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New Delhi [India], August 1 (ANI): The <keyword id="6354335" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="Orion">Reserve Bank of India</keyword> (<keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword>) has released a draft framework on alternative <keyword id="20470059" type="General" weightage="20" keywordseo="authentication" source="keywords">authentication</keyword> mechanisms to supplement the SMS-based OTP system for digital <keyword id="22624644" type="General" weightage="20" keywordseo="payment-transactions" source="keywords">payment transactions</keyword>. The RBI noted, "No specific factor was mandated for authentication, but the <keyword id="19989657" type="General" weightage="100" keywordseo="digital-payments" source="keywords">digital payments</keyword> ecosystem has primarily adopted SMS-based OTP as <keyword id="22624645" type="General" weightage="20" keywordseo="additional-factor-of-authentication" source="keywords">Additional Factor of Authentication</keyword> (AFA). While OTP is working satisfactorily, technological advancements have made available alternative authentication mechanisms." The draft discusses the Additional Factor of Authentication (AFA), which involves using more than one factor to authenticate a payment instruction. It requires that the process validate and confirm the credentials of the customer initiating the payment. Furthermore, the draft specifies that issuers must obtain explicit consent from customers before enabling any new authentication factor. Customers should also have the option to deregister from using the new authentication method. The draft states, "All digital payment transactions, other than card present transactions, shall ensure that one of the factors of authentication is dynamically created, i.e., the factor is generated after initiation of payment, is specific to the transaction and cannot be reused." Additionally, the draft mandates that issuers must have a system to alert customers in near real-time for all eligible digital payment transactions. It also prohibits transaction issuers from entering into exclusive arrangements with any Payment Service Provider or Technology Service Provider, which could limit their ability to implement alternative authentication solutions. RBI has proposed <keyword id="22624646" type="General" weightage="20" keywordseo="e-mandates" source="keywords">e-mandates</keyword> for <keyword id="21970493" type="General" weightage="20" keywordseo="recurring-transactions" source="keywords">recurring transactions</keyword> in mutual funds, insurance premiums, credit card bill payments for values up to Rs 1 lakh and in respect of all other categories for value up to Rs 15,000. The banking regulator also suggests that issuer shall be liable for the process and technology deployed for authenticating digital payments. There should also be a system of alerting the customer in near real time for all digital payment transactions. The draft notes that small value card present transactions up to Rs 5000 per transaction in contactless mode at Point of Sale (PoS) terminals are exempt from the AFA requirement. The central bank has invited comments and feedback on the draft framework until September 15, 2024. The proposed alternative authentication mechanisms aim to provide more choices for authentication factors to Payment System Operators and users.

RBI proposes alternative methods for authentication of digital payments, in addition to SMS-based OTP system

Mumbai, The <keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword> on Thursday said that it has decided to come out with a new <keyword id="20027459" type="General" weightage="20" keywordseo="framework" source="keywords">framework</keyword> for authentication of digital payment transactions and introduce additional norms to enhance the security of the Aadhaar Enabled Payment System (<keyword id="19946538" type="General" weightage="20" keywordseo="aeps" source="keywords">AePS</keyword>). Over the years, the <keyword id="19922074" type="General" weightage="20" keywordseo="reserve-bank" source="keywords">Reserve Bank</keyword> has prioritised security of digital payments, in particular the requirement of Additional Factor of Authentication (AFA). Although the RBI has not prescribed any particular AFA, the payments ecosystem has largely adopted SMS-based One Time Password (<keyword id="19957209" type="General" weightage="20" keywordseo="otp" source="keywords">OTP</keyword>). With innovations in technology, alternative authentication mechanisms have emerged in recent years. "To facilitate the use of such mechanisms for digital security, it is proposed to adopt a principle-based 'Framework for authentication of digital payment transactions'. Instructions in this regard will be issued separately," the RBI said. To enhance the security of AePS transactions, it is proposed to streamline the onboarding process, including mandatory due diligence, for AePS touchpoint operators, to be followed by banks. Additional fraud risk management requirements will also be considered. Instructions in this regard shall be issued shortly, the RBI said. Aadhaar Enabled Payment System, operated by NPCI, enables customers to perform digital payment transactions in assisted mode. In 2023, more than 37 crore users undertook AePS transactions, which points to the important role played by AePS in financial inclusion.

