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Since the introduction of the ‘Digital India’ initiative, India has made steady progress towards a technology-driven economy. This was further accelerated by the outbreak of the COVID pandemic as governments and economies agreed to a “new normal” and prepared for the long-term effects of the crisis by embracing digital.
Increasing adoption of digital activities, such as payment landscape innovation, regulatory support, and mobile internet penetration, has played a key role in the rapid growth of digital transactions in India. However, adopting these advanced payment options also creates unprecedented opportunities for fraudsters to exploit system loopholes and human vulnerabilities to carry out fraud.
According to industry data, 2022 was India’s worst year ever for cyberattacks. PwC’s Global Economic Crime and Fraud Survey 2022 found that 51% of surveyed organizations had experienced fraud in the past two years. This is the highest level in 20 years of research.
Incentives to boost innovation
Despite the growing problem of digital fraud, last year’s Union Budget 2022 allocated only Rs. In May 2022, the Ministry of Electronics and Information Technology (MeitY) announced that he would allocate Rs. The ministry also initiated the second phase of the Information Security Education and Awareness (ISEA) project, allocating Rs 96.08 crore.
The government is preparing to present its budget next week for fiscal year 2023-24, which will encourage innovation and encourage entrepreneurship to develop identity verification solutions that can be used to combat a range of issues, including fraud. We hope to provide additional financial incentives to encourage homes. It helps you keep up with the evolving needs of the online world and drive your business by putting customer experience first.
I need to have an online presence
With India poised to have 900 million internet users by 2025, it is imperative to secure an online presence. The government also alerted data protection concerns last year, announcing strict standards as part of the data protection bill and keeping user safety in mind. is of paramount importance to protect and prevent We hope the government will provide additional funding and incentives to encourage the development of robust cybersecurity systems in the country.
Wishlist for Sops and Grants
A multi-pronged approach is also required to focus on several areas related to cyber fraud, such as the regulatory environment, infrastructure, and new technology developments. Incentives and subsidies should be offered to organizations that adopt or upgrade identity determination systems. Technology can be the backbone of a robust policy, but implementing progressive data protection laws can prevent users from inconsistent or misusing her data. This will further increase people’s trust in digital services and contribute to India’s economy.
India is poised to become a major hub of technological innovation, leveraging the latest advances in artificial intelligence (AI) and machine learning (ML) technologies to improve the country’s digital infrastructure. Further investment in advanced AI and ML solutions can help detect attacks early and enable automated response to cyber incidents.
These new-age technologies help organizations protect user data and provide better ways to make identity decisions for smoother customer journeys. Identifying previously “hidden” attacks is a significant challenge, and using advanced techniques to detect such incidents is essential to a strong defense. Governments should allocate more resources to improve connectivity and develop modern digital infrastructure. This makes the service more accessible and secure.
looking to the future
India’s identity verification and fraud prevention industry is at the peak of exponential growth and the 2023 budget could be the catalyst for this growth. Regulatory and policy reforms are driving aggressive investment in best practices and solutions for user cybersecurity and identity protection to businesses across industries, especially digital lending, e-commerce, gig economy, gaming, insurance, virtual currency, etc. If the right measures are taken, this budget could mark an important milestone in the evolution of the identity verification and decision-making sector in India.
The author is Vice President of APAC and MEA at the Bureau and the views expressed are personal.
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