Several Founders, Co-Founders, CXO Bankers, CXO Fintech professional & people who participated in the ePanel discussions:
- Mr. Taron Mohan, CEO & Promoter, NextGen Telesolutions Pvt Ltd
- Mr. Anupam Varghese, Chief Tinkerer, Tinkerbee Innovations
- Mr. Vikram Sareen, Co-Founder & Digital Transformation Architect, The Advisory Network
- Mr. Vikas Kukreja, Founder, Nupay Solutions Private Limited
- Mr. Ishan Vaish, India Partnership Manager- Worldwide Developer Relations, Apple
- Mr. Kamonasish Aayush Mazumdar, Founder & CEO at Foodieverse
- Mr. Anil Kumar Gupta, Partner, MSC
- Mr. Muthu Krishnan, former Associate VP – Merchant Acquisition, India Transact Services Ltd
- Mr. Sukhdeep Singh, Former Vice President- Banking And Business Development, Oxigen Services (India) Pvt Ltd
- Mr. Sharad Goklani, former CTO at Equitas Small Finance Bank
- Mr. Raghu Veer Dendukuri, Founder, Ideal Nation, and Solution Architect at Invincible Tech Systems Inc.
- Mr. Shashank Chowdhury, Former Executive VP- Inclusion Initiatives, Vakrangee Software Ltd
- Mr. Amarto Chakrabarty, former Principal Consultant- Global Consulting Group, Wipro Limited
- Mr. Hemal Shah, former Technical Product Manager, Mastercard
- Mr. Abhishek Mody, former Associate Director-Payment & Digital Initiatives, IDFC FIRST Bank
- Mr. Vikas R Panditrao, Co-Founder, Forum of Industry and Academic Knowledge Sharing (FIAKS)
- Many other CEO/CXO Bankers & Fintech professionals on FIAKS Forum requested to remain anonymous
In an internet-driven, interconnected economy, to have one full day of banking, financial, and health (vaccine) disruption is unacceptable. And that’s what happened! Crores of messages sent by banks, e-commerce companies, government authorities to intended recipients were not received by the recipients. Delayed OTPs and then they just came in multiple bursts. The whole system got collapsed. Merchants went berserk. They were unable to send links, SMS confirmations, bills, reports, etc to end customers.
Well, why did this happen? It happened because of a step taken by TRAI (i.e. telecom operators were asked to implement the process of scrubbing) (note that it is an already enforced regulation in 2018) in order to bring discipline on OTP and to reduce OTP frauds [1]
Digging into the 2018 regulation;
- The Telecom Commercial Communications Customer Preference Regulations (TCCCPR) was introduced by TRAI in 2018 wherein an architecture with checkpoints was defined at three ends- the customer, the sender of SMS, and the telecom operator. A Technology was put in place which included scrubbing of messages, and distributed ledger that maintained records of all registered entities that were entitled to carry out telemarketing-related functions.
- How does SMS scrubbing function? In scrubbing of SMS, numbers on which messages have to be sent are filtered in real-time to match the customer’s set desired criteria. In short, if a customer has given consent to receive messages on Tuesday, however, withdraws the permission on Monday, then the SMS will not be delivered on Tuesday. Customer preferences are filtered in real-time and immediate results are visible. In simple terms, before an SMS is delivered it is verified against the registered template.
- The sender of SMS as in the commercial entities would have to register itself and also register its content template.
- Well, repeated notices were sent to principal entities to register their communication templates and thus TRAI just took this step forward. Although on the next day itself due to inconvenience caused to customers, for seven days TRAI suspended these regulations allowing the entities to register their templates in time. [2]
Well, Telcos did their job, but banks that spend millions to educate on OTP frauds failed to plan it in advance. Why? Register and Read the Complete Discussions