PIN – TheNewsay https://thenewsay.com Sun, 25 Feb 2024 09:47:53 +0000 en-US hourly 1 https://wordpress.org/?v=6.5.4 https://i0.wp.com/thenewsay.com/wp-content/uploads/2024/02/cropped-TheNewSay-Favicon.png?fit=32%2C32&ssl=1 PIN – TheNewsay https://thenewsay.com 32 32 230920947 The Reserve Bank of India (RBI) Takes 8 Steps for Secure Digital Payments https://thenewsay.com/rbi-takes-8-steps-for-secure-digital-payments/ https://thenewsay.com/rbi-takes-8-steps-for-secure-digital-payments/#respond Wed, 28 Feb 2024 02:35:00 +0000 https://thenewsay.com/?p=5149 RBI Takes 8 Steps for Secure Digital Payments: The Reserve Bank of India (RBI) is committed to ensuring the security of digital payment systems in India. Kunal Varma, CEO of Freo, highlighted the RBI’s measures, such as specific OTPs for new payees, individual OTPs for high-value transactions, and limited OTP time windows.

These steps, along with advanced encryption, authentication technologies, second channel notifications, and risk-based transaction monitoring, aim to foster a secure and reliable digital payments ecosystem.

RBI uses various channels like digital, print, and audio-visual media through the “RBI Kehta Hai” program to create customer awareness. The central bank issues master directions on digital payment security controls to banks and regulated entities to safeguard customer data confidentiality and integrity.

Also Read: RBI Takes 8 Steps for Secure Digital Payments

Shikhar Aggarwal, Chairman of BLS E-Services, advises users not to share sensitive information like card details, passwords, PINs, OTPs, CVVs, UPI-PIN, and to avoid financial transactions on public Wi-Fi networks. Additionally, users are urged not to store crucial banking data on their mobiles, emails, electronic wallets, or purses.

RBI Takes 8 Steps for Secure Digital Payments: List

  1. Specific OTPs required from a secondary channel for adding new payees.
  2. New OTPs mandated for high-value transactions.
  3. Managed time limits for OTPs to minimize misuse.
  4. Use of digital signatures and Key-based Message Authentication Codes (KMAC) to prevent unauthorized transactions.
  5. Customer education on rights, responsibilities, and risks under the Consumer Protection Act and internet banking.
  6. Alternate notification method for transactions exceeding a specified value.
  7. Guidance on responding to SSL or EV-SSL certificate alerts to prevent phishing.
  8. Implementation of systems to assess transaction patterns and highlight unusual activities, ensuring alignment with customer behavior.

Also Read: RBI Takes 8 Steps for Secure Digital Payments

Disclaimer: The views and recommendations made above are those of individual analysts, and not of TheNewsay. We advise investors to check with certified experts before taking any investment decisions..

Get the Business News along with India’s Latest Updates at TheNewsay and Follow for Live Updates – Facebook, Instagram, Threads, Twitter, Pinterest, KooApp and YouTube.

]]>
https://thenewsay.com/rbi-takes-8-steps-for-secure-digital-payments/feed/ 0 5149