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Equal has a plan to fight India’s growing cyber fraud problem
Nov 12, 2024
India is facing a surge in cyber fraud as its digital landscape evolves, posing serious economic risks. A startup in Hyderabad is stepping up to tackle this crisis by enhancing identity verification and financial data-sharing solutions. Recently, they secured $10 million in funding to boost their efforts in KYC compliance. Their innovative approach aims to create a safer online environment while addressing the challenges of growing digital threats.
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Quick takeaways
- Equal aims to combat rising cyber fraud in India by streamlining identity verification through integration with over 50 identity databases.
- The startup's successful $10 million funding round reflects increasing demand for innovative solutions amidst regulatory challenges facing fintech companies.
Deep dives
The Rise of Cyber Fraud in India
India's rapid digitization is leading to a significant increase in online fraud, with estimates suggesting it could account for 0.7% of the country's GDP, amounting to over $14 billion. Government-backed systems, such as Adar, have not been immune to these attacks, highlighting the vulnerability of even established infrastructures. In response, the Indian government has implemented new regulatory requirements to curb fraudulent transactions, though these measures often burden businesses with the need to constantly update their technology. Moreover, such regulatory actions can inadvertently disrupt transactions, as seen in the recent complications for fintech platforms following a crackdown on unauthorized permanent account number usage.
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