RBI Calls for Increase in Consumer Protection Feitian Technologies delivers the Answer
Feitian Technologies Ltd. provides solution to Reserve Bank of India directive requiring One Time Password generation for all IVR-based transactions By Unspecified News Bureau | August 11, 2011 | 6:09 pm
Aug. 22th, 2011
India, August 22, 2011: Feitian Technologies Co. Ltd. a leading software security company specializing in authentication products stands ready to answer the call for a higher degree of consumer protection in the Indian Interactive Voice Response or IVR market.IVR enables customers to access their bank using a touchtone telephone or voice recognition system. The current climate of mobile and remote banking services and the persistent security threat posed by weak password verification amongst user interfaces has prompted a resolute response from the RBI to combat instances of breach and fraudulent activity.
According to the directive, all merchants in India are required to collect an OTP (One Time Password) as well as information written on the Credit cards for all IVR transactions. All banks in India are required to provide OTP directly to customers to ensure the security of transactions conducted over the telephone (IVR).
Proponents of the measure champion the heightened level of trust that it will instill in the mentality of the general population of consumers. Some of the response to the directive was not as positive; this additional layer of security may precipitate an increase in operational expense for merchants and retail banks which would certainly come out of the pockets of their clientele. This could spell serious consequences and might even serve to impede the rapid development of the Indian banking sector.
One time password / two factor authentication is one of the most effective methods in securing transactions, however, all one time passwords are not created equal. The integral component of an OTP can feasibly be sent to the registered mobile telephone of a customer. This practice poses several issues and inconvenience, some of the most common problems stemming from this approach are a lack of network availability, phone number restriction for certain numbers and carriers, inability of access to the service when the customer travels abroad, the expiration of online transactions caused by the slow speed of OTP transmission, and most significantly the inherent security weakness of mobile devices. The customer is also charged hefty international data transmission rates for the reception of each individual one time password.
TOTP and HOTP hardware one time password (OTP) tokens from Feitian Technologies Co. Ltd. fulfill the strict requirements of the directive while their cost effective pricing saves on hefty overhead charges characteristic of similar products of their competitors. The token is an autonomous unit adding a level of security and convenience to protect your account information. The token provided to the consumer by the institutional account holder, the client carries the token with them and enters the uniquely generated password upon login to a site or to facilitate a transaction. This simple solution is easy to use for end users. As a member of OATH Feitian solutions are also easy to integrate into current infrastructure systems, effectively eliminating the multitude of headaches commonly associated with OTP utilization.
Feitian is a leader in strong authentication and currently works with world leading banks, enterprises and industries to secure logon worldwide. Through an advanced line of products consisting of OTP, PKI, smart cards and smart card readers Feitian has built up their reputation as an industry leader.