Google launches ‘DigiKavach’ to prevent financial frauds in India, Learn how it will work

- Advertisement -

Google on Thursday announced the launch of ‘DigiKavach‘, an early threat detection and warning system aimed at identifying financial fraud patterns and blocking them before they can cause widespread harm.

At its ‘Google for India’ event, it said that the new system will leverage “a collective, proactive, responsible approach to quickly and effectively share learnings and insights with committed partners across the ecosystem.”

All about DigiKavach

  • As per Google, DigiKavach is an early threat detection and warning system. It is designed to identify and study emerging financial fraud patterns before these cause ‘widespread harm.’
  • Under this, its teams will first study the methods and modus operandi of scammers, and follow it up by drawing insights to detect the threats early.
  • Finally, the teams will collaborate with a ‘wider ecosystem’ to cross-share insights effectively.
  • For the initiative, it is collaborating with the Fintech Association for Consumer Empowerment (FACE) which will flag potential threats ‘on priority.’
  • The programme is a part of ‘our consistent efforts to combat predatory digital lending apps on Play Store’ in the Asian nation.

The system will also involve studying the methods and modus operandi of scammers and collaborating with experts in the ecosystem.

- Advertisement -

Google has partnered with the industry body Fintech Association for Consumer Empowerment (FACE) as a priority flagger for the DigiKavach system. FACE will also work with Google to flag and remove predatory digital lending applications on the Play Store in India.

Google’s initiative comes at a time when cybercrime targeting mobile internet users is on the rise in the country. It’s worth noting that India has more than 750 million internet users. The wide availability of the internet has delivered numerous benefits, including improved governance, access to information, and digital payments.

The challenge of cybercrime, however, has continued to hurt people. Over the years, scamsters and fraudsters too have evolved into conducting more sophisticated attacks. Researchers at AI-based cybersecurity firm CloudSEK, have noted that cybercriminals are increasingly combining vishing (voice phishing) techniques with OTP grabber services to amplify their malicious activities.

- Advertisement -

Preventing such scamsters and attacks also serves Google, which operates UPI-based payment platform Google Pay. As of August 2023, Google Pay was among the top five UPI platforms in India along with PhonePe and Paytm.

- Advertisement -

Share this article...

Comments

LEAVE A REPLY

Please enter your comment!
Please enter your name here

More News...

Latest

Bank Manager took Massage inside branch, Video goes viral

Bank Manager took Massage inside branch, Video goes viral

Rs.975 crore Bank Fraud: ED arrests chairman of company in Mumbai

Rs.975 crore Bank Fraud: ED arrests chairman of company in Mumbai

Case filed against SBI Manager in Death of Electrician

Case filed against SBI Manager in Death of Electrician

Funding for Fintech Companies decreased by 99%: Report

Funding for Fintech Companies decreased by 99%: Report

MTNL Defaults on Rs 37.5 crore Loan from Punjab and Sind Bank, Government Steps in

MTNL Defaults on Rs 37.5 crore Loan from Punjab and Sind Bank, Government Steps in

Dividend paid by PSU Banks to Government, Check Bank Wise Amount

Dividend paid by PSU Banks to Government, Check Bank Wise Amount

National Housing Bank Recruitment 2024, Check Vacancies and Apply Online

National Housing Bank Recruitment 2024, Check Vacancies and Apply Online

Scheduled Commercial Banks’ Business in India: RBI Data

Scheduled Commercial Banks' Business in India: RBI Data

FIR against Union Bank Officer for making Fake Marriage certificate

FIR against Union Bank Officer for making Fake Marriage certificate

10 Banks in India faced minor disruptions due to Microsoft Outage

10 Banks in India faced minor disruptions due to global tech outage

Latest News