The Reserve Bank of India's draft of a framework for new self-regulatory organizations, including one that would help oversee payment system operators, fails to adequately address security issues, some observers say.
Organizations in India need to ramp up their authentication efforts in light of a 40% increase in cashless transactions since the start of the COVID-19 pandemic, which has led to increases in attempted fraud, security experts say.
The Reserve Bank of India's "New Umbrella Entity" initiative, designed to support a digital retail payments system similar to National Payments Corp. of India, would be a game-changer to boost digital innovation in the payments industry, according to a panel of experts.
Global messaging app WhatsApp's instant payment service went live in India on Dec.16. But despite its two-factor authentication being accepted by leading banks, there are concerns about potential security issues.
The Reserve Bank of India's plans to create a self-regulatory organization by April to help oversee the digital payments system could help reduce the complexity of RBI's efforts to help ensure payments security, some security experts say.
Reserve Bank of India is proposing the creation of a new digital retail payment system, similar to the National Payments Corp. of India, to expand the reach of digital payments to those who don't use banks and help reduce the dependency on cash.
A 10-member government-appointed committee in India has drafted a white paper that includes recommendations for components of a new data protection law. The government is seeking feedback on the report through Dec. 31.
DSCI is working with the FIDO Alliance in an effort to eliminate the use of passwords for authentication in India. But some security practitioners question whether that's a realistic approach that will prove effective. go