RBI plans new framework for authentication of digital transactions

<ul><li>The Telecom Regulatory Authority of India (TRAI) has suspended its blockchain technology aimed at filtering out <keyword id="731341" type="PERSON" weightage="20" keywordseo="Spam-messages">spam messages</keyword> for the next seven days.</li><li>This comes after users across the country saw long delays in receiving their one-time-passwords (OTPs) for online transactions.</li><li>Since the upgrade was implemented yesterday, users report not receiving OTPs from legitimate sources like their banks, digital payments apps and even government entities like Aadhaar authentication.</li></ul>One-time-passwords (OTPs) aren’t just for financial transactions. They are central for logging into email accounts, authenticating new memberships, or just signing into Amazon on a new device. Understandably, when smartphone users in India saw that OTPs weren’t coming in anymore, they were upset. However, in a splash of good news — albeit temporary — the Telecom Regulatory Authority (TRAI) is calling off its blockchain experiment under the unsolicited commercial communication (UCC) framework. “We are concerned about any customer inconvenience cases and have ordered a seven-day temporary suspension of the SMS scrubbing that was activated on Monday,” a senior TRAI official told the <a href="https://telecom.economictimes.indiatimes.com/news/trai-suspends-ucc-norms-for-7-days/81410348">Economic Times</a>. <div type="twitter" handle="vinaykesari" handlename="Vinay Kesari" image="http://pbs.twimg.com/profile_images/1198945057870495745/us1PoTlZ_normal.jpg" favoritecount="30" retweetcount="9" status="No OTPs coming through for either Axis or Kotak netbanking - guess the DLT SMS issue is real.Weirdly, Axis on-cal… https://t.co/CWOfcYOHeL" createdat="1615213947000" id="1368932630217945089"></div> The technical glitch was just a pain for private players — like <a href="https://twitter.com/Karma_Paljor/status/1368918851174297604">Axis Bank</a>, <keyword id="6357120" type="DEFINITION" weightage="20" keywordseo="paytm">Paytm</keyword>, <keyword id="984795" type="COMPANY" weightage="20" keywordseo="goibibo">Goibibo</keyword> and others — but also for government entities like the Indian Railway Catering and Tourism Corporation (IRCTC), the State Bank of India (<a href="https://twitter.com/TheOfficialSBI/status/1368982286239141889">SBI</a>) and Aadhar Authentication, who saw their messages getting blocked out. <div type="twitter" handle="anikethjain" handlename="Aniketh Jain" image="http://pbs.twimg.com/profile_images/1236891487410876417/kfDBQJIy_normal.jpg" favoritecount="12" retweetcount="4" status="DLT Phase2 went live this morning. Huge failure rates in the submission of OTP &amp; Transactional SMS across India. We… https://t.co/adzUIjJcZf" createdat="1615209973000" id="1368915962464858114"></div> “We are unable to reach the authentication service to serve you <keyword id="510437" type="COMPANY" weightage="20" keywordseo="OTP">OTP</keyword>. Please try again,” it said on the Aadhar service’s official website. Why aren’t OTPs coming through? This whole drama is unfolding because the Telecom Regulatory Authority of India (TRAI) started to implement the second phase of the SMS regulations on March 8. The transition has been less than smooth to say the least, with companies may not have registered in time getting locked out. The government’s new process is designed to curb spam and fraud messages. Using a blockchain-based solution, telecom operators can now verify commercial messages and their source using a template for such communication. Unregistered messages, which do not follow the template, will be blocked as potential fraud. And, that’s what’s happening to your OTPs. <div type="twitter" handle="NakulShenoy" handlename="Nakul Shenoy" image="http://pbs.twimg.com/profile_images/1334384232345395200/zQrBzBVj_normal.jpg" favoritecount="0" retweetcount="0" status="Why the heck would you stop sending OTPs via email, @ICICIBank_Care? Look at the mess this has landed into, with no… https://t.co/13D1dd2pM5" createdat="1615255479000" id="1369106828399833091"></div> Telecom operators are <a href="https://telecom.economictimes.indiatimes.com/news/telemarketers-telcos-spar-over-chaos-as-2nd-phase-of-sms-regulation-kicks-in/81388371">defending</a> the digital ledger system and pointing the finger at companies who failed to register in time. According to them, the onus lies on telemarketers and individual businesses to comply with the standards. Safer or temporarily more at risk than usual Content scrubbing is a good move to keep spam at bay. But, what’s not good is when a pesky filter keeps useful messages from coming through as well. In fact, such a move could put users more at risk. “Close to 50% traffic is getting dropped because of content scrubbing. Officials from India’s top banks including HDFC and SBI are extremely furious and dialling TRAI to address the mess at the earliest,” a top executive at a leading telemarketing firm told <a href="https://telecom.economictimes.indiatimes.com/news/telemarketers-telcos-spar-over-chaos-as-2nd-phase-of-sms-regulation-kicks-in/81388371">The Economic Times</a>. <div type="twitter" handle="RedCarpetUp" handlename="RedCarpet" image="http://pbs.twimg.com/profile_images/1267104195833806850/H6FF_OZW_normal.jpg" favoritecount="9" retweetcount="0" status="We hereby like to inform that due to the new implementation of TRAI effective from 08th March 2021 for the SMS temp… https://t.co/IObmBYv4gM" createdat="1615210557000" id="1368918412261433344"></div> Without messages coming through from your bank, not only do your own transactions hit a wall but there’s no alert if someone else is trying to make a transaction from your account. This increases the chances of cyber fraud.

