Cyber fraud has become one of the biggest problems people face these days in India and around the world. To address this growing issue, IIT Bhilai has made an innovation. A team from IIT Bhilai has created a device that is claimed to make online monetary transactions more secure. It is said that, with the use of this device, transactions from UPI, e-commerce, and net banking will become more secure. This device, which resembles a pen drive, is named ‘Trust Token’. Given the increase in cyber fraud cases in recent years, this device could be of great use.
The First Phase of the Device Completed:
Dr Dhiman Saha, Principal Investigator of the ‘Trust Token’ Project and a faculty member of the Department of Computer Science and Engineering at IIT Bhilai, stated that the first phase of this device, being developed in different stages, has been completed. The work on the second phase is also nearing completion. Dr Saha explained that the device looks like a pen drive, but it functions as a dongle that adds an extra security layer. As long as this device is not connected to a computer, laptop, or mobile device, no transaction will be possible.
“From January 2024 to October 2024, 17,011 people became victims of cyber fraud in Chhattisgarh. In comparison, 2,295 cybercrime cases were registered in Chhattisgarh in 2020,” said Dr Saha.
Trust Token Will Also Have a Password:
“If someone gets hold of the Trust Token device, the risk of unauthorized transactions will be minimal. This is because the device will be secured with a password, known only to the user. In the event that the device is stolen, lost, or falls into the hands of an unknown or criminal individual, it will be necessary to know the password in addition to any other required passwords. Without the correct password, the device will not function, making it extremely difficult for anyone to misuse it,” Dr Saha explained.
Use will start after necessary agreement
Dr Dhiman explained that often the password for banking apps on mobile phones at home is saved, which can lead to unintended payments. He mentioned that children sometimes mistakenly make payments while playing online games, searching for something, or ordering products. Such transactions will be prevented by the Trust Token. Since children would have the mobile phone in hand but would need both the dongle and its password to authorize any payment, they would not be able to make transactions without the device. Dr. Dhiman added that the IIT team is currently in discussions with ICICI Bank and the RBI regarding the use of Trust Tokens. The implementation will proceed after the necessary agreements are made. With support from the Government of India, efforts are underway to make this device entirely “Made in India.”
Key features of this innovative device:
Resembling a pen drive, this device is designed to enhance online transaction security. Equipped with a password, it halts transactions immediately upon removal. Without connecting the device, no online transactions-whether for net banking or e-commerce-can take place. Acting as a secure key, the device ensures robust protection for financial activities when connected to a mobile or laptop. Developed by IIT, this innovation is being considered for adoption by the RBI and major banks. With cyber fraud cases surging from 7,134 in 2021 to 12,295 in 2022, and further to 22,296 in 2023, this device could play a crucial role in combating online fraud.
