New Delhi:A very unique security cover has been prepared to curb cyber fraud, online banking scams and especially crimes involving mental pressure like ‘Digital Arrest’ which are spreading in the country. ‘Double OTP system’ has been introduced to protect the bank accounts of senior citizens, who are the most targeted by cyber criminals.
New two-step verification
According to the report, Haryana Police and HDFC Bank have jointly introduced this very safe and practical technical system. Often elderly people fall prey to rapidly changing digital technology and cunning fraudsters. In many cases, fraudsters wipe out the entire account within a few minutes just by obtaining an OTP or through intimidation. This new two-step verification system has been introduced to prevent this serious problem.
What is this double OTP system and why is it special?
This new system creates an additional human and technical wall of security during online banking transactions. In the traditional system, to transfer money, only an OTP is required, which comes on the phone of the account holder. But under the new system, to complete big or suspicious transactions, not just one but two different OTPs will have to be verified.
Danger of digital arrest
It has often been seen that in disgusting scams like ‘Digital Arrest’, fraudsters completely isolate the elderly from the society or family by giving them legal fear and forcibly take OTP from them. At such times, traditional security systems fail. This new system works to break the chain of psychological pressure.
How will this new cycle of security work?
If a senior citizen initiates a major online transaction or fund transfer from his account, the process will be completed in two stages. The first standard OTP will be sent to the registered mobile number of the elderly account holder as usual. The system will take a pause after the first OTP is entered.
Money will not be transferred from the account
After this, a second mandatory OTP or approval call will be sent to the mobile number of a trusted contact pre-nominated by the account holder such as his son, daughter, spouse or any close relative. Unless both these OTPs are entered correctly in the bank’s system, money will not be transferred from the account.
Started as a pilot project
This unique facility is completely voluntary for senior citizens aged 60 years and above. Currently, it has been started by HDFC Bank as a pilot project in areas like Gurugram and Panchkula of Haryana. Seeing the success of this system, other major banks of the country are also preparing to adopt it, so that the hard-earned money of elderly pensioners and people living alone can be completely protected. Now even if the fraudsters somehow get the first OTP, they will not be able to steal without the permission of another family member.
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