Mumbai based digital authentication startup IDfy has launched a product which can mask or conceal an applicant’s Aadhaar number so that banks, fintechs, and telecom companies can use the document as a tool for doing KYC.
Simultaneously, the company has also launched a video KYC mechanism for companies to be able to do KYC of their customer base at 90% less cost in comparison to paper-based KYC.
The Union Cabinet has issued an ordinance recently to allow banks and telcos to use Aadhaar data for validation of their customers, but on a voluntary basis and also with their numbers concealed and privacy concerns taken care of.
In a note shared with ET, IDfy said that with both these mechanisms it can help companies authenticate their users lawfully and also at a cheaper cost.
Explaining how the product functions, the company said that the Automated Masking processes the image of an uploaded Aadhaar card and delivers the same image with the first eight digits of the Aadhaar number masked.
With the video KYC feature, IDfy allows customers to have a live video session with the company remotely and the software can authenticate the customer against a government approved ID card.
“We are providing a solution that provides for comprehensive fraud detection while respecting people’s privacy,” said Wriju Ray, chief business officer, IDfy. “With Automated Masking, we are bringing the benefits of eKYC back to the industry while ensuring that people’s data remains private.”
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