Times Internet, a digital venture of Times Group, has formed a strategic alliance with Sekura.id to introduce a secure, passwordless mobile identity authentication service in India. The collaboration aims to enhance user authorisation processes for numerous Indian enterprises by utilising the SIM card's capabilities, offering a solution that eliminates the need for passwords, said a statement.
The introduced service, named SAFr Auth, provides a passwordless and secure method to authenticate users without the need for manual intervention or multi-factor authentication. Sekura.id said its technology enables user authentication via phone, negating the necessity for two-factor authentication (2FA) or SMS one-time passwords (OTP), promising a secure, swift, and convenient authentication experience.
This partnership comes at a time when India faces significant challenges in identity theft. According to a 2022 report by Statista, India led the global chart in the number of identity theft cases, with approximately 27.2 million adult victims. In comparison, the United States reported about 13.5 million cases.
Furthermore, Experian's 2022 Global Identity and Fraud Report highlighted that over half of the Indian respondents experienced fraud across various platforms, including social media sites, payment systems, and online gaming platforms.
“We are delighted to partner with Times Mobile in Times Internet, one of India's most respected companies. This partnership will enable the delivery of innovative solutions like SAFr Auth to protect the digital life of Indian consumers using the superpower of the SIM,” said Gautam Hazari, CTO, Sekura.id.
He further noted the significance of this partnership in the era of Generative AI-driven deepfakes, emphasising that it would enhance security and reduce friction for businesses, leveraging the SAFr platform and Sekura.id's innovative solutions, which have impacted 2.5 billion people globally over the last three years.
Highlighted the critical nature of user identity authentication in sectors such as banking, e-commerce, and digital payments, Nitin Chowdhary, Vice President and Business Head of Times Mobile, cited the media reports indicating significant financial losses due to identity theft, with an estimated ₹300 Crore lost in FY23 alone.
“The recent press release from the Reserve Bank of India underscores the need for more robust authentication solutions than SMS-OTP. Times Mobile is very happy to bring Sekura.id's solutions to India to address these issues,” Chowdhary said.
