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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
fraud.
 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

organisation.