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RBI’s key decision on digital payments.. Rbi takes these eight steps to keep your digital payments safe – News18 Telugu
The digital payment system is changing the payment system in India. Online payments are happening from villages to big cities. With this, the Reserve Bank of India (RBI) has taken steps to improve the safety and security of digital payment systems across the country. Nowadays user data privacy has become important. Along with this, RBI is working towards strengthening the digital payment eco system and increasing consumer awareness.
Kunal Verma, CEO and co-founder of digital banking service company Freo, spoke to the financial platform ‘Live Mint’ and praised RBI’s decisions on the safety of digital payments. He highlighted key initiatives taken by the central bank, including the implementation of specific one-time passwords (OTP) for new payers and high-value transactions. RBI emphasized its commitment to promote a secure digital payment landscape with advanced encryption and authentication technologies.
* New program
RBI has created its flagship programme, ‘RBI Kehta Hai’ to create consumer awareness through digital, print and audio-visual media channels. The initiative aims to protect sensitive financial information and educate customers on the risks associated with digital transactions.
* Main points
BLS e-Services Chairman Shikhar Aggarwal said that users should be vigilant in protecting their financial data. Agarwal reiterated the RBI’s instructions not to share card details, passwords, OTPs or other important information with third parties. Users are warned not to conduct financial transactions on public Wi-Fi networks and avoid storing banking data on vulnerable platforms.
To further strengthen security, the RBI has issued a comprehensive master directive on digital payment security controls to all banks and regulated entities. These directives mandate the implementation of strong security protocols to protect customer data integrity, privacy.
* RBI measures to secure digital transactions
– New OTPs are required for high value transactions. Improves the security of important financial transactions.
– Manages the time you need to enter the OTP. Reduces the chances of someone else using this OTP incorrectly.
– Teach customers how to respond to SSL or EV-SSL certificate alerts to avoid scams. These warnings pop up when the website’s security certificate is not verified. It informs about the phishing attempt.
– Systems are ready to analyze transaction patterns and flag any unusual behavior. Transactions are matched to typical customer behavior, which helps prevent fraud.
– If you want to add a new payer for payments, you must enter a unique one-time password (OTP) sent to you through another channel to ensure that it is really you.
– Unique digital signatures, key-based message authentication codes (KMAC) provide additional security by identifying and preventing unauthorized transactions.
– Rights under the Consumer Protection Act, educate customers about the risks of internet banking to help them make safer choices.
– If a transaction exceeds a certain amount set by the customer, inform them about it in another way.
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