This Soon-To-Be-Released Security Measure Is Plotting The Death of OTPs!

Must Read

How To Leverage On Cold Calling to Help You Win Big In 2021

Cold calling is an old-fashioned sales strategy that involves sales representatives reaching out to prospective customers who have not...

With Free Delivery and Zero Surge Pricing, What’s Swiggy Upto?

Be it fancy, hearty meals delivered at door-step or being the savior of late-night food cravings - Swiggy has...

Are You A Gaming Geek: ‘Five Commandments’ Before You Buy Video Games Online !

Does your day start with joysticks instead of coffee mugs? Or as a kid your best friends were the...

Passwords have long been declared defunct. But when it comes to online transactions, they still continue to be heavily relied on in the form of one-time passwords aka OTPs.

Now, to help consumers finally get rid of this annoyance, Indian telecom companies are planning to start verifying user identity using only mobile numbers. 

Let’s dig in and learn more about it.

Advertisements

In a recently released media report, it has come to light that Reliance Jio, Bharati Airtel and Vodafone Idea are hoping to use this method to primarily counter fraud such as SIM mirroring which lets scammers/malicious threat actors breach bank accounts and other secure digital files.

Currently, to conduct a financial transaction of any nature on an app or site, consumers need to wait for a 4-6 digit OTP that is sent to their bank registered mobile number and then input the same to finish the process,

However, that is the ideal case.

In reality, one often experiences transactions getting timed out due to delays in receiving the OTP or worse, transactions failing to get process even though the amount gets debited from the account. All of this adds up to a lot of undue frustration which can now be avoided according to the telecom companies.

Mobile Identity Verification: Death To OTPs?

A senior executive at one of the telecom operators, in a statement, said that they are working on a system to verify mobile identity that will let consumers avoid password fatigue and transact securely at one go. 

He also mentioned that the feature is currently in pilot mode and should be rolled out throughout the country by H1 2021 (depending on the pace of regulatory clearances).

Advertisements

Provided by companies such as Route Mobile, which is a cloud communication platform provider, this new technology of verifying ‘mobile identity’ will act as a liaison between operators in the area and various enterprises.

Rajdipkumar Gupta, Managing Director at Route Mobile, in a statement, said that they are going to build the identity layer by collaborating with the telecom operator. At the same time, they will be offering a unified API aka application programming interface to brands which can then enable Mobile Identity services for authentication transactions from users. 

Thus, this essentially means that companies such as Route Mobile helping enable this service will become vendors who will get paid from other companies who wish to make use of this enhanced security measure replacement for OTPs.

The mobile identity process will reduce the currently prevalent two-step security process which involves inputting your card details and then waiting for the OTP to a one-step process wherein one simply needs to punch in their mobile number which will then lead to the verification.

This faster and more efficient security protocol for online financial transactions, according to the founder of techARC Faisal Kawoosa will also help curb various financial frauds that are on the rise. 

Kawoosa believes while customers may initially hesitate or fear to opt for this facility, they will soon get used to no OTP.

Now, it remains to be seen how this to-be security norm performs after being launched nationwide. We will keep you updated. Until then, stay tuned.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest News

Future Retail Can’t Sell Its Assets To Reliance Retail: Singapore Tribunal

In a double victory for Amazon, the Singapore International Arbitration Centre (SIAC) has denied Future Retail's appeal to lift the temporary suspension...

In-Depth: Dprime

Will ‘TikTok By Microsoft’ Be A Winner?

For the last two years, TikTok has been in the public eye for all sorts of reasons. First, it was the exploded and unparalleled...

Facebook Subscription Model: Looking Beyond Ad Dollars?

Seldom do job listings create a stir this gripping. However, when the job listing in question is a stealth post from Twitter, with a...

Will The Online Food Delivery Market in India End Up Becoming A Two-Horse Race?

It's pretty much evident that the food delivery space in India is all set to get riled up soon enough as one of the...

More Articles Like This