After looking into Massive Credit Card Frauds in Online