As the instances of cyberfraud and identity theft are on the rise in the country, the Department of Telecommunications (DoT) has proposed a new Mobile Number Validation (MNV) platform. As per ET Telecom report, this platform will allow banks and fintech companies to verify the ownership of mobile numbers directly with telecom operators. The initiative is aimed at curbing the use of mobile numbers in fraudulent or "mule" accounts, which are used to withdraw money after a cyberfraud has been committed.
Support from parliamentary standing committee on home affairs
The initiative has also received support from the parliamentary standing committee on home affairs. In addition to this platform, the committee also wants to use technologies like AI-powered facial recognition solutions for telecom SIM subscriber verification to prevent identity fraud at the time of issuing a SIM.
Amendments to the telecom cybersecurity rules
Currently, there is no system to ensure a mobile number linked to a bank account truly belongs to the account holder. This new system will allow banks and fintech operators to verify the ownership of telephone numbers directly with telecom providers. To make this possible, the DoT has also proposed amendments to the telecom cybersecurity rules.
Privacy activists are not happy
However, privacy activists are not happy with this move. They feel that these rules are overreaching and could compromise the privacy of users. Despite this, the parliamentary committee has urged for the urgent rollout of the system with privacy safeguards to prevent fraud.
Could impact innocent users
Once rolled out, the system could impact innocent users who have registered a SIM card in their bank accounts that is in the name of a parent, sibling, or another person. Such users may face problems, but we will get more clarity once the system is implemented.
ALSO READ: Why does every iPhone ad display 9:41 timestamp? Here's the interesting story
