Vasco provides compliance to RBI's OTP generation mandate
Vasco Data Security (Nasdaq: VDSI), a software security company recently announced that will provide compliance to RBI’s OTP (one time password) generation mandate for IVR-based transactions, thus proclaiming its optimism about the new guidelines set by the Reserve Bank of India. The company that specializes in authentication products will provide Digipass a security product, providing user authentication and digital signatures via authentication products carried by users, or in software on mobile telephones, portable devices or PCs. It is compatible for e-commerce, e-banking, e-networking and e-government applications.
Mobile phone users are becoming less hesitant towards the adoption of mobile applications as the security of these devices is enhanced opined Jan Valcke, president and COO, Vasco. He further added, “While the Regulator has taken a step in the right direction by mandating additional password, it is the authentication strategy adopted by banks which is of great importance.”
The company stated that Digipass for mobile is an authentication solution which uses the capabilities of Internet enabled mobile phones for authentication purposes. Most phones also employ phone applications for using IVR which enables customers to access their bank using a touchtone telephone or voice recognition.
As per the guidelines, all merchants in India are required to collect an OTP (One Time Password) in addition to information written on the credit cards for all transactions done over phone (IVR). All banks in India are required to provide OTP directly to their customers for a secure transaction over IVR. This can be done either to the card user’s registered mobile number or email ID or both. This in turn requires a technology platform that integrates communication channels like phone, email, SMS, web and fax with the CRM and database applications.
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