How will the new security feature work?
According to the news of the Economic Times, in this new security feature of Aadhaar-based payment, ‘Liveness of Fingerprint’ is being added. This security feature will be useful as it will prevent fraudulent withdrawals through fingerprints. Many times there have been reports that money was withdrawn through fake fingerprints. According to the news, the security feature is a kind of software update that will be upgraded in all types of devices. With this update, it will be known whether the fingerprint that is being used is alive or not.
Fraud has happened many times
According to the Economic Times report, the incidents of fraud in the Aadhaar based payment system are very difficult. In the management of Aadhaar enabled payment system, the incidence of such fraud is less than 0.005 percent. But some fraud incidents also have a bad effect. Now after this new system, the incidents of fraud are expected to be completely stopped.
How Aadhar Enabled Payment System Works
Through Aadhaar enabled payment system, customers can withdraw money from their bank accounts through fingerprint verification. The data stored in the Aadhaar database is used for customer verification. This is an easy method. Customers just have to verify their details through the PoS machine in front of the representative of the bank. After that they get the amount. Apart from withdrawing money, customers can also deposit and transfer money through PoS machines. The information about the money in the account can also be easily obtained.