Additional Security For Telephonic Transactions

Posted In India - By NitiN Kumar Jain On Thursday, December 30th, 2010 With 0 Comments

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Following the Reserve Bank of India (RBI) regulation, effective January 1, 2011, all transactions that we make through a mobile or Interactive Voice Response (IVR) will require an additional password. That is, if you are purchasing, paying bills or booking tickets through any call center and chose the IVR-based payment option then you will be required to enter an additional One Time Password (OTP) which is issued by your bank.

However, the OTP will be valid for a single use and would remain in effect for a period of 2 hours (upto 12 hours actually depending upon the bank). We would need to generate a separate OTP for every IVR transaction.

The new step has been taken to safeguard growing credit card frauds. There has been an uptick in credit card frauds where lost or stolen cards can be used by anyone.

Some FAQs

What is OTP?
An OTP or One Time Password is a numeric key to make your IVR or mobile payments more secure. Just as you have a password for netbanking and online payments, an OTP is a secure password for payments you make through our secure IVR.

Who will issue the OTP?
The OTP will be issued by the bank that issues your credit card. You will need an OTP for each credit card you hold.

For how long with the OTP be valid?
For additional security, RBI requires that customers generate a new OTP for each IVR transaction. Depending on the bank, each OTP will be valid for between 30 minutes to 12 hours.

Will this affect my online password and transactions?
No, this OTP is only for IVR or mobile based payments – the payments made through a call center. Online transactions will continue to function as they currently do.

Which payments will be covered by the OTP?
All IVR-based transactions will be require an OTP. You may need it for payments such as your mobile payment, DTH recharge or tickets booking.

How will I get the OTP?
Each bank has its own process for issuing the OTP to the customers. For most banks, it is just a matter of sending a specific SMS to the bank.

Following is how you can get OTP from your respective banks

Bank Process to get the OTP
ICICI SMS ‘IOTP XXXX XXXX XXXX XXXX’ to 5676766, where XXXX XXXX XXXX XXXX is your 16 digit card number.
HDFC SMS ‘PWD XXXX’ to 9717465555, where XXXX are the last 4 digits of your credit card.
Citibank SMS ‘OTP XXXX’ to 52484 or 9880752484, where XXXX are the last 4 digits of your credit card.
SBI SMS ‘OTP XXXX’ to 5676791, where XXXX are the last 4 digits of your credit card.
AXIS Every time you initiate an IVR-based transaction, the bank will automatically send you a one time password.