Key Points
Since now Aadhaar is linked with most financial services, there may be a fear among people that if anybody knows the Aadhaar number, they can get access to whatever apps and services it is linked with...
However, as per various media reports, cybercriminals copied fingerprints from property registrar documents and then used the Aadhaar-enabled payment system (AePS) to withdraw a hefty amount from the victims bank account...
Bhagawat Karad, Minister of State in the Ministry of Finance said in a reply to a question in Lok Sabha on July 31, 2023, To prevent AePS frauds by the use of spoofed/gummy fingerprint during fingerprint-based Aadhaar authentication, UIDAI has rolled out an in-house Artificial Intelligence/Machine Learning technology-based Finger Minutiae Record Finger Image Record (FMR-FIR) modality...
Explaining how FMR-FIR works, Sony A, SGM & Chief Information Officer, South Indian Bank says, All AePS transactions are authenticated using biometrics linked to Aadhaar at UIDAI..
There is another security protocol that the National Payments Corporation of India (NPCI) introduced recently. Further, to make AePS transactions safe and secure, NPCI has developed a Fraud Risk Management (FRM), which is a real-time fraud monitoring solution and given to banks free of cost as a value-added service..
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This new Aadhaar-related banking fraud is on the rise; why you need to lock your Aadhaar biometrics now
20, Oct, 23According to the forum, banks are directly responsible for this fiasco, which has led to thousands of innocent depositors lose their hard earned savings through frauds using the AEPS.