OTP delays should end as TRAI suspends its blockchain experiment for seven days

<ul><li>Social media app <keyword id="9520177" type="UNKNOWN" weightage="20" keywordseo="elyments">Elyments</keyword> has stopped working a day after it was launched by Indian Vice President.</li><li>The app has been developed by over 1,000 IT professionals from across the country.</li><li>It allows users to make new friends, chat, make audio and video calls and more.</li></ul>The Elyments app crossed over 100,000 downloads on the Play Store within the first 24 hours of its <a href="https://www.businessinsider.in/tech/news/india-vice-president-launches-a-social-media-super-app-elyments-which-will-take-on-facebook-instagram-and-whatsapp/articleshow/76796178.cms">launch</a> by the Indian Vice President Venkaiah Naidu. Dubbed as India’s first social media super app that will offer all features that are available on Facebook, WhatsApp and Instagram. However, soon after the launch, several users have reported that the app is not working from several hours. During the sign-up procedure, the user is required to verify their mobile number by entering a 4-digit OTP. However, even after several attempts, the app does not send an OTP to the user. <div type="image" title="Elyments" msid="76807802" hostid="261" caption="&amp;lt;p&amp;gt;Elyments&amp;lt;/p&amp;gt;"></div> We tried to register on the Elyments app using four different numbers but did not receive the OTP on any number. We have reached out to the company for an update and are awaiting their response. Several users have taken to social media platforms such as Twitter to talk about not being able to sign up for the app. Queries sent to the spokesperson remain unanswered at the time of publication. <div type="twitter" handle="prashis_twit" handlename="Prashis U" image="http://pbs.twimg.com/profile_images/649944373975773184/sHYFbNmr_normal.jpg" favoritecount="0" retweetcount="0" status="Waiting for OTP but not receiving any.#Elyments #elymentsapp #ElymentsSuperApp https://t.co/dAukI3eJHO" createdat="1594009693000" id="1279995546027954176"></div> <div type="twitter" handle="SPK_2908" handlename="Srikar Prasad K." image="http://pbs.twimg.com/profile_images/1242474996691132416/EMjbpqD0_normal.jpg" favoritecount="2" retweetcount="0" status="@ElymentsApp I m not getting my OTP.. trying since yesterday.. plz help me out...And if any OTP I get it shows inv… https://t.co/YqdVTQtchL" createdat="1594008740000" id="1279991546998214658"></div> What is Elyments? Elyments is a social media app that has been built in India keeping in mind user’s privacy as one of the primary objectives. It supports 10 languages and allows users to chat with their friends, make audio and video calls, meet new people, get alerts and more. The app has reportedly been built by over a thousand IT professionals from across the country. Why this fanfare around Elyments? The app has been launched at a time when India is engaged in a border dispute with China and has banned <a href="https://www.businessinsider.in/india/news/tiktok-shareit-uc-browser-club-factory-among-59-chinese-apps-banned-by-the-indian-government/articleshow/76694483.cms">59 apps</a>, including TikTok. Prime Minister Narendra Modi has been advocating for an ‘Aatmanirbhar Bharat’ and urged innovators and entrepreneurs to build for India. “India is an IT powerhouse and we have some of the world’s best-known names in this field. With such a huge pool of talented professionals, I feel there should be many more such innovations coming out in future,” said Vice President Venkaiah Naidu while launching the app. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/india-vice-president-launches-a-social-media-super-app-elyments-which-will-take-on-facebook-instagram-and-whatsapp/articleshow/76796178.cms">India’s Vice President launches a social media super app Elyments, which will take on Facebook, Instagram and WhatsApp</a> <a href="https://www.businessinsider.in/tech/apps/news/reliance-jio-launches-jiomeet-app-to-take-on-zoom/articleshow/76762100.cms">Reliance Jio launches JioMeet app to take on Zoom</a> <a href="https://www.businessinsider.in/tech/apps/news/chinese-app-tiktok-alternative-in-indian-market-like-chingari-triller-sharechat-roposo-mitron/articleshow/76725779.cms">Top TikTok alternatives to make and share your videos</a>

