The security measures surrounding India’s digital payment systems are of utmost importance to the Reserve Bank of India (RBI). The security and safety of digital transactions for users is a topic of great importance. “The RBI has made tremendous progress in preserving the integrity and security of digital payments in an era of digital revolution.
Their measures, which also include the use of advanced encryption and authentication technologies, second channel notifications, and risk-based transaction monitoring, underscore a commitment to fostering a secure, dependable, and resilient digital payments ecosystem “that is demonstrated by the implementation of specific OTPs for new payees, individual OTPs for high-value transactions, and limited OTP time windows,” stated Kunal Varma, CEO and Co-Founder of Freo.
The central bank, through its flagship program “RBI Kehta Hai,” has implemented a number of mechanisms to ensure customer awareness through print, digital, and audio-visual media.
All banks and other regulated businesses are required to have the controls in place to safeguard the integrity and confidentiality of consumer data, according to master directives on digital payment security controls issued by the RBI.
Through the flagship initiative “RBI Kehta Hai,” the central bank has established a number of mechanisms to guarantee consumer awareness through print, digital, and audio-visual media.
All banks and regulated entities have received master directions on digital payment security controls from RBI, requiring them to implement the appropriate safeguards to ensure the integrity and confidentiality of consumer data.
RBI’s list of measures to secure digital transactions
RBI’s List Of Measures To Secure Digital Transactions
- To increase process security, particular OTPs from a secondary channel are required for adding new payees.
- To improve security for significant financial transactions, new OTPs are needed for high-value transactions.
- To lessen the possibility of abuse, the time limit for OTPs is carefully monitored.
- To detect and halt illegal transactions, employ digital signatures and Key-based Message Authentication Codes (KMAC).
- Teaching clients about the obligations and dangers associated with online banking as well as their rights under the Consumer Protection Act.
- Notifying clients via a different channel about transactions that surpass a customer-specified threshold
- Teaching clients how to respond to alerts from SSL or EV-SSL certificates so they don’t fall for phishing scams. When a web browser cannot validate the installed SSL certificate on a website, an SSL certificate error occurs.
- Implementing systems that evaluate transaction patterns and flag anomalous activity to make sure that transactions correspond with the customer’s usual behavior.
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