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RBI wants to end the need for OTP for authentication, but how can work be done without a mobile phone?
Bankers claim that OTP is necessary for SIM swaps and social engineering scams. The customer can easily fall victim to cybercriminals in this kind of scam. In this case, the second OTP option may be better served by the Authenticator app. The user must input the password from another phone app to use this kind of authenticator app.
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“RBI wants to end the need for OTP for authentication, but how can work be done without a mobile phone?”
Read more onsangritoday.com
11 Feb 2024
For second-factor authentication, the Reserve Bank of India has requested that other banks move from OTP to MMS-based solutions.
The user will still require his smartphone for authentication, even with the OTP requirement eliminated. Because new authentication techniques will also be somehow connected to the user's smartphone.
According to bankers, OTP is required in social engineering scams and SIM swaps. In this type of scam, the customer can easily become a victim of cybercriminals.
In this context, the Authenticator app can be considered better for the second option of OTP. In this type of authenticator app, the user needs to enter the password from another phone app.