Elyments OTP verification fails⁠ disappointing new users wanting to get on board a day after its high-decibel launch

<ul><li>SMising is becoming more prevalent, as highlighted by the coronavirus lockdown, which means one-time-passwords may not be enough to keep hackers at bay. </li><li>Guru Bhat, the General Manager at <keyword id="284992" type="COMPANY" weightage="20" keywordseo="PayPal-India">PayPal India</keyword> and the company’s chief technology officer Sri Shivananda explain how ‘kinetics’ is the next threshold for payment companies to keep fraudulent transactions at bay.</li><li>The problems with using OTPs extend beyond the <keyword id="6361948" type="UNKNOWN" weightage="20" keywordseo="cybersecurity">cybersecurity</keyword> landscape, with a higher chance of transactions getting abandoned midway, creating a demand for seamless <keyword id="6659127" type="UNKNOWN" weightage="20" keywordseo="Multi-factor-authentication">multi-factor authentication</keyword>.</li></ul>Users in India believe that their online transactions are largely safe because we have a strong system of <keyword id="1592017" type="PERSON" weightage="20" keywordseo="Two-factor-authentication">two-factor authentication</keyword> in place. However, with phishing — especially SMishing — on the rise, this may no longer be the case. Hackers can gain access to your phone, and, in turn, all your messages, including incoming one-time-passwords (OTPs). So, what do you do when the one sure-shot method of protecting your <keyword id="694150" type="UNKNOWN" weightage="20" keywordseo="online-payments">online payments</keyword> might get compromised? ”The way you hold your phone, the pressure that you exert when you’re typing on the keyboard and other things — these are multiple hidden factors that will give you the same result as an OTP,” said Guru Bhat, vice-president of the Customer Success Platform and general manager at <keyword id="6357940" type="DEFINITION" weightage="20" keywordseo="paypal">PayPal</keyword> India. Most smartphones today come equipped with a host of sensors. The screen Gyroscopes can measure the orientation of your phone. Accelerometers can determine how hard you’re hitting your keyboard. And, advanced haptics can even determine how hard you’re holding your phone. These factors come together to determine a person’s digital signature through what is called ‘kinetics’. “You take the fact that an individual is associated with a device and the individuals’ use of a device itself has a signature. And, you use that signature as a part of the claim that the individual is who they claim to be,” explained Bhat. Where do you draw the line? While multi-factor authentication could facilitate seamless transitions, companies will also have to determine where to draw the line since microphones and facial recognition are also factors than need to be taken into account. While they may be more efficient than other methods to authenticate a person’s identity, they end up falling on the other end of the privacy spectrum. “It’s going be a mix of human intelligence and machine intelligence, where the magic actually lies,” said Bhat. It’s not something that is used by payments platforms just yet, but it’s definitely something that’s on the horizon. “Soon enough, we’ll get to a place where seamless transactions and convenience will all be based on implicit multi-factors, from various different things,” said Sri Shivananda, senior vice president and chief technology officer at PayPal. The obstacles with OTPs go beyond security Until multi-factor authentication comes in, OTPs are still the best option that users have at their disposal. “There are other methods of secure communication that can happen. But, during the bridge, this is the best course that companies are able to take,” Shivananda explained. However, OTPs are not only a worry with respect to security as the hackers get cleverer but also with respect to transaction drop rate. “Does two-factor authentication improve the security and safety of a transaction — absolutely, yes. And, at the same time, does it add friction to it and does the conversion rate for a merchant actually drop — absolutely, yes,” he added. From the time that you initiate a transaction to when you complete it using an OTP there are many things that can go wrong. Network connectivity could fall through, you might enter the incorrect six-digit code, somebody might call you away in the middle of the lengthy process causing the transaction to time or you might simply, just lose interest. For now, payment companies like are using artificial intelligence (AI) and machine learning (ML) to track where potential attacks could emanate from. “Through what we call defence-in-depth and layered security, we apply protection on your device from within the app — on the network edge, rate-limiting infrastructure, the right kind of cryptographic infrastructure, and so on,” explained Shivananda. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/ms-dhoni-backed-khatabook-adds-to-its-line-up-of-star-investors-sequoia-and-tencent-get-more-stake-in-indias-largest-small-business-app/articleshow/75842295.cms">MS Dhoni-backed Khatabook adds to its line-up of star investors ⁠— Sequoia and Tencent get more stake in India's largest small business app</a> <a href="https://www.businessinsider.in/tech/news/faisal-siddiquis-tiktok-acid-attack-video-is-adding-to-the-growing-list-of-problems-for-the-platform-in-india/articleshow/75800571.cms">Faizal Siddiqui’s TikTok acid attack video is adding to the growing list of problems for the platform in India</a> <a href="https://www.businessinsider.in/tech/news/tiktok-gogole-play-ratings-fall-to-1-3-stars-after-4-million-comments/articleshow/75842653.cms">Tiktok got 4 million comments on Google Play Store dragging down its rating to 1.3⁠ — but it may not disappear yet</a>

