RBI proposes 2FA to ensure security of transactions

MM

Melisande Mual

24 Apr 2014 / 5 Min Read

The bank has mentioned that banks should introduce two-factor authentication (2FA) to make sure online transactions are secure.

The document points out different aspects of having a secure online payment system and explains the various financial risks, such as credit risk, liquidity risk, systemic risk, operational risk and legal risk, in detail. With a strong emphasis on PKI technology, which enables users to make a secure transaction over an unsecure network, RBI unveils that PKI systems contributed 93.7% share to the total number of payment transactions carried out in the year 2012-2013. Despite such a high amount, the cause of worry is that even though non-PKI enabled payment systems contributed 6.3% in value terms in the year 2012-13, they account for 75 % in volume terms.

The reports also reveals that banks should carry out in three phases PKI implementation for authentication and transaction verification.
 

Countries:
MM

Melisande Mual

24 Apr 2014 / 5 Min Read

sign up banner
the paypers logo

The Paypers is the Netherlands-based leading independent source of news and intelligence for professional in the global payment community.

 

The Paypers provides a wide range of news and analysis products aimed at keeping the ecommerce, fintech, and payment professionals informed about the latest developments in the industry.

 



No part of this site can be reproduced without explicit permission of The Paypers (v2.7).

Privacy Policy / Cookie Statement

Copyright