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Smart ID: The role of biometrics in prevention of

              identity theft

               By Vaishali Kasture, MD & Country Head, Experian India

               The world has turned 180 degrees. A few years ago, a thumbprint was a sign of illiteracy
               in India, used by people who could not read or write. Today a thumbprint can be the key
               that locks and keeps safe your most valuable assets.

               Identity theft has become one of the most
               insidious and damaging forms of                How easy is it to get this critical
               cybercrimes in the world. In India, ID         information? / How it happens / How
               theft witnessed a rise of 75% between          the theft happens
               2016 and 2017. As per the Experian
               Fraud Report 2017, Indians are the most        Hackers get their hands on personal and
               susceptible to online scams in the APAC        financial information through:
               region, with 48% of consumers directly           Calls claiming to be from a bank or
               or indirectly having experienced retail           credit card company
                                                                Authentic-looking emails requesting
                                                                 bank details
               What is identity theft?                          Hacking of online data records
               Identity thefts occur when one’s personal        Social media: a lot of personal
               information is stolen by someone who              information is already readily
               then uses it to defraud, appropriate funds        available here
               and commit other such crimes.
                                                              Identity theft is one of the most difficult
               Fraudsters manage to steal identity            types of fraud for an institution to
               through various ways, including ‘cold          prevent. It is particularly common in the
               calling’, hacking, phishing, data breach or    financial sector with fraudsters using
               even plain theft of vital information such     stolen identities to get home, auto and
               as date of birth, residence address, bank      personal loans, putting innocent people
               account numbers or card details.               at risk and causing a loss to the

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