Financial Frauds and Your Aadhaar
In today’s world, financial frauds are everywhere, especially in India where every citizen relies heavily on their Aadhaar Card, a crucial identity document. Sadly, Aadhaar cards are often misused in financial frauds, putting people’s hard-earned money at risk.
Understanding the Risk: Aadhaar Enabled Payment System (AEPS)
The Aadhaar Enabled Payment System (AEPS) poses a significant threat. Unlike other online services, AEPS transactions don’t always require multi-step authentication like usernames, passwords, and OTPs. This lack of stringent security measures makes unauthorized financial transactions easy, leading to losses for innocent users.
Real-Life Example: Jyoti Ramalingaiah’s Experience
Engineer Jyoti Ramalingaiah shared his unfortunate experience on LinkedIn, where he lost Rs.10,000 due to an unauthorized AEPS transaction. Criminals used his Aadhaar card information to validate the transaction, leaving him in financial distress.
Taking Action: How to Secure Your Aadhaar
To avoid such situations and keep your hard-earned money safe, follow these simple steps:
- Download the mAadhaar App: Start by downloading the mAadhaar app from the Google Play Store.
- Register Your Aadhaar: Upon opening the app, tap on ‘Register My Aadhaar’ located at the top right corner. Create a 4-digit password for the app to enhance security.
- Enter Aadhaar Details: Input your Aadhaar Number and the provided Security Captcha.
- Verify with OTP: You’ll receive an OTP on your registered mobile number. Enter this OTP to proceed.
- Enable Biometric Lock: Scroll down and tap on ‘Biometric Lock’ in the app. Choose the ‘Lock Biometrics’ option.
- Final Verification: Complete the process by entering the Security Captcha and OTP once again. Once verified, your biometric data will be securely locked.
By taking these simple steps, you can protect your Aadhaar card and safeguard your finances from potential frauds. Stay vigilant, stay secure!