Online frauds have been roughly doubling every year, according to independent data, in spite of measures being taken by organisations and individuals to secure their online transactions.
Recent statistics indicate that more and more security threats arise from the customer side, through malware in the PC, browser compromise, MITM (man-in-the-middle), rather than on the network and server side.
Now, with the RBI mandating a very high level of security in case of online transactions, banks have been scrambling to find solutions.
eMudhra, the private certifying authority for issuing of digital signature certificate in India, in a tieup with Watchdata System Co Ltd of Singapore has now brought in Watchdata’s authentication that promises data integrity without reliance on the security of the customer’s terminal. The companies have been working together for the last eight months.
In India and Mauritius online fraud cases are increasing day by day. eMudhra and Watchdata have come together with solutions to reduce online fraud cases and provide secured solutions.
Meanwhile, the company will start issuing of digital signature certificate in Mauritius from the next month. The authentication which called for ‘What You See is What You Sign’ (WYSIWYS) has become a key respect of discussion in many a fora.
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According to Ravi Jagannathan, MD & CEO, eMudra, “With online banking gaining in popularity and cybercrime growing, banks are having to take steps to protect their HNI clients who may deal with thousands of Rupees at a given time.”
The solution of Watchdata that has been brought in by eMudra consists of a token, that can be plugged into a computer via a USB drive to conduct online banking transaction.
Watchdata in India today is recognised as the largest SIM card supplier to major mobile network operators and smart cards to government, banks, financial institutions, insurance companies and transport operators with a vision to provide trustworthy computing environment for every digital transaction.
eMudra, which has 35 people doing R&D with 20 based in Singapore and 15 in Bangalore, is now in advanced stages of talks with four banks, including nationalised banks.
eMudra had seen revenues of about Rs 12 crore in FY 2011, about Rs 15 crore in FY 2012. and this new line of business will help it see revenues of Rs 30-35 crore this fiscal.