Latest news with #KnowYourCustomer
Hindustan Times
3 days ago
- Business
- Hindustan Times
Govt mandates facial recognition for mid-day meal, Poshan beneficaries
The government has mandated compulsory facial recognition technology across India's vast Anganwadi network to expand biometric verification for the country's flagship nutrition and childcare programme. A directive from the ministry of women and child development, dated May 30 and seen by Hindustan Times, outlines a strict phased implementation affecting take-home rations distribution, child attendance tracking, and beneficiary registration through the Poshan Tracker application. The Face Authentication feature, previously available only at take-home rations distribution points, became accessible within beneficiary profiles on the Poshan Tracker app as of May 30 2025. Beneficiaries can now perform their own onboarding, including photo capture and electronic Know Your Customer (e-KYC) verification, directly through the app's citizen module. State authorities have been directed to ensure field functionaries 'complete the face authentication of all the registered beneficiaries' using these tools, while also encouraging beneficiaries to 'update the photo/mobile number in Aadhaar for completing the e-KYC seamlessly.' At present, beneficiaries are verified through Aadhaar based authentication in the Poshan Tracker app. The initiative faces resistance from ground-level workers. Shivani Kaul, president of the Delhi State Anganwadi Workers and Helpers' Union, told HT: 'This is yet another move by the centre to make the lives of Anganwadi workers miserable, we are already receiving several calls by workers that the app is not functioning properly. Another issue with this provision is that the privacy of the children gets compromised as thousands of pictures will be uploaded to the app and to the government's database. If the government cares so much about the corruption then why do they not fix app issues and increase the honorarium of the workers?' Poshan, or Pradhan Mantri Poshan Shakti Nirman (PM POSHAN), which was earlier known as the mid-day meal scheme, has an outlay of ₹85,794crore, comprising ₹54,061 crore from the Centre, from 2021-22 to 2025-26. Two major mandates take effect on July 1. Firstly, Anganwadi workers will be required to digitally record the attendance of children aged 3-6 years and confirm their consumption of the daily Hot Cooked Meal (HCM) provided at the centres. Secondly, to 'ensure last mile delivery of THR to intended beneficiaries,' the ministry said it 'has been decided that FRS will be made mandatory for THR distribution.' This means beneficiaries collecting their monthly nutritional rations must now verify their identity using facial recognition at the point of distribution. A further significant shift arrives on August 1, when facial recognition becomes a prerequisite for registration itself. For Pregnant Women (PW), Lactating Mothers (LM), and Adolescent Girls (AG), the 'precondition for registration will be self Aadhaar using eKYC and face recognition feature.' For children aged 0-6 years, registration will require the 'Aadhaar of Mother Father Guardian along with Face recognition,' with the ministry explicitly noting that 'Self-Aadhar for a child is not considered.' Additionally, for children aged 3-6 years, 'a child's picture with liveliness detection will also be captured' during registration, separate from the guardian's facial recognition system, with the ministry intending 'to leverage these images during service delivery for children.' Parents of children currently registered in the 0-3 year category must update their photo with liveliness detection when they move into the 3-6 year group. The National e-Governance Division (NeGD) has been formally tasked with implementing 'necessary modifications/updation in Poshan Tracker application' to support these new requirements.
New Straits Times
4 days ago
- Business
- New Straits Times
MACC chief: Fintech a double-edged sword in anti-graft war
KOTA KINABALU: Financial technology (fintech) has emerged as both a challenge and a battleground for the Malaysian Anti-Corruption Commission (MACC), says its Chief Commissioner Tan Sri Azam Baki. Azam said the world was now facing a dual reality, with over 300 licensed fintech operators in Malaysia regulated by Bank Negara Malaysia. On one hand, he said, regulated fintech was cultivating a vibrant ecosystem that promotes innovation, financial inclusion, and access to alternative financing. "On the other side, however, we are witnessing a rise in unlicensed financial applications, peer-to-peer crypto lending schemes, and foreign digital wallets operating outside legal boundaries and without local accountability. "This unregulated segment has become a fertile ground for abuse," he said when officiating the International Conference on Technology, Management and Sustainability, organised by the Accounting Research Institute (ARI) at Universiti Teknologi MARA (UiTM) Sabah in Sepanggar, near here. Azam said that white-collar criminals were increasingly exploiting unregistered platforms to conceal transactions, transfer bribes across borders, and construct complex layering structures using micro-transfers. He said some of these platforms were intentionally designed to offer anonymity and decentralisation, completely bypassing Know Your Customer (KYC) protocols. "These features, once celebrated as hallmarks of innovation, now present serious enforcement challenges. "A key enabler in this evolving threat landscape is blockchain technology. While blockchain is lauded for its transparency and immutability, it is also being strategically exploited to facilitate illicit financial flows. "Criminal actors use multiple wallets and smart contracts to fragment and obscure the origin of funds — a tactic that complicates tracing, especially when transactions span different blockchains and jurisdictions." Azam said this evolving landscape compelled the MACC to rethink not only financial regulations, but also how corruption is investigated, detected, and prosecuted in a tech-driven environment. He said a modern anti-corruption framework must incorporate fintech intelligence, blockchain forensics, digital surveillance capabilities, and cross-border regulatory cooperation to address legal loopholes and disrupt emerging laundering methods. "Technology is not the enemy — poor governance is. To prevent corruption in this era, we must reform not only policies, but also mindsets. "We must cultivate digital integrity, just as we once championed physical transparency."
