partner for enterprises in India. About Privy by IDfy : Privy is India's leading Consent Governance suite, enabling organizations to manage user consent for Personally Identifiable Information (PII) in line with the DPDP Act requirements. By prioritizing transparency and trust, Privy helps businesses establish robust compliance practices. Privy empowers your Data Protection Officer to strengthen customer trust, govern data responsibly, and stay ahead of regulatory expectations. It provides solutions for: 1. Consent & Rights Management2. Data Governance3. Risk Management4. Continuous Compliance About IDfy: As an Integrated Identity Platform, IDfy scales trust by empowering businesses to verify identity products, detect fraud, and ensure compliance with identity authentication at its core, ensuring security and regulatory adherence. A pioneer in digital trust for over 13 years, IDfy enables more than 2 million authentications every single day. Logo: View original content:
