Aadhaar Enabled Payment System (AEPS) is a bank based model. In this, money transactions are done using Aadhaar based biometric authentication. In this, the bank customer can use the fingerprint for transactions in his Aadhaar linked bank account.
No fraudulent transactions can be done with Aadhaar Enabled Payment System (AEPS). Unique Identification Authority of India (UIDAI) has added a new security feature in AEPS. This new feature called ‘Fingerprint liveliness’ is helpful in preventing fake fingerprints to withdraw money through AEPS. UIDAI has launched a new feature after reports of financial frauds using fingerprints made on silicon pads.
Aadhaar Enabled Payment System is a bank based model. In this, money transactions are done using Aadhaar based biometric authentication. In this, the bank customer can do things like cash deposit, cash withdrawal, intrabank and inter bank cash transfer and balance enquiry through business correspondence on his Aadhaar linked bank account.
Accurate fingerprint recognition
cnbctv18.com According to a report by The Economic Times, an official was quoted as saying that this new security feature has been introduced in AEPS point-of-sale machines through a software upgrade. With this, the PoS will know whether the fingerprint being used is of a living person or not. Since AEPS has been enabled, more than 1,507 crore banking transactions have taken place so far. Of these, 7.54 lakh fraudulent transactions have taken place through this system. The new security feature has been added after several reports of misuse of AEPS across the country.
To curb illegal transactions Shams Tabrez, Founder and CEO of EasyPay, said that the new security feature will help in tracking fraudulent fingerprints and illegal transactions. This will ensure better authentication and security. There have been many incidents of forgery and fraud in recent times. According to Tabrez, at present, the government has about 50 lakh Aadhaar enabled PoS machines in the country.
Fraud is happening like this For some time, there were reports of financial transactions from Aadhaar enabled payment system using someone else’s fingerprint. Investigation revealed that the fraudsters had copied the fingerprints of the people from the land records uploaded on the government website. These were then engraved on the silicon pad, people’s bank accounts were breached.