PayPal executives explain what comes after OTP — the way you type or hold your phone could be the 'digital signature' of the future

<keyword id="10387" type="COMPANY" weightage="20" keywordseo="Microsoft">Microsoft</keyword> is asking its users to avoid telephone-based <keyword id="6659127" type="UNKNOWN" weightage="20" keywordseo="Multi-factor-authentication">multi-factor authentication</keyword> (<keyword id="186410" type="COMPANY" weightage="20" keywordseo="MFA">MFA</keyword>) solutions like one-time codes sent via SMS and voice calls and instead replace them with newer MFA technologies, like app-based authenticators and <keyword id="4112252" type="PERSON" weightage="20" keywordseo="security-keys">security keys</keyword>. According to ZDNet, Alex Weinert, Director of <keyword id="10265274" type="COMPANY" weightage="20" keywordseo="identity-security">Identity Security</keyword> at Microsoft has urged users to embrace and enable MFA for their online accounts. Weinert said that if users have to choose between multiple MFA solutions, they should stay away from telephone-based MFA. The executive also explained several known security issues, not with MFA, but with the state of the telephone networks. Both SMS and voice calls are transmitted in clear text and can be easily intercepted by determined attackers. SMS-based one-time codes are also phishable via open source. In addition, phone networks are also exposed to changing regulations, downtimes, and performance issues, all of which impact the availability of the MFA mechanism overall. Weinert said that users should enable a stronger MFA mechanism for their accounts, if available, recommending Microsoft's Authenticator MFA app as a good starting point.

Microsoft recommends users to stop using one-time passwords sent via SMS and voice calls

<ul><li>Kerala’s <keyword id="6958454" type="UNKNOWN" weightage="20" keywordseo="liquor-home-delivery">liquor home delivery</keyword> app, BevQ, has fallen to a 2.1 rating on the <keyword id="6369511" type="UNKNOWN" weightage="20" keywordseo="google-play-store">Google Play Store</keyword>. </li><li>Even though BevQ was able to garner more than 100,000 downloads in less than 24 hours, many users have since reported multiple glitches in its functioning.</li><li>From issues of OTP generation to liquor delivery time slots on being available been 3:45 am to 9:00 am, more than 60% of the BevQ’s reviews at rated 1-star.</li></ul>Kerala’s liquor home delivery app, BevQ, has fallen from grace in record time. Currently, it holds a 2.1 rating on the Google Play Store with more than 60% of its over 30,000 reviews giving it only 1 star. BevQ was launched with a lot of fanfare by Kerala Excise Minister TP Ramakrishnan on May 26 as a way of avoiding overcrowding at alcohol shops. It even crossed over one lakh downloads in less than 24 hours of going live. In the past four days, it’s been downloaded over a million times. However, since then users have reported multiple glitches with the app from the receiving OTPs on time to delivery slots being switched out with any alerts. “I keep receiving messages that ‘something went wrong’ after I have added my name, cellphone number and pin code,” complained one user. <div type="twitter" handle="JimmyGeorgeMum" handlename="Jimmy George" image="http://pbs.twimg.com/profile_images/1144262559249379332/AP3N73Uw_normal.png" favoritecount="0" retweetcount="0" status="@CMOKerala @vijayanpinarayi sir please scrap the BevQ app. It's not serving any purpose. There are queues everywher… https://t.co/DPraICcJeF" createdat="1590903725000" id="1266968170549501955"></div> "In order to maintain the social distancing especially in this COVID scenario this app will be usable and the client can book a queue number and token for assuring his place in the queue in the specified time slot," the app description on Google Play reads. Yet users report that the only ‘time slot’ that’s available is between 3:45 am and 9:00 am even though government guidelines dictate that bookings should only be available between 6:00 am and 10:00 pm. <div type="twitter" handle="dineshbagavath" handlename="dinesh bagavath" image="http://pbs.twimg.com/profile_images/1037453578401505281/YBlF6ggk_normal.jpg" favoritecount="0" retweetcount="0" status="Hi guy's I am from Munnar located in kerala. Government of kerala have launched a app for selling alcohol Tried it… https://t.co/swIzqiF23S" createdat="1590853259000" id="1266756498371182593"></div> Even if a user concedes to booking between the available timeslot the app shoots back saying, ‘token not available’. One of the lucky few who was able to book a time slot said, “When booked you get a far away outlet. Instead of using the nearest location, the app is using the nearest pin code.” <div type="twitter" handle="TKuttappi" handlename="Dr.Thavalappi (MBBS,MD)" image="http://pbs.twimg.com/profile_images/1253334077421191168/oMb8uWPc_normal.jpg" favoritecount="22" retweetcount="0" status="Is there anyone here on twitter who has got an OTP from the BevQ app ? If yes, please take a Sikkim lottery and M… https://t.co/jhUDJAiYz4" createdat="1590851984000" id="1266751154349846529"></div> The app is built by a Kochi-based startup called Faircode Technologies Limited, which claims to have <a href="https://www.faircodetech.com/">256 clients</a> on its site. Yet, three days into the launch of the app many of the issues remain unresolved. Users on Twitter and Facebook have been trolling the apps for its false promises. The spokesperson for the company has said that they’re working on resolving the issues with some external help. SEE ALSO: <a href="https://www.businessinsider.in/india/news/coranavirus-cases-in-kerala-news-and-updates/articleshow/74775194.cms">Coronavirus cases in Kerala news and updates</a> <a href="https://www.businessinsider.in/india/news/woman-dies-of-covid-19-in-kerala-toll-rises-to-ten-61-new-cases-reported/articleshow/76124098.cms">Woman dies of COVID-19 in Kerala, toll rises to ten; 61 new cases reported</a> <a href="https://www.businessinsider.in/tech/apps/news/remove-china-apps-races-to-1-million-downloads-within-two-weeks-as-anti-china-sentiment-gains-momentum/articleshow/76128369.cms">‘Remove China Apps’ races to 1 million downloads within two weeks as anti-China sentiment gains momentum</a>

