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.
you said "SMS “PWD wxyz” to 9717465555"
is that SMS will be charged? if so how much amount will be deducted from mobile for each SMS?
You will be charged at normal SMS tariff as per operator…
I THINK FOR OTP BANKS NOT DONE PROPER HOME WORK..LOT OF TIME TAKES TO GENERATES AN OTP..IS IT VERY INCONVENINT?????