Government and SBI Cards Collaborate to Combat OTP Frauds with Geolocation Tracking
| Aspect | Details |
|---|---|
| Key Initiative | Ministry of Home Affairs collaborates with SBI Cards and telecom operators to combat OTP frauds. |
| Objective | Develop a solution to alert individuals about potential OTP thefts amid rising phishing attacks. |
| Technology | Geolocation tracking solution being tested to monitor OTP delivery locations. |
| Functionality | Tracks registered address and delivery location of OTPs; alerts customers if significant discrepancies are detected. |
| Security Enhancement | Efforts to bolster security measures beyond RBI's proposed additional authentication factor. |
| Action | Suspected OTP delivery locations may prompt alerts or OTP blocking. |
| Telco Collaboration | Telecom operators assist in locating devices and SIM cards during OTP delivery. |
| Fraud Detection | Discrepancies between customer's actual location and OTP delivery location flag potential fraud. |
| RBI's Guidance | RBI Governor Shaktikanta Das emphasizes cybersecurity vigilance and protection of customer information. |