Finextra
5 days ago
- Business
- Finextra
OFX connects with Know Your Cusotmer for enhanced business verification
OFX, a leading financial operations company, announced a collaboration with Know Your Customer Limited, the global leader in business verification solutions. 0 This collaboration will enable Know Your Customer's advanced verification technology to be used by OFX, enhancing security and streamlining compliance for OFX users. Through this collaboration, OFX will leverage Know Your Customer's capabilities to simplify and automate its business Know Your Customer (KYC) processes. This will provide OFX with real-time access to comprehensive business verification data, including seamless corporate structure verification, instant access to official company documents, and automatic identification of complex beneficial ownership structures across over 140 jurisdictions. This process automates key business KYC processes, significantly reducing manual effort and improving efficiency for OFX users, further strengthening OFX's ability to manage risk and maintain the integrity of its platform. 'OFX is committed to providing our customers with a secure and efficient global payment experience. By using Know Your Customer's technology, we're enhancing our ability to mitigate risks and maintain a high standard of compliance. The real-time access to global registry data, automated documentary evidence, and streamlined processes will strengthen our KYC procedures, reinforcing our commitment to a secure and reliable platform. Jason SullivanHead of Operations, EMEA at OFX 'We are excited to partner with OFX and equip them with a strategic advantage in the global payments landscape. Our advanced business verification technology will empower OFX to elevate its security posture, streamline and automate compliance workflows, and deliver an unparalleled payment experience to its customers. Jamie AndersonManaging Director EMEA, Global Head of Sales Recognising the importance of a robust and secure global payment environment, and in light of Australia's expansion of AML/CTF regulations from sectors like financial services and digital currency exchanges to designated non-financial businesses and professional sectors, OFX is proactively strengthening its security infrastructure through this collaboration. By utilising Know Your Customer's technology, OFX will enhance its due diligence capabilities, ensuring compliance with evolving regulations, providing a secure, reliable platform for global payments. This collaboration reinforces both OFX's and Know Your Customer's commitment to innovation, security, and adherence to evolving compliance regulations in the global financial landscape.
Hans India
14-06-2025
- General
- Hans India
Tribals face ration access crisis amidst long treks, eKYC glitches
Paderu (Asr District): Tribal communities in Alluri Sitarama Raju (ASR) district, particularly those residing in Vulnerable Tribal Group (PVTG) villages and remote hilly regions, are grappling with severe challenges in accessing essential ration supplies. The absence of local ration depots in most villages is forcing residents to trek arduous distances of 10 to 30 km, often through rough, undulating terrain, to reach the nearest distribution point. Compounding the problem are widespread issues with the eKYC (electronic Know Your Customer) process, which locals report, is failing in several areas, creating additional hurdles for beneficiaries. Since ration depots are typically situated at panchayat headquarters, the considerable distances between villages and the critical lack of transport facilities are leaving many tribals stranded without access to their entitled provisions. 'There are no roads or transport facilities connecting many of these villages. In some distressing cases, beneficiaries are being carried in stretchers just to complete their eKYC registration,' stated Dara Ravi, a social worker from Gowridevipeta in Yetapaka mandal, highlighting the dire situation. The impact of these challenges is evident across the district. In Dayeti panchayat of Ananthagiri mandal, the nearest ration depot is a daunting 15 km away. Residents of Jajulabanda and surrounding villages in Koyyuru mandal, comprising approximately 180 ration card holders, now face a 26-km journey, a significant increase from the previous system where a mobile ration van would serve them within a 6-km radius. The recent discontinuation of these mobile ration vans has exacerbated the crisis for remote tribal settlements. Govind, a tribal community leader from Gummi panchayat, detailed the extent of the hardship: villagers from Kalyanagummi, Karriguda and Kadarevu must walk between 10 and 30 kilometres to collect their rations. Similarly, residents of Madarebu (Pedakota panchayat), Buriga and Chinna Konela (Rompelli panchayat) face a 16-kilometre journey. In NR Puram Panchayat, villages such as DK Pathi, Chimidivalasa, and Rayapadu are 12 kilometres from the nearest depot. Villagers of Thalaripadu in Ananthagiri mandal also endure a 12-kilometer trek for their monthly supplies. The issue is not isolated, with many tribal villages in G Madugula mandal also awaiting improved access. Some villagers express frustration, suggesting that establishing permanent ration depots in each village before discontinuing the mobile van service would have been a more effective transition. However, others recall inherent flaws in the previous mobile delivery system. 'Earlier, the van would come just once a month without a fixed schedule. If we missed that day, we lost our rations entirely,' recounted Satyanarayana from Gowridevipeta. He acknowledged that the current system, which allows rations to be collected from shops for up to 15 days each month, offers a slight improvement in availability but remains largely inaccessible for many due to distance. Addressing the pressing issue, CPM leader K Govind Rao has urged the government to establish new ration shops strategically, ensuring that every tribal habitation has access to a depot within a 10-km radius. He emphasised that this measure, combined with robust improvements in road infrastructure and the provision of reliable transport facilities in remote tribal areas, would significantly alleviate the hardships faced by these vulnerable communities in accessing essential commodities.
