RBI is going to create a new system to prevent online fraud, so that you will not need OTP to make payment. RBI is planning to bring an even further safety method. Through this, online transactions of customers will get security.
The cases of fraud through online transactions are increasing. To stop this, RBI keeps working from time to time. Now RBI is going to create a new system to prevent online fraud, so that you will not need OTP to make payment.
At present, for doing any online transaction anywhere, you receive an OTP through SMS for verification. This OTP method ensures that there is no disturbance or fraud in online payment.
This could be a new plan
Instead of OTP, Authenticator app can now be used for online transactions. For this, users need to obtain the password from some other application on their mobile phone. Service providers have also developed other options like tokens in the mobile app.
Token can also be an option
According to Rajdeepkumar Gupta, MD and CEO of Route Mobile, his company sends around 400 crore OTPs every month on behalf of different service providers. But, with the growth of digital systems, the possibility of fraud also increases.
Due to increasing fraud, the company has introduced TruSense division, where the service provider will have a direct data connection with the users’ devices. It will automatically recognize the mobile number and give the user a token with the device without entering the OTP. This is currently used for gmail account verification.
