Today, identity theft is on the rise because so much of our private information is now floating around in the realm of public information and access to it has never been so easy. Already, there are photocopies of your driver’s licence, passport, pan card, Aadhar card, Voter ID, in addition to forms filled with your personal information sitting carelessly on desks at banks, government agencies and offices.
You are thinking, what can someone do with a photocopy, anyway, right? Wrong. Someone can simply use your photocopy/identity to commit all kinds of frauds.
For one thing, a person can use your PAN card details, doctor it and use your PAN number to apply for a loan that they never intend to pay back. Eventually, the loan provider will hound you to repay a loan that you haven’t even applied for in the first place.
An ex-bank employee tells a story of how a third party sales person forged a customer’s signature to apply for a loan he never wanted. The forger’s motive was to meet his sales target and get a bonus. He used photocopies that he had saved from previous work he had done with customer and used it to complete the application. The customer was both surprised and angry.
These kinds of stories where personal data is abused can go on.
MoneyTap seeks to address the concern that most users rightly have about security and privacy. Here is how MoneyTap reduces paperwork and secures your information:
MoneyTap completes the eligibility process without asking for any paper work. You simply need to update your Aadhaar, PAN, and other pertinent information to find out if you are eligible.
As KYC is required by law for any banking activity, MoneyTap requires minimal paperwork and is moving towards eKYC. eKYC uses current biometric technology to match your fingerprint and iris scan to your Aadhaar data.
For Using Your Money
MoneyTap is password protected. Every time you need to make a transaction you will be required to input a password to make an IMPS transfer to your account.
Even if someone does crack your password and withdraws money using your app, the money can only be transferred to your account. A third party cannot physically change account details.