Thursday, December 30, 2010
Phone banking to get safer in India with aditional one time password generated everytime; public demand biometric unique smart card identification
Deccan Chronicle, Chennai - Dec 31, 2010
Phone banking to get safer
Phone banking set to become safer and more complicated starting the New Year. From January 1, you will need to generate a new password sent by your bank every time you want to use phonebanking services. This password will be valid only for a limited period up to 24 hours, or till one transaction is completed. This one time password (OTP) will serve as an additional layer of security to guard against credit card fraud. Most banks have already commu nicated to their customers the new requirement.
“Based on a Reserve Bank of India mandate, we have introduced an additional measure of security for IVR transactions on your ICICI credit cards. This means that every time you pay for a purchase or service through any merchant’s telephone system (IVR), you will be asked to input a One Time Password. This will be in effect from January 1, 2011,” said a mail from the ICICI.
Which means that OTP will be mandatory for all interactive voice transactions (IVR). Many of the banks are offering their customers the option to generate this new password via an SMS. Some banks are offering their customers the facility to generate this password online. "It is a constant endeavour for us to provide security to our online customers. We continue to put in place robust mechanisms," says CMD of Union Bank, M. V. Nair. " I. Arokiasamy, president of Chennai Credit Card Association, says, "Banks must take more intelligent measures like fingerprint identification or human trait mechanism that is only unique to the card holder."