Flipkart Ventures to fund, mentor GenAI-based early stage startups

Selected companies that integrate GenAI into their core solutions across various sectors will be entitled to equity investments ranging from USD 200,000 to USD 500,000, in addition to invaluable mentorship aimed at achieving product-market fit, establishing scalable infrastructure, and assembling robust teams,” the press release outlined. It further mentioned that these startups will benefit from a two-month mentorship program, during which industry veterans, operators, and founders will provide guidance to prepare them for rapid expansion.

According to sources cited in the report, the government is currently piloting a system that allows banks to monitor both the registered address and geolocation of a customer, along with the delivery location of an OTP. Any disparity between these locations would trigger an alert for the customer, signaling a potential phishing attempt.

“The solution is still in the testing phase; it’s early days, but the concept is to track the geolocation of the customer using telecom data and ensure that the OTP reaches the intended area,” shared a senior bank official with ET on the condition of anonymity.

Initially, the Reserve Bank of India (RBI) recommended an additional layer of authentication for digital payment transactions primarily to combat fraud. However, cybercriminals have refined their techniques to either trick unsuspecting bank customers into revealing OTPs or redirect OTPs to their own devices using illicit methods. Consequently, the effectiveness of the second authentication factor in thwarting cybercrimes has waned.

Government data indicates that the registry received 1.12 million complaints, amounting to Rs 7,488 crore in fraudulent transfers in 2023.