The National Crime Record Bureau (NCRB), in its report, recorded 50,035 cybercrime cases in 2020, and it is alarming to see that the numbers have surged exponentially ever since the pandemic. This opened the gates to remote onboarding and the use of facial recognition algorithms to distinguish users’ unique features, enhancing their onboarding experience. On the flip side, this has also given scamsters and fraudsters ample opportunities to manipulate and employ technologies for wrongful gains.

Globally, the telecom service providers are under massive pressure to add new revenue streams because of the commoditization of voice and data services and dropping margins. In this regard, several service providers have started offering financial services to leverage their distributor network and existing relationship with the subscribers.