According to new regulations imposed by the Reserve Bank of India (RBI), as of February2021, all regulated businesses in payments, fintech, and crypto are required to validate users’ transactions through additional authentication methods, including device binding and SIM. The new guidelines aim to prevent fraud and provide a safe harbour for Indian people looking to perform online commercial transactions.
In response to these guidelines, tru.ID will conduct a direct verification of a user’s mobile network, phone number, and associated SIM card to prevent any fraud risks and ensure strong authentication of a user’s device.
SIM-based authentication is resistant against hijacking by using tamper-resistant and cryptographic security embedded in the SIM card, thus providing a new protective layer against fraudsters and malware.
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