International law enforcement, fraud prevention and banking expert joins the leading identity-based, passwordless authentication provider

Bengaluru, December 14, 2022: 1Kosmos, a leader in unified identity proofing and passwordless authentication service, announced today that Nandkumar Saravade has joined its Board of Advisors. Nandkumar brings over 35 years of security expertise in fraud prevention, law enforcement, banking and regulation to 1Kosmos.

India ranked third globally and first in the Asia-Pacific region in the list of 111 countries affected by a worldwide cyberattack involving a syndicate of cybercriminals stealing passwords through a concerted phishing campaign, according to a report from Group-IB, a Singapore-based cybersecurity research firm.

As per the Reserve Bank of India (RBI), the public sector banks in India reported over Rs 40,295 crore in fraud during the financial year ending March 2022. Such breaches saw cybercriminals gaining access to passwords through a sophisticated phishing campaign, highlighting the dangers of digital insecurity.

With the rapid evolution of cyberattacks, regulatory authorities recommend that access control mechanisms use supplement passwords (e.g. strong authentication such as smartcards, biometrics or tokens), if and when necessary.

With Nandkumar’s expertise in fraud prevention and compliance, 1Kosmos is committed to bolstering its existing fraud protection measures to help its customers protect their digital identities and finances.

“Nandkumar is internationally recognized for his expertise in financial services, fraud prevention and compliance,” said Hemen Vimadalal, Founder and CEO, 1Kosmos. “His extensive experience and various roles he has played for service providers and governments on financial cybersecurity, and his industry relationships, will help 1Kosmos extend its leadership in banking and other key vertical markets in India and the Asia Pacific.”

Nandkumar Saravade has held senior executive and advisory roles for over three decades in government and private sector organizations. Drawing on his expertise in governance, strategy, ethics, and cybersecurity, he has been sought out for his insights into solving complex problems.

Previously, Nandkumar was the founding CEO of Reserve Bank Information Technology Pvt Ltd (ReBIT) for five years. He has also held senior management and advisory positions in banking with ICICI Bank and Citi, consulting at EY, and industry associations, including NASSCOM and DSCI, covering risk management, policy outreach, and greenfield innovations.

Before joining the private sector, Nandkumar Saravade had an illustrious career in the Indian Police Service for 21 years, including seven years in the Central Bureau of Investigation (CBI). His decades-long experience makes him a well-respected figure in many industries.

“1Kosmos is addressing the root of the problem in online and financial fraud, which is identity verification and passwordless authentication,” said Saravade. “I am delighted to join the company as an advisor, and I look forward to helping advance their technology adoption. 1Kosmos not only improves security and the user experience, but the platform also helps make the world more resilient to cyber fraud.”

About 1Kosmos
1Kosmos enables passwordless access for workers, customers and citizens to securely transact with digital services. By unifying identity proofing and strong authentication, the platform creates a distributed digital identity that prevents identity impersonation, account takeover and fraud while delivering a frictionless user experience. 1Kosmos is the only NIST, FIDO2, and iBeta biometrics-certified platform that performs millions of authentications daily for some of the largest banks, telecommunications and healthcare organizations in the world. The company is funded by Forgepoint Capital and Gula Tech Adventures with headquarters in Somerset, New Jersey. For more information, visit www.1kosmos.com and follow us on Twitter and LinkedIn.

Media Contact:
Pallavi Priyadarshini
+91 9739663111