eMudhra-Watchdata to check financial frauds

Mar 07 2012, 13:49 IST
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SummaryJV will offer banks key solutions to check financial frauds in online transactions.

Security solutions provider eMudhra today said it has entered into a partnership with Watchdata Technologies to offer banks key solutions to check financial frauds in online transactions.

The strategic tie-up will address online security issues, enabling the banking sector with "sign what you see" (SWYS) key security solutions for their customers, the company said in a statement.

"We are constantly working the security issues and this tie-up with Watchdata will help us increase the security levels in online banking," eMudhra Managing Director and Chief Executive Ravi Jagannathan said.

eMudhra Consumer Services Ltd is engaged in providing the technology service to its customers to secure digital transaction for the online banking.

Jagannathan said that the company will tap growing digital signature market opportunities mostly in Mauritius and African countries.

In the past few years, online transactions and commercial activities that are being done online have increased manifold.

"Lack of availability of adequate stronger authentication techniques in India is one of the reasons for such frequent incidents of online frauds," Jagannathan said.

The company has also set up a Research and Development (R&D)team and successfully developed the SWYS key authentication technique.

"We are in confirmation with the standards prescribed by the Reserve Bank of India in their information security guidelines and Information Technology Act," he added.

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