tru.ID is bringing its device-based authentication service to businesses in India. The company’s technology can help financial institutions comply with the Reserve Bank of India’s (RBI) Master Direction on Digital Payment Security Controls, which was passed in February of 2021 and forces regulated financial services providers to use some kind of “dynamic or non-replicable” authentication factor to authorize transactions.
To that end, tru.ID offers a device binding service that cross-references a SIM card and the mobile phone number it is tied to with the information provided by a mobile network operator. The solution allows businesses to recognize a device, and helps ensure that that device is in the hands of its proper owner.
In doing so, tru.ID eliminates the need for more vulnerable authentication factors like SMS one-time passwords, while simultaneously streamlining the verification process. With tru.ID, there is no need for a traditional login, since the solution automatically checks to make sure that the request is coming from a legitimate source during a transaction. The solution is also tamper resistant, insofar as it takes advantage of the cryptographic features of a standard SIM card.
To increase its appeal, tru.ID will be offering local data hosting services to customers in India. The service will be offered to businesses at no extra cost, and ensure that all account data will be stored and processed locally. As a result, the solution will help with compliance since customer data will not leave the country’s borders.
“With tru.ID, every business can now access the formidable authentication security embedded into every GSM mobile network,” said tru.ID CEO Paul McGuire. “The combination of SIM security in everyone’s mobile phones and simplicity makes tru.ID the most innovative authentication solution for device binding.”
According to tru.ID, its solution can prevent social engineering attacks and other forms of fraud. The company noted that the number of fraud attempts originating in India has skyrocketed in the past few years, which mirrors fraud trends in other parts of the world.