Bank transactions will be secure with new technology
New Delhi: Work is underway on a cutting-edge technology to stop the rapidly growing cyber crime and online fraud. Banks and telecom companies together are going to introduce a new system called ‘Silent Authentication’, due to which even if the OTP is stolen, fraudsters will not be able to break into your bank account. This new technology is going to become a secure alternative to the existing One-Time Password (OTP). Currently this system is in the testing phase, and once it is implemented, all attempts of cyber criminals will fail, as banks will stop suspicious transactions immediately.
What is silent authentication?
This new technology is being seen as an additional security layer for the banking sector. Currently, to complete online payment or any transaction users have to confirm the password as well as the OTP received on their mobile. In this process, fraudsters are easily draining people’s bank accounts by using techniques like SIM swap or call forwarding. If a hacker has access to your card information and mobile number, he can steal your hard-earned money. In recent months, many cases of this type of fraud have come to light, in which people have suffered losses worth crores of rupees. To eliminate this threat, banks and telecom companies are working on this new solution.
Background functioning of smart system
According to reports, the silent authentication technology will rely entirely on background verification. In this, hackers will not know that the bank is secretly monitoring their transactions. In this system, the ID of the mobile device along with the bank account and OTP will be used to identify the real user. As soon as a transaction is initiated from the bank account, the bank will verify in real time whether the original device with the registered mobile number is active or not.
role of telecom operator
Information about activation of the device at the time of transaction will reach the bank directly through the telecom operator. Thus, the bank will immediately know whether the person carrying out the transaction is a real customer or a hacker carrying out it through some other device. If the genuine device is not found to be active at the time of transaction, the bank will immediately stop that transaction and your money will be safe. To prevent fraud, the Department of Telecommunications has also been working on this special technology for a long time.
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