RBI has taken these eight steps to keep your digital payments safe
The Reserve Bank of India (RBI) gives the highest importance to the security controls around the digital payment systems in India. There is a lot of emphasis on the safety and security of digital transactions for their users. “In an era of digital transformation, RBI has taken significant strides to ensure the sanctity and safety of digital payments. By implementing specific OTPs for new payees, individual OTPs for high-value transactions, and limited OTP time windows, their measures, including the use of advanced encryption and authentication technologies, second channel notifications, and risk-based transaction monitoring, underscore a commitment to fostering a secure, reliable, and resilient digital payments ecosystem," said Kunal Varma, CEO and Co-Founder, Freo.
The central bank has put in place several mechanisms to ensure customer awareness through digital, print, and audio-visual media through the flagship program “RBI Kehta Hai."
RBI has issued master directions on digital payment security controls to all banks and regulated entities to have necessary controls to protect the confidentiality and integrity of customer data.
“For the promotion of safe digital transactions among the general public, RBI has reiterated that users should take care by not sharing their card details, password, PIN, OTP, CVV, UPI-PIN, etc., with anyone. Also, to avoid undertaking financial transactions through publicly available free Wi-Fi networks. Users are advised not to store important banking data on their mobile, e-mail, electronic wallet, or purse," said Shikhar Aggarwal, Chairman of BLS E-Services.
1)For adding new payees, specific OTPs are needed from a secondary channel, making the process more secure.
2)New OTPs are required
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