Digital scams in India could finally face its biggest challenge as the country is hoping to remove mobile one-time-password features and replace it with new technology. OTPs have become critical for authenticating digital payments, and scammers have used this tool to dupe people and steal their money.
So, the Reserve Bank of India (RBI) is keen to take it out of the picture and probably make use of latest secured tools like authentication apps or even the biometric sensor on the smartphones.
The decision to remove the SMS-based OTP transactions will negate the chances of SIM swapping or even spying on the device for details. Having other means of authentication means people will have better control over the payments and hackers will find it tough to bypass their security.
This isn’t the first time OTPs are facing security concerns. X, formerly known as Twitter, removed the SMS-based verification process, and forced users to opt for Authentication apps to login into their account.
The RBI faces bigger issues pertaining to the method because people have found its safety lower than other standards available these days. In fact, the banking authority could also consider going for MPINs just like how you use these special numbers for making UPI payments across various platforms.
Changing from OTP to these apps will be a massive change for the ecosystem but the biggest challenge will be faced by people who still use feature phones that don’t have support for apps like these.
The RBI will have to navigate across these points and come out with a solution that serves everyone and not just those with access to apps on their devices. We still don’t know when and in which form the new security layer will be added but there is no denying that a change in this regard is inevitable.
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