00:00 Whenever you do an online transaction, you get an OTP via SMS for verification,
00:05 whether it is on your registered mobile number or email address.
00:09 OTP ensures that your transaction is safe.
00:13 But many times, many cases of fraud have been revealed through OTP.
00:17 That's why Reserve Bank of India is now preparing to bring other safety methods instead of OTP.
00:23 So what is the plan? Let's know in the video.
00:25 Now, RBI is working on an authentication framework so that customers can get extra safety for online transactions.
00:33 For this, RBI has asked banks to think about the option of OTP.
00:37 It has also said that no matter what option is told, mobile phone should be mandatory.
00:45 In fact, OTP is very sensitive for fraud.
00:49 Where a customer can get it by telling password or by SIM swap.
00:54 Many cases of fraud have been revealed through OTP.
00:58 Now, the most common option of OTP is being considered as an authenticator app.
01:03 For this, users need to get a password from another application on their mobile phone.
01:09 Service providers have also developed other options like tokens in the mobile app.
01:14 But for all these processes, a phone is needed.
01:18 You must have seen often that when you log in your Gmail ID on another phone,
01:23 you have to tap on your phone to give permission.
01:26 This method is currently being used for Gmail account verification.
01:31 In the same way, a process is being brought so that the phone is made mandatory for OTP.
01:36 Now the question is whether the authenticator app will be successful.
01:40 Looking at the increasing online scams, Root Mobile's MD and CEO Rajdeep Kumar Gupta says
01:46 that his company sends about 400 crore OTPs every month from different service providers.
01:52 But with the increase in the digital system, the chances of fraud also increase.
01:57 The increasing fraud has prompted the company to launch TrueSense division.
02:02 TrueSense is an OTP-less authentication,
02:05 in which the service provider has to give a direct connection with the customer's device.
02:10 In which only the mobile number will be identified,
02:13 through which the transaction will be done without OTP.
02:16 Now it is being said that the mobile phone should be considered a good identifier
02:21 because customers need identity verification for correction in this.
02:25 Biometrics is not considered a better authentication option
02:29 because of AI, a new problem has emerged.
02:33 So for now, it is being searched that if OTP will not come in your phone
02:36 because scams are being done through OTP,
02:38 then what should be the second option?
02:41 In this, the authenticator app is considered a good option.
02:44 What do you think? Do tell us by commenting.
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