IVR 3D secured from Jan 1st 2011 | Credit card customers will have 3D secure

Google+ Pinterest LinkedIn Tumblr +
Banks will ask for an additional password from their credit card customers from the new year for any transactions conducted over phone, subsequent to a Reserve Bank direction for making phone banking more secure. As per the RBI guideline, all the banks will mandatorily decline any telephonic banking transactions, including the automated IVR (Interactive Voice Response) services, where the customers do not have a One-Time Password (OTP) for such services with effect from January 1, 2011.
However, the OTP will be valid for a single use and would remain in effect for a period of 2 hours. The customers would need to generate a separate OTP for each IVR transaction.
The new step has been taken as a safeguard against credit card frauds. There has been an uptick in credit card frauds where lost or stolen cards can be used by anyone.
Starting 1st January 2011, all your telephonic (IVR) transactions will need to be authenticated with an additional password – This is mandatory as per the RBI guideline.
Make sure you have your One Time Password (OTP) generated before you transact through the phone from 1st January, 2011 onwards- Simply send an SMS “PWD wxyz” to 9717465555 from your registered mobile number (where wxyz is the last 4 digits of your HDFC Bank Credit Card number) & get the OTP on your registered mobile number.
This is a note from HDFC bank credit card.
 
Share.

About Author

Knowinfonow.com is a trusted financial blog with over 23 years of expertise, dedicated to offering invaluable insights and resources to tax professionals, taxpayers, and the general public in managing their day-to-day financial activities. We embrace guest authors, enriching our platform with diverse perspectives and expertise in relevant subjects.

3 Comments

Leave A Reply