The central bank of India on Wednesday, July 31, proposed using a broader set of alternatives as additional authentication factors for all digital transactions.
As part of its initiative, the South Asian country’s financial regulator is noting the possibility of applying alternatives such as fingerprints and passwords.
An additional authentication factor involves the use of two or more ways to verify the identity of the consumer. Appropriate solutions within the framework of the traditional practice of applying are tools designed to reduce fraud and counter cybercrime.
It is worth noting that against the background of progress in the development of advanced technologies, including artificial intelligence, the issue of security in a virtual environment has become more relevant. Recently, the situation in the context of the relevant problem has been transformed to a certain extent. In this case, it means that fraudsters have access to advanced technologies, which is why their activities are more difficult in terms of detection. Under the appropriate conditions, one of the effective tools for countering cybercrime is the personal awareness of users. For example, an Internet search query such as how to know if my camera is hacked will allow anyone to get information about signs of unauthorized access to the device.
In India, there are currently no rules for authenticating payment transactions made on virtual platforms. The local financial service industry uses mostly text-based one-time passwords for authorization. On Wednesday, the Reserve Bank of India proposed allowing the application of other options such as fingerprints, passwords, and personal identification numbers as additional authentication factors. The relevant information is contained in the draft circular of the financial regulator of the South Asian country. It is also noted that passphrases, card hardware, or software tokens could be used for authenticating digital transactions.
