03/08/2024
RBI’s New Authentication Framework for Digital Transactions
The Reserve Bank of India (RBI) is stepping up digital payment security by phasing out SMS-based OTPs. Key points:
• Vulnerabilities of SMS OTPs: Prone to scams like SIM swaps and social engineering.
• New Alternatives: Biometric authentication, authentication apps, and embedded tokens.
• Benefits: Enhanced security, improved user experience, and reduced fraud risk.
Stay updated and secure with RBI’s innovative approach to digital transactions.