Yahoo
13-06-2025
- Business
- Yahoo
Fraud Surges in APAC's Fastest-Growing Industries--Sumsub Report Highlights a 723% Spike in Healthtech, 116% in Fintech
Fraudsters increasingly weaponize AI-powered deepfakes and synthetic identity documents to exploit the expanding digital ecosystems in APAC Deepfake scams remain a persistent threat, Singapore sees a 1,500% surge; Hong Kong SAR jumps 1,900% Synthetic identity document fraud grows 233% in APAC, outpacing the global increase of 195% SINGAPORE, June 12, 2025 /PRNewswire/ -- As Asia Pacific's (APAC) digital ecosystems continue to undergo explosive growth, some of the fastest-growing sectors are becoming prime targets for increasingly sophisticated fraud. New data released by global verification provider Sumsub, reveals that healthtech and fintech sectors are the most exposed to this new wave of AI-powered fraud, with healthtech recording the sharpest year-on-year spike across industries in the region—an alarming 723% compared to Q1 2024. In fintech, fraud remains persistent with the second highest year-on-year rise in fraud in APAC, with 116% increase over the same period. This surge in fraud comes as both sectors experience rapid growth. Fintech in APAC is set to grow from USD 450 billion in 2024, to USD 1150 billion by 2032, while digital health is expected to expand eightfold by 2033, reaching nearly USD 488.50 billion. But as these industries scale, so does the sophistication of the fraud they face. Fueled by generative AI, synthetic identity documents, deepfakes, and AI-driven tactics are evolving rapidly—exploiting gaps in security and compliance to trick systems and commit fraud. The use of deepfakes is particularly concerning, extending beyond election interference and business impersonation to AI-generated job scams. Singapore recorded a staggering 1,500% surge in deepfake fraud cases from 2024 while Hong Kong SAR saw an even more dramatic 1,900% jump. As AI becomes more accessible, fraudsters are using AI-powered tools to construct synthetic identity documents, combining real data like a valid ID number with fictitious details to create a completely new, non-existent persona. In sectors like fintech and healthtech, where digital onboarding and remote verification are common, these AI-generated documents are often used to impersonate legitimate users during Know Your Customer (KYC) checks. This allows bad actors to fraudulently access financial services or sensitive health records, posing serious risks to both service providers and end users. Globally, synthetic identity document fraud cases have surged by 195%, with APAC seeing an even sharper rise of 233%, underscoring the scale and sophistication of the threat. Several APAC markets have recorded a sharp year-on-year rise in synthetic identity document fraud (Q1 2024 to Q1 2025), with particularly steep increases in: Philippines: 291% increase Hong Kong SAR: 209% increase Thailand: 188% increase Singapore: 184% increase Australia: 117% increase "While fintech fraud is a familiar battleground, given the sector's long standing exposure to financial crime and its evolution alongside crypto, the scale of fraud in healthtech signals a worrying new frontier. As more healthcare services go digital, the sector's vulnerabilities are being exploited at pace, putting trust in the digital health system at serious risk. The surges in AI-powered fraud, including deepfakes and synthetic identity documents, is exposing critical flaws in traditional verification systems," said Penny Chai, Vice President, APAC, Sumsub. "To protect themselves, businesses must move beyond outdated approaches and adopt multi-layered, adaptive defenses. At Sumsub, our focus is on helping businesses stay one step ahead of fraudsters by anticipating new attack vectors and delivering smarter, more resilient full-cycle verification solution." In response to the rapidly growing fraud risks in the region and across the globe, Sumsub will host its inaugural What The Fraud Summit to serve as a dedicated platform for industry leaders, regulators and fraud experts to have bold conversations and exchange actionable insights to beat the global fraudemic. The Summit will be held in Singapore from November 19 to 20, 2025. Learn more about the WTF Summit and ticket details: About Sumsub Sumsub is a full-cycle verification platform that secures the whole user journey. With Sumsub's customizable KYC, KYB, Transaction Monitoring, and Fraud Prevention solutions, you can orchestrate your verification process, welcome more customers worldwide, meet compliance requirements, reduce costs, and protect your business. Sumsub has over 4,000 clients across the fintech, crypto, transportation, trading, e-commerce, education, and gaming industries, including Bitpanda, Wirex, Avis, Bybit, Vodafone, Duolingo, Kaizen Gaming, and TransferGo. Sumsub has citations in research published by global institutions such as the United Nations and Statista, as well as ongoing consultancy and engagements with INTERPOL. View original content to download multimedia: SOURCE Sumsub
