The release of Google’s “DigiKavach” early threat detection and warning system, which seeks to spot patterns of financial crime and stop it before it can have a significant negative impact, was revealed on Thursday.
The internet company said at its ‘Google for India’ event that the new system will use “a collective, proactive, responsible approach to quickly and effectively share learnings and insights with committed partners across the ecosystem.”
The system will also require working with specialists in the ecosystem and researching the techniques and operating rules used by fraudsters.
As a priority flagger for the DigiKavach system, Google has worked with the business organization Fintech Association for Consumer Empowerment (FACE). Additionally, FACE will collaborate with Google to identify and eliminate exploitative digital lending applications from the Indian Play Store.
Google’s endeavor comes as cybercrime in the nation that targets mobile internet users is on the rise. India has more than 750 million internet users, which is important to note. Numerous advantages have been brought about by the widespread use of the internet, including better governance, information access, and e-payments.
However, the problem of cybercrime has continued to affect people. Scammers and fraudsters have also developed over time to carry out increasingly intricate attacks. Cybercriminals are increasingly mixing vishing (voice phishing) techniques with OTP grabber services, according to researchers from AI-based cybersecurity startup CloudSEK.
Google, which runs the UPI-based payment platform Google Pay, benefits from preventing such frauds and assaults. Along with PhonePe and Paytm, Google Pay was one of the top five UPI services in India as of August 2023.
A boost for Google Pay
In collaboration with ePayLater, Google claimed to be offering a credit line for retailers. With the assistance of DMI Finance, it has introduced sachet loans. Loan amounts as low as Rs 15,000 will be available through Sachet, and simple payback plans begin at Rs 111.
Through its payments service, Google has integrated Axis Bank for personal loans for users. The service has been offered on the platform for some time now by DMI Finance. More partners for personal loans will be added in the future, according to Google.