Banks add extra security layer for phone banking
Tuesday, 01 February 2011, 06:54 IST
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New Delhi: Credit card usage over phone will need an additional security layer from tomorrow, as the RBI has made it mandatory for customers to get a single-use password from their banks for every such transactions. Banks are required to comply with the new guidelines with effect from February 1, after which the customers would be declined any telephonic transaction for their credit cards without an additional One-Time Password (OTP). The Reserve Bank of India's directive was earlier scheduled to come into effect from January 1, but the deadline was extended by one month after some banks sought additional time to put the required changes in their systems in place. After consultations among its top officials, as also with the bank representatives, RBI gave banks time till February 1 for putting the new security measure in place.
Source: PTI
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