Aadhaar-enabled Payment System (AePS): Aadhaar-enabled Payment System (AePS) is a banking-driven framework that enables digital financial transactions at Point-of-Sale (PoS) devices and micro ATMs of any bank through Aadhaar authentication. Aadhaar-enabled Payment System (AePS) is also important for UPSC Prelims Exam 2023 and UPSC Mains Exam (GS Paper 2- Various governance initiatives and associated issues).
In a Twitter thread, popular YouTuber Pushpendra Singh recounted an incident where his mother’s bank account was emptied using an Aadhaar-linked fingerprint without requiring two-factor authentication. Disturbingly, the bank did not inform his mother about these transactions via any form of notification. Further research on Google reveals that similar occurrences have been reported across various regions in the country. Cybercriminals have resorted to using silicone thumbs to manipulate biometric Point-of-Sale (POS) devices and ATMs, resulting in unauthorized access to users’ bank accounts.
According to the National Payments Corporation of India (NPCI), the Aadhaar-enabled Payment System (AePS) is a banking-driven model that facilitates online financial transactions at Point-of-Sale (PoS) devices and micro ATMs of any bank by utilizing Aadhaar authentication. This innovative approach eliminates the requirement for OTPs, bank account information, and other financial details. Fund transfers can be conducted solely using the bank name, Aadhaar number, and the fingerprint recorded during Aadhaar enrolment.
The clarity regarding the default activation status of the Aadhaar-enabled Payment System (AePS) is not explicitly mentioned by either the Unique Identification Authority of India (UIDAI) or the National Payments Corporation of India (NPCI).
Despite reports of Aadhaar data breaches in 2018, 2019, and 2022, the Unique Identification Authority of India (UIDAI) has consistently refuted any data breaches.
The Unique Identification Authority of India (UIDAI) is proposing an amendment to the Aadhaar (Sharing of Information) Regulations, 2016. This amendment would require entities possessing Aadhaar numbers to refrain from sharing details unless the Aadhaar numbers have been appropriately redacted or blacked out, both in print and electronic formats.
In the event of any suspicious activity observed in their bank accounts, it is strongly recommended that users promptly lock their Aadhaar biometric information if they have not done so already.
Aadhaar-Voter ID Linkage: Key Details and Associated Concerns
The Haryana Public Service Commission (HPSC) has officially announced the exam date for the HPSC…
In March, the Uttar Pradesh Public Service Commission (UPPSC) postponed the UPPCS prelims examination due…
In the UPSC Exam History has a very important role, it is one of the…
The Model Prisons Act is a significant legislative initiative aimed at replacing the outdated Prisons…
For candidates preparing for the BPSC Exam 2024, the previous year's question papers are a…
According to the National Crime Records Bureau, India's crime rate (incidents per 100,000 people) dropped…