Digital Payments: In this era of online shopping and UPI, you do not have to wait long for any payment, you pay your bill within a few seconds. That is, technology has made our lives much easier, but this technology has also made the work of those who cheat people easier. In the last few years, cases of phishing and online fraud have increased continuously, most of the frauds are done through OTP, in which cyber thugs somehow take your OTP and defraud you of lakhs. Keeping this in view, preparations are now being made to end this OTP issue.
Preparation to replace OTP system
Actually, the Reserve Bank of India is preparing to remove the OTP system and replace it with a new security system. This means that soon the OTP system will be replaced for all digital payments. With this, the cases of online fraud will reduce significantly and phishing like Jamtara will almost end. Till now, cyber thugs used to take OTP from people by swapping their SIMs or by somehow trapping them and then emptying the entire account.
online fraud will be difficult
By changing the OTP verification system, RBI can now allow any authentication app or the security system of your phone itself for payment verification. In such a situation, unless you use your biometric or facial ID, online transactions will not be possible. That is why online fraudsters will have to hack your entire mobile, which is very difficult for everyone.
Although this is not the first time that OTP verification is being removed, before this social media platform X (earlier Twitter) had also removed it. Instead, you can do verification through your mail. Now if this old and weak method of OTP is removed for digital payments also, then somewhere people will get benefit from it.
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