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Are all online transactions, not pos, involve the otp

jraju (Others) (283 Points)

04 December 2016

Hi, Now online services are way of life. You get everything thro online. But involves risk also. I noticed that some banks or provider, ask for cvv and some pin codes. I recently heard that the card number could be compromised by expert hackers by so much methods. OTP is a security measure to compulsorily authorise the pay of any online services. Are all online transactions provide otp. I am having doubt . If OTP is provided for all kinds of services even involving lesser amount of transactions then there is a one more security check . Would anybody confirm that all online services provide OTP thro SMS without fail.

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6 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177736 Points)
Replied 04 December 2016

As per RBI directives, double verification for all online transaction is must. Hence CVV + OTP, or special window for transaction with transaction password, etc. double verification processes are adopted by different banks, as per their own convenience.

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jraju (Others) (283 Points)
Replied 04 December 2016

Hi, You have quoted the RBI quidelines. But i want to know whether it is in vogue in all the transactions. If banks are having different conveniences, then there is a possibility of compromising. Recently i read in times of india article that hackers could easily brute force the password, and all codes .It says that the few first characters are specific and common to all and the remaining are culled from multiplay of codes by the hackers.

If otp is universal then there is a layer of security for the users. i usually avoid online transactions because of cyber attacks. But after demonitization this is the way now, that every body should opt to do all the transactions. CERt in , has also issued a security alert on tightening the security of atms and pos. But there was no mention of OTP

pl see this link

https://indianexpress.com/article/india/demonetisation-fallout-micro-atms-pos-asked-to-guard-against-cyber-attacks/

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177736 Points)
Replied 04 December 2016

Yes, that was not seriously thought till date, but now some more guidelines may follow.

As a safety precaution, try to use virtual cards, or prepaid cards for online transactions.

jraju (Others) (283 Points)
Replied 04 December 2016

Hi, Please see this article also

https://epaperbeta.timesofindia.com/index.aspx?eid=31807&dt=20161203

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177736 Points)
Replied 04 December 2016

Thanks for reference.

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jraju (Others) (283 Points)
Replied 22 December 2016

Hi, I also heard that OTP has been made easy for small transactions recently. I do not know for sure. Is it correct? I mean that OTP is not an option for small transaction as it involves receiving OTP in the mobile . Please say