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NPCI Puts Brakes On Misuse Of Virtual IDs

Inc42 · 1y ago

NPCI Puts Brakes On Misuse Of Virtual IDs

Fintech companies are offering services using unauthorised third-party authentication of users through their UPI Ids, which goes against the rules set by the NPCI and the central bank. The NPCI has ordered the shutdown of these services, stating that UPI APIs are intended for facilitating UPI payments and verifying users for fraud prevention purposes only.

Related News

NPCI curbs on unauthorised use of UPI IDs by fintech companies

Economic Times

Economic Times · 1y ago

NPCI curbs on unauthorised use of UPI IDs by fintech companies

The National Payments Corporation of India (NPCI) has instructed fintech firms to halt unauthorised use of virtual IDs for activities beyond payments and settlements on the Unified Payments Interface (UPI) platform. Some businesses had been using UPI IDs to verify users, which is not authorised by NPCI and the Reserve Bank of India. NPCI warned that any violation of guidelines would result in penalties or cessation of UPI services. Fintechs, including identity verification platforms and payment aggregators, have been using UPI APIs to authenticate users and build customer profiles.

NPCI to deactivate THESE UPI IDs by December 31, 2023

Livemint

Livemint · 2y ago

NPCI to deactivate THESE UPI IDs by December 31, 2023

The National Payments Corporation of India (NPCI) has instructed payment applications to deactivate UPI IDs that have been inactive for over a year by December 31, 2023. This is to prevent inadvertent fund transfers when customers switch their mobile numbers without unlinking them from their banking system. Third-party app providers and payment service providers must take necessary actions, and users must verify and update their UPI IDs and associated phone numbers accordingly. Deactivated UPI IDs and phone numbers must be re-registered for inward credit transactions.

What is document fraud and how to prevent loss of money and identity - The Economic Times

Economic Times

Economic Times · 9m ago

What is document fraud and how to prevent loss of money and identity - The Economic Times

Document fraud is escalating, with sophisticated forgeries bypassing security checks in sectors like education, finance, and healthcare. False documents and IDs are used for fraudulent admissions, loans, and property disputes, often costing individuals significantly. To combat this, consumers should verify credentials, digitally validate documents, monitor credit reports, protect sensitive IDs, and remain vigilant for suspicious offers. Quick reporting of suspected misuse can reduce damage, highlighting the growing consumer-level problem of document fraud.

Karnataka HC puts the brakes on bike taxis in the state

YourStory

YourStory · 1y ago

Karnataka HC puts the brakes on bike taxis in the state

The Karnataka High Court has ordered bike taxi platforms like Rapido, Ola, and Uber to suspend operations in the state within six weeks, raising legal challenges for these companies. The decision came after rejecting petitions from these firms, amid ongoing disputes with autorickshaw unions. Key issues include the use of white number plate motorcycles as commercial vehicles. Rapido expressed concern for its drivers and plans to seek legal remedies once the court's detailed order is released.

Paytm begins user migration to new UPI IDs; here is how it will affect you

Livemint

Livemint · 2y ago

Paytm begins user migration to new UPI IDs; here is how it will affect you

Paytm is migrating its customers to partner payment service provider banks following the Paytm Payments Bank crisis. The National Payment Corporation of India (NPCI) has given approval for this migration process. Paytm users will be transferred to partner banks including Axis Bank, HDFC Bank, SBI, and Yes Bank. Under this migration process, users' UPI IDs will change to new IDs associated with these partner banks. The Reserve Bank of India had asked Paytm Payments Bank to stop accepting deposits or top-ups, leading to this migration.

OpenAI to Require ID Verification for Businesses to Access Future AI Models

OutlookIndia

OutlookIndia · 1y ago

OpenAI to Require ID Verification for Businesses to Access Future AI Models

OpenAI plans to implement an ID verification process for businesses to access future AI models, requiring government-issued IDs for eligible companies. This initiative aims to prevent API misuse, regulate unsafe AI use, and protect intellectual property, following previous investigations into unauthorized data extraction and access restrictions in China. The new verification approach seeks to enhance security and maintain accessibility for developers while mitigating potential violations and misuse of OpenAI's advanced models.

Biden administration puts quotas on global AI chip sales

Arstechnica

Arstechnica · 1y ago

Biden administration puts quotas on global AI chip sales

The US government has imposed new regulations on global AI chip exports, dividing countries into three tiers of access. Close allies enjoy unrestricted access, while approximately 120 countries face quotas, and bans remain on China, Russia, Iran, and North Korea. The rules, effective in 120 days, aim to prevent misuse of AI chips for national security threats. Major tech firms and industries express concern, viewing the regulations as potentially driving markets toward Chinese competitors.

Elon Musk puts the brakes on AI development at Tesla until he gets more control

Business Insider

Business Insider · 2y ago

Elon Musk puts the brakes on AI development at Tesla until he gets more control

Elon Musk wants more control of Tesla before advancing its AI capabilities. He expressed discomfort in expanding the company's AI and robotics without controlling 25% of the votes. Musk currently holds a stake of about 13% in Tesla, worth around $206 billion. He desires enough power to be influential but not to the extent of being untouchable. Musk suggested a dual-class voting structure to achieve this, but claimed it impossible to realize post-IPO in Delaware.

Paytm's 'Opt-Out' UPI Migration Raise Privacy Concerns

Inc42 · 1y ago

Paytm's 'Opt-Out' UPI Migration Raise Privacy Concerns

Paytm's plan to transfer UPI IDs from Paytm Payments Bank to four new banks is facing criticism from users due to privacy concerns. Users expressed disappointment with the opt-out SMS sent by Paytm, arguing that they should have been given the option to opt-in instead. Many are questioning whether Paytm violated regulations set by RBI and NPCI in the process.

Inactive UPI IDs will be deactivated by December 31, 2023 by payment apps: NPCI

Economic Times

Economic Times · 2y ago

Inactive UPI IDs will be deactivated by December 31, 2023 by payment apps: NPCI

Under new guidelines issued by the National Payments Corporation of India (NPCI), payment apps and banks are required to deactivate UPI IDs and numbers that have been inactive for over a year. This measure aims to prevent inadvertent money transfers to unintended recipients, especially when customers change their mobile numbers without disassociating the old number from the banking system. The guidelines must be implemented by December 31, 2023.

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