OTP Dominance in Banking Sector.
Do you have an account at State Bank of India? If you have not registered your mobile number with your bank account, the bank will block your NetBanking facility from 1 December 2018. You should be interested in this notice placed on the bank's site even if you do not have an account in SBI, because of this notion that some changes will be made in our daily business in the coming days to make our banking safer.
Now talk is not of Aadhaar card, but it is our mobile number and the issue is not security of our own, but of our privacy! Now when we login to Net Banking on most of the bank's site, we have to pass some additional security checks in addition to the username and password. Most bank user names send OTPs to our mobile, besides password, and can be done only after giving it. Many banks are also known to identify a picture other than the OTP. If your bank allows you to login to NetBanking and also transit cyberspace based on user name password without such an additional arrangement, then the hedgehog is a concern for you.
Any kind Online - On the basis of any type of shopping, when paying with NetBanking, the OTP number is sent to our mobile number. Not far away Rs. OTP is a time-consuming online payment of 2000 or less, but it is not surprising if the Reserve Bank of India withdraws it a few times. Just like State Bank of India has mandated a mobile number with the bank account for the OTP. It is possible that the same thing applies to the use of ATMs going forward. If this happens then we will go to ATMs, then after giving our pin number according to the current status, our mobile will get the OTP and only after giving it we can get the amount from ATM.
Shortly before, a young woman from Bengaluru had given her card to the husband to withdraw the money from ATM (it is a routine matter in many families), the transaction was not successful until it became operational. The brother did not get the sum, but the amount was withdrawn from his account.
When the woman resorted to the consumer court, the bank argued that the bank gave her card to another person, the bank is not responsible for its use. The bank's argument was approved by the consumer court. If you have to pay OTC on your registered mobile number when taking 2 cum from the ATM, then the likelihood of this will decrease (though, there is a scope for this argument too!) When the objectionable payment is made with mobile wallet, only the OTP. It does not mean getting a gain, but in such cases, the person's partner or other close relatives can also get OTP over the future. One thing is certain that in the coming days in the banking system, we will have to face the resistance of the OTP in different channels of 2 transactions.
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