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Google Introduces DigiKavach in India to Combat Financial Frauds

The Minister of Electronics and Information Technology, Ashwini Vaishnaw, was also in attendance at the location.

By Newsd
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Google Introduces DigiKavach in India: The ninth iteration of the Google for India event was executed by Google on October 19, in Delhi. Significant developments regarding Google’s expansion strategies in India, such as the domestic production of Google Pixel smartphones, were unveiled at the event. The Minister of Electronics and Information Technology, Ashwini Vaishnaw, was also in attendance at the location.

One notable subject among the various announcements was DigiKavach, a novel undertaking by Google aimed at detecting and combating financial fraud within the Indian market. A collaboration between Google and the Fintech Association for Consumer Empowerment (FACE) will ensure vigilant surveillance of fraudulent activities within the nation and disseminate relevant alerts to the public.

Google Introduces DigiKavach in India: Google’s DigiKavach Will Prevent Financial Scams

DigiKavach, a threat detection and warning system developed by Google, aims to detect recurring patterns of financial frauds within the nation. Given the expansion of digital payment methods in India and the prevalence of ongoing fraud in the country, the organization has undertaken this initiative.

DigiKavach will compile information regarding every financial fraud and develop a model of the robberies. The system will subsequently pinpoint specific vulnerabilities of the fraud. These indices will subsequently be employed to alert authorities in the event that a comparable fraudulent scheme is identified.

Google has formed a partnership with the Fintech Association for Consumer Empowerment (FACE), an organization whose mission is to ensure that the Government of India and the Reserve Bank of India’s policies and frameworks are implemented legally in India. This will facilitate DigiKavach’s access to additional data.

When DigiKavach detects possible fraud, it will additionally engage in collaboration with the cyber crime department, local police, and other relevant authorities. Google asserts that DigiKavach will function as an accessory and integrate seamlessly with the existing security systems in India.

Google further stated that it is cognizant of dubious money lending applications that are available on the Google Play Store and the Internet. Google is making every effort to eliminate potentially malicious financial applications. The partnership with FACE will expedite Google’s efforts to tighten down on such applications.

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With a 35% market share, Google Pay is the second largest payment application in India, trailing only PhonePe. GPay provides an extensive selection of services, including bill payments, recharges, P2P and P2M UPI transfers, and more. Google has declared that GPay will initiate sachet loans to its users in the near future.

DMI Finance, with which Google has partnered, will provide merchants and consumers with small-ticket financing contingent on their credit history. GPay intends to provide financing within its application, spanning from Rs 10,000 to Rs 1 lakh, with terms varying from seven days to one year.

Additionally, Axis Bank and ICICI Bank have partnered with GPay to offer UPI-based credit lines to its customers. Additionally, the recent approval by the RBI to permit UPI payments on Rupay credit cards has increased credit utilization in the country, which GPay is attempting to capitalize on.