Mobile Technology has shown a tremendous growth in the last decade and is still progressing at an alarming pace. With increase in adoption of mobile technology globally and in India as well, people are doing online financial transactions through the Mobile or Computers. In most of financial transactions, the use of OTPs is widespread as a second factor authentication. Now these OTPs are delivered through the Telecom operator on the phone number which is linked with your account.
This poses a huge security risk if someone is able to get access to these OTPs? These days there are lot of cases of Phishing of SIM cards taking place, where a fraudster by stealing the victim’s identity or colluding with the Telecom Operator representative gets a new SIM card with same phone number as the Victim’s. Now the OTPs are delivered on the new SIM card which is with the Fraudster, whereas the old SIM card with the victim gets blocked. Fraudsters can then use the OTPs to make payments, fund transfers etc from the victim’s account. By the time victim finds about the SIM phishing, the fraud has already taken place and money is gone from his account.
Biometric (namely, IRIS/Fingerprint/Face/Voice) is unique for every user. And, if it gets blended with OTP & passwords, it becomes unbreakable. Nexsign (a Samsung SDS Solution) provides a secure way of delivering the OTP to the user without relying on the Telecom network or SIM cards. User can get the OTP delivered within the respective Bank App whenever he/she has to do any transaction. And to access this OTP from the App, User will have to do Biometric Authentication (IRIS/Fingerprint/Face/Voice) and only on successful authentication the user can read it and then use it to complete the authentication. Nexsign ensures that OTPs cannot be manipulated by Fraudster through SIM Phishing and only right user can access the OTP. Nexsign offers the advantage as it can integrate in Bank’s existing Mobile application and can be deployed quickly. Moreover, customers as well can utilize their existing Mobile devices as Face and voice can work on any Android Smartphone as it needs only a front camera and microphone to work.
In addition to this, Nexsign can also replace the Pin/password in the Mobile applications through Biometric Authentication (IRIS/Fingerprint/Face/Voice) which are more secure as biometrics are use for every customer. Further, for performing a Web login on a PC browser, User needs to authenticate his biometrics which he gets on his device in the form of a push notification and appropriate access is granted on the application workflow on the PC browser.
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Sumit Dhingra is a Senior Manager, Mobility Solutions at SDS India. He provides consulting to various vertical specific customers such as Government, IT/ITES, BFSI, MFI's, Startups etc. on Samsung SDS Mobility Solutions stack. Further, he drives the relationship with Samsung Electronics in India for various engagements such as devices opportunities, Executive Briefing Center (EBC) and joint GTM's including marketing events.
Sumit has been engaged with Samsung Research Institute (SRI) for any bespoke development for mission critical project with Government of India.