BevQ, Kerala’s liquor home delivery app, is ‘on the rocks’ with a 2.1 rating on the Google Play Store

New Delhi, Dec 27 () From January, SBI customers will be able to make ATM withdrawal above Rs 10,000 only after an OTP verification during 8 PM to 8 AM.
 The OTP-validated ATM transaction has been introduced to minimise the number of unauthorised transactions, State Bank of India (SBI) said in a Facebook post on Thursday.
"With the introduction of its OTP-based cash withdrawal facility, State Bank ATMs have added another layer of security for cash withdrawals. OTP will be received on the customer's mobile number registered with the bank," SBI said. 
This additional factor of authentication will protect State Bank card holders from unauthorized ATM cash withdrawals, it said further.
SBI said that the new feature will not require any major change in the present process to withdraw cash from its ATMs (automated teller machines). 
However, this facility will not be applicable for transactions, where a State Bank card holder withdraws cash from another bank's ATM, because this functionality has not been developed in National Financial Switch (NFS), it added. 
 In this process, once the cardholder enters the amount they wish to withdraw, the ATM screen displays the OTP window. The customer has to enter the OTP received on the registered mobile number to complete the transaction.
 NFS is the largest interoperable ATM network in the country and it manages more than 95 per cent of the domestic interbank ATM transactions. 
 "This will safeguard the customers against the risk of unauthorized transactions on account of skimmed/cloned cards, while withdrawing cash at State Bank ATMs," the bank said. KPM RUJ
RUJ

SBI to introduce OTP-based ATM transactions from January

<ul><li>A new survey by US-analytics firm FICO shows that every four in five banks believe that the introduction of real-time payments has resulted in increased more fraud.</li><li>More than half of the banks surveyed feel that fraud is set to increase in the coming year.</li><li>The common way for hackers to beat the system is by using <keyword id="390692" type="ORGANIZATION" weightage="20" keywordseo="Social-engineering">social engineering</keyword>, which tricks users into revealing their sensitive information.</li></ul>Real-time payments platforms — like the United Payments Interface (UPI) in India — is aimed at making the payment process easier. However, four in every five banks in Asia are losing money to fraud as result of real-time payments become common. FICO, a US analytics company that uses predictive trends and data science, conducted a survey where 78% of executives said that the introduction of real-time payments resulted in an uptick in fraud losses. Losses are only set to increase, the question is to what degree. More than half the respondents felt that fraud will rise moderately over the next 12 months, however, 25% of executives believe that it will increase significantly. <div type="image" title="payments" msid="73549129" hostid="261"></div>

 Dan McConaghy, president of FICO in Asia Pacific, feels that the only way for banks to face the coming threat is to move beyond one-time-passwords (OTPs) and passwords. While the use of artificial intelligence (AI) might not slow down the clock, he feels that it will still help garner quicker responses and be more efficient at sniffing out fraudulent transactions. The art of social engineering Hackers aren’t trying to directly breach banking systems. Instead, they’re letting the customers do the work for them by tricking them into revealing their sensitive information. "Criminals are trying to fool banks into thinking they are new customers or stealing account access by tricking people into making security mistakes or giving away sensitive information. When they are successful, criminals are making use of real-time payments to move funds quickly through a maze of global accounts," explain McConaghy. According to FICO, 40% of Asian banks name social engineering as their number one concern when it comes to real-time payments fraud. "We have authorized push payment fraud, such as when a customer is tricked into paying what they think is a legitimate invoice like a fake school bill or payment to a tradesperson. This type of social engineering is harder to stop," said McConaghy. Others concerns that plague real-time payments are account takeovers, false accounts and money mules. According to McConaghy, better KYC, link analysis and behavioural analytics can help tackle the problem. The dark side of the internet Online fraud is only one problem. According to Asian banks, drug trafficking, human smuggling, tax evasion and terrorism also attracted the attention on real-time payments. Cross-border payments, in particular, are an issue. "To tackle fraud and money laundering schemes that exploit real-time money movement you need to leverage all the available technologies, automate as much as you can and introduce models that can identify outlier transactions and customer behaviour so your teams can spend their time investigating the riskiest of the red flags," said McConaghy. In order to tackle the misuse of real-time payments, more than 90% of Asian banks feel that convergence between their fraud and compliance functions would be helpful. See also: <a href="https://www.businessinsider.in/tech/news/jeff-bezos-phone-hack-shows-hackers-are-winning-in-the-arms-race-between-governments-and-tech-firms/articleshow/73543826.cms">Jeff Bezos phone hack shows hackers are winning in the 'arms race' between governments and tech firms according to analysts</a> <a href="https://www.businessinsider.in/tcs-hacked-and-data-leaked-to-chinas-operation-cloud-hopper/articleshow/69969506.cms">TCS was hacked for its clients by China’s cyber spy campaign: Report</a> <a href="https://www.businessinsider.in/tech/news/indian-nuclear-plant-hack-is-only-one-small-part-of-a-much-bigger-operation-according-to-a-cybersecurity-expert/articleshow/72033253.cms">Indian nuclear plant hack is only one small part of a much 'bigger' operation, according to a cybersecurity expert</a>

Four in five Asian banks are losing money to fraud as real-time payments rise — and it will only get worse in 2020

<ul><li><keyword id="9903157" type="UNKNOWN" weightage="20" keywordseo="route-mobile-600-crore-ipo">Route Mobile ₹600 crore IPO</keyword> opens tomorrow. </li><li>In an exclusive chat with Business Insider, Non-Executive Director Sandip Gupta and the Chief Strategy Officer Gautam Badalia revealed details about the company’s growth prospects, roadmap, and opportunities.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>COVID-19 brought about a pause in the primary market, but the action is heating up again now. And the next one in line is <keyword id="3519758" type="PERSON" weightage="20" keywordseo="route-mobile">Route Mobile</keyword>, the company behind your banking OTPs to Uber messages and automated calls. Route Mobile’s IPO opens tomorrow. The company is looking to raise ₹600 crore, which it plans to use for business expansion. This is going to be the second IPO this month. Here are the <keyword id="9903155" type="UNKNOWN" weightage="20" keywordseo="route-mobile-ipo-details">Route Mobile IPO details</keyword>: <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IPO </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Specifics </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Opening date </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">September 9 </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Closing date </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">September 11 </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IPO target </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹600 crore </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Price Band </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹345-350 per share </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Minimum bid </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> 40 equity shares </td></tr></tbody></table> Founded in 2004, this Mumbai-based cloud communication platform services provider offers digital token services from Whatsapp to Viber and Wechat to automated calls. And now they are in talks with Apple to increase its business footprint in every corner of the world, the company told Business Insider. The Managing Director Rajdip Gupta and Non-Executive Director Sandip Gupta are the promoters of the company. Both the promoters will sell ₹180 crore worth of shares through this IPO. In an exclusive chat with Business Insider, Non-Executive Director Sandip Gupta and the Chief Strategy Officer Gautam Badalia revealed details about the company’s growth prospects and opportunities going forward. These are the edited excerpts from the chat. Can you detail us more about your company? You cater to enterprises, (OTT) and mobile network operators (MNO); what are the big brands or companies that are associated with you? We are an enterprise that provides digital communication channels to the enterprises. Our customer base is from retails, banks to cab operators, and e-commerce. And whichever company wants to communicate with its customers, we provide them with a channel. And this channel can be SMS, voice call; it may email, it may be WhatsApp, it may be Viber, or can be a video. So these are the channels we provide to the enterprises so that they can efficiently communicate with the clients. For example, when you swipe your card, you get a debit alert, so that is done mostly by our SMS channels. Or you are on their OTT platform, and you need an OTP to download the content. So that OTP goes from our channel. We also provide a second layer in that. That is a voice channel when the client opts for an OTP via voice. How are you planning to use the IPO money? So we are looking at expanding both vertically and horizontally. Either entering into new geographies or consolidating into the existing one. We are also looking at expanding our product line. How has been the lockdown period for the company? So when you say lockdown, it has propelled our business more, as a lot of digital transactions happened during the period. So lockdown has given more value addition to our portfolio. So the overall lockdown period was better for us. Even our revenue growth was much better compared to the same quarter last year. <div type="image" title="RouteMobile" msid="77996794" hostid="261"></div> You have subsidiaries globally. What percent of your operation's revenue comes from foreign, and how much of it is from Indian companies? So in terms of revenue, 20% of our billing comes in Indian currency. The rest of the billing is in foreign currency. A large part of which is in USD and Euro. Total India revenue will be somewhere around 40% export and domestic business. Rest of which is outside India in foreign places like the UAE, UK, Malta, and Nigeria. <div type="image" title="Reserves RouteMobile" msid="77996834" hostid="261"></div> Are there any directly listed peers for competition? And if there are, what makes you stand out compared to them? So we are a global player. When it comes to the competition, we compete globally with companies like Infobip and others. In India, wherever we go, we have local competitors. In India, we have competition from Gupshup and few others. As people mostly stayed home during the lockdown, and that led to the growth in your business, what are the forward-looking business strategies that you have in mind to keep the momentum going? During the COVID-19 (lockdown), digital transactions have grown. And at the same time, many businesses were shut too, like hospitality and tourism businesses. Now when the economy is opening up, digital transactions will be much more needed. So with more transactions, it will add more value to the business. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/happiest-minds-technologies-ipo-opens-today-grey-market-offering-over-60-premium/articleshow/77970729.cms" data-type="tilCustomLink">Happiest Minds Technologies IPO opens today — grey market offering over 60% premium</a> <a href="https://www.businessinsider.in/business/corporates/news/ashok-soota-backed-happiest-minds-techs-702-crore-ipo-what-works-for-it-and-what-doesnt/articleshow/77909427.cms" data-type="tilCustomLink">Former Wipro and Mindtree exec’s firm Happiest Minds Tech’s ₹702 crore IPO⁠ — what works for it and what doesn’t</a>

INTERVIEW: Route Mobile, the firm behind your OTPs, promoter reveals plan to tap the Apple ecosystem⁠

The government of <keyword id="3658" type="B2BTAGS" weightage="40" keywordseo="india">India</keyword> has made it mandatory for financial institutions like banks, to verify and link <keyword id="144117" type="ORGANIZATION" weightage="20" keywordseo="aadhaar">Aadhaar</keyword> of their customers with their accounts. According to a notification dated June 1, 2017, the deadline for doing this is December 31, 2017 and accounts where this is not done are to be made inoperable after this date. To comply banks are now asking customers to submit their Aadhaar to link the same with their accounts. However, even if you have submitted your Aadhaar details at your branch there is still a possibility that the linkage between the two was not done correctly by the bank or it may be that the bank has not linked Aadhaar with your account because they have misplaced your details. Here's a guide to check whether your Aadhaar has been linked with your bank account- 1. Visit the Aadhaar website - www.uidai.gov.in 2. Click on '<keyword id="4975886" type="ORGANIZATION" weightage="20" keywordseo="check-aadhaar-bank">Check Aadhaar &amp; Bank</keyword> Account Linking Status' 3. Enter your Aadhaar number and security code. Once submitted, an <keyword id="510437" type="ORGANIZATION" weightage="20" keywordseo="otp">OTP</keyword> will be sent to your mobile number registered in the Aadhaar database. 4. Enter the OTP and click on 'Login' 5. On successful login, the website shows whether your Aadhaar number is successfully mapped or not. Alternatively, you can also check this through your mobile. 1. Dial *99*99*1# 2. Enter your 12 digit Aadhaar number 3. Confirm that the digits entered by you is correct 4. On confirmation, it will show you the bank account linked with Aadhaar Points to remember 1. It will only show you the last bank account that has been linked with your Aadhaar. 2. If you have multiple bank accounts, you will have to check the status of the same with the bank. 3. You will be able to use this service only if your mobile number is linked to your Aadhaar.

You Searched For "OTP" and got 11 results

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INTERVIEW: Route Mobile, the firm behind your OTPs, promoter reveals plan to tap the Apple ecosystem⁠

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