Online Payment New Rules: If you make online payment, then let us tell you that new rules are going to be implemented from next month. After this, OTP alone will not work. Amidst the increasing incidents of online fraud and cyber scams, RBI has changed the rules of online payment. Now two-factor authentication will be required to make payments. The new rules will come into effect from April 1. Let us know what is going to change regarding digital payments from next month.
What will be required apart from OTP?
RBI has implemented new rules to make online payments safe. Now along with OTP, the user will also have to authenticate the payment through biometrics or Face ID. If this is not done, payment will not be possible through OTP alone. This means that another security layer has been added to process payments. Apart from this, if you make small payment from a trusted device and regular location then its process will be simple, whereas verification can be done at the time of payment from a new place and new device.
What will be the benefit of this?
There has been an increase in incidents of online fraud in recent times. Due to this people are suffering huge losses. Now with the arrival of new rules, another security layer will be added for payment. Now even if someone receives OTP, he will not be able to make payment without two-factor authentication. This will also prevent scams happening to people due to SIM theft, swapping or phishing etc.
Responsibility for compensation placed on banks
If reports are to be believed, the responsibility of compensation will be put on banks and payment apps to provide relief to the users. If any bank or payment app does not follow the rules and users are cheated, then the bank or payment app will compensate it completely.
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