5 technology platforms mitigating financial risks in India

By Gloria Mathias

In the dynamic landscape of India’s financial sector, innovation has brought unprecedented convenience and ease. However, alongside these advancements, the frequency and complexity of financial frauds and scams have surged. As transactions move increasingly online, the vulnerability to cyber threats has escalated, highlighting the critical role of cybersecurity firms. These companies are at the forefront, safeguarding sensitive financial data and fortifying digital infrastructures against malicious attacks.

Financial security can be strengthened through a combination of robust cybersecurity measures, regulatory compliance, and continuous transaction monitoring. Advanced technologies like AI-driven fraud detection, digital identity verification, and secure payment gateways play a crucial role in protecting users and institutions.

The Reserve Bank of India (RBI) plays a pivotal role in this ecosystem, setting stringent guidelines and regulations to ensure the integrity and resilience of financial systems. Its proactive measures not only mitigate risks but also foster an environment conducive to sustainable innovation. As India navigates this digital transformation, the collaborative efforts of financial institutions, cybersecurity experts, and regulatory bodies like the RBI are essential in fortifying the nation’s economic security framework.

Listed below are 5 platforms ensuring financial security in India: 

• BeFisc

BeFiSc (Beyond Financial Score) is a provider of interoperable solutions for KYC of individuals & merchants with fraud prevention signals. It quickly and accurately evaluates digital identity to help FinTech, Insurance, Gaming, and eCommerce enhance their security and fraud mitigation measures. It consists of a team of entrepreneurs and developers working on a mission to make India digital fraud-free and provide an alternate DigitalAge score.

• Digio.in

Digio is a startup focused on driving India’s digital transformation by bringing paperless, presence-less, hassle-free digital processes to Indian businesses and consumers. Digio.in is a digital platform that provides electronic signature and digital document processing services in India. It offers solutions that enable businesses to go paperless by allowing users to sign documents electronically, verify identities, and manage agreements online. Digio’s services are widely used for automating workflows in various sectors, including banking, finance, insurance, and legal industries.

• Fintellix

Fintellix provides the banking and financial services industry with data management platforms, regulatory technology, supervisory technology, compliance management, risk management, and digital and analytical solutions. Its risk and regulatory solutions help banks and financial services organizations meet compliance requirements for a specific jurisdiction or as a multi-country rollout.

• Protectt.ai

Protectt.ai is a Mobile Threat Defense (MTD) cyber-security organization offering a next-generation mobile app, device, and transaction security solution driven by Deep Tech. AppProtectt is an industry-first innovation with unique runtime application self-protection for mobile app security. It offers advanced protection features specifically designed to safeguard banking and financial mobile application APIs against evolving cyber threats and data leakage.

• Surepass Technologies

Surepass Technologies is a technology company specializing in digital identity verification and KYC solutions. They provide API-based services that enable businesses to verify identities, onboard customers, and comply with regulatory requirements efficiently. Surepass Technologies offers a range of products, including Aadhaar verification, PAN verification, GST verification, and more, which are widely used in sectors like finance, banking, insurance, and eCommerce to ensure secure and seamless customer interactions. Their solutions help mitigate fraud and enhance the overall security of digital transactions.