The Reserve Bank of India intends to do away with the one-time password authentication process for online transactions. In a step in that direction, for the first time, it's allowing widespread tokenization of debit, credit and prepaid card transactions to enhance the safety of digital payments.
Although the Reserve Bank of India mandated that banks complete the shift from magnetic stripe debit and credit cards to EMV chip-and-PIN cards by Jan. 1 to help reduce fraud, there's still plenty of work to be done.
When taking steps to guard against fraudulent transactions through contactless payments, organizations must carefully balance the level of security versus customer convenience, says SriramNatarajan, COO at Quatrro.
The Srikrishna Committee's recommendation in its draft of a data protection bill that foreign companies be required to only store domestically certain "critical" data of Indians is impractical and will not help prevent breaches.
The National Payment Corporation of India, the umbrella organization for all retail payments systems, has asked banks to discontinue Aadhaar-based payments through Unified Payments Interface and Immediate Payment System channels.
As RBI reports an increase in transactional fraud in India, the government is reviewing the financial sector's security posture in light of the nation's move toward a cashless economy. Security experts discuss the methods for effective fraud control.
The news that "jackpotting" or "cashout" attacks have now spread to the United States is renewing concerns about ATM security in India as well. Local security experts offer insights on what ATM security steps are most essential.
In a budget speech, India's finance minister announced the launch of a "cyberspace mission" and an effort to promote the use of several new technologies, including blockchain, to bolster the nation's data security. Security experts offer mixed reviews of the announcements.
New PCI requirements that go into effect June 30 are pushing payment card acquirers, processors, gateways and service providers worldwide to implement more secure encryption protocols for transactions. But are they ready?
WhatsApp, the global messaging app that has more than 200 million monthly active users in India, has leveraged National Payment Corporation of India's Unified Payment Interface platform to launch its beta payment service that will allow users to send money to other WhatsApp users, excluding merchant accounts.