The government is reportedly developing a mobile number verification (MNV) platform that will enable banks and fintech companies to confirm whether a mobile number genuinely belongs to the account holder. The move aims to strengthen fraud prevention measures while creating a new revenue opportunity for telecom operators, who will earn a fee for each verification request processed.
Under this initiative, telecom operators will be required to onboard verification services and respond to authentication requests from financial institutions. While the final fee structure is yet to be determined, earlier draft cybersecurity guidelines proposed a charge of Rs 1.5 to Rs 3 per verification request; however, the government and telecom operators have not yet finalised the revenue-sharing arrangement. Participation by banks and fintech firms will remain voluntary, although they are likely to benefit from improved fraud prevention and faster customer onboarding.
At present, no robust mechanism exists to confirm whether a mobile number associated with a bank account is actually owned by the respective customer. The MNV platform seeks to address this gap at a time when phishing, and digital fraud cases are on the rise. By facilitating direct, real-time communication between financial institutions and telecom operators, the system is expected to significantly reduce identity-related risks.
Additionally, financial service providers will be able to use the MNV framework to strengthen customer verification processes, while telecom operators gain a monetisation avenue through mobile ownership certification.
