We all have tried using e-commerce sites, online communities and various Internet Banking services for accessing transactional information or making a purchase through credit/debit card. And as per RBI guidelines, it is mandatory to authenticate these processes by a One-Time Password.
Until now, such passwords were sent to the customer via SMS. However, it has been realized that delivery of the same is bound by issues such as: non-delivery or delayed delivery due to lack of storage capacity (full inbox) or network problems. Moreover, the same were susceptible to fraud attacks or malicious activities.
Hence, in order to facilitate a secure and quick transactional access, we introduce One-Time Password (OTP) services on IVR through which e-commerce firms and banking institutions can ideally generate a dynamic password and deliver it to the customer through Voice calls.
To begin with, the customer will have to register his/her mobile number for the service activation.In future whenever he makes an online purchase or intends to view his bank account details, the login process would involve following steps:
- The user will enter Internet Banking Access code and PIN (or other user credentials).
- He will then be prompted to submit the OTP to continue his login process.
- A 6-digit OTP will be sent to his registered mobile number in the form of an IVR, using which he can authenticate a transaction.
- The validity of the password would range from 1-4 hours depending on the bank or e-commerce entity.