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Phone Banking Security will be tight with OTP from 1st Jan. 2011

One time password technique has already applied in many advance country for reducing the number of fraud cases relating to phone banking. Now, it is good new that OTP will apply in India from new year 2011. It may the gift of bank customers who are worry for their security on their mobile phones.

According to new announcement of RBI, phone banking security will be more tight from 1st Jan. 2011 in every commercial bank in India. This security norms will be used by applying one time password. A one-time password (OTP) is a  very useful password technique that is valid for only one login session or transaction. OTPs avoid a number of shortcomings that are associated with traditional (static) passwords. Every OTP will be valid for two hours and next time, you need to make new OTP.

Banks will ask for an additional password from their credit card customers from the new year for any transactions conducted over phone or mobile  following a Reserve Bank direction for making phone banking more secure. According to the RBI guideline, from January all banks will mandatorily decline any telephonic transaction, including the automated interactive voice response services, where the customers do not have a one-time password for such.

This new action has been taken due to following reason:

  • Increasing the cases of using of stolen credit card.
  • Increasing of Credit card frauds.
  • Misusing of same password of bank's customer.
  • Interactive Voice Response (IVR) leaks  the confidential information like balance, payments, transfers, transaction history of customer in bank in same password on mobile.

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Accounting Education: Phone Banking Security will be tight with OTP from 1st Jan. 2011
Phone Banking Security will be tight with OTP from 1st Jan. 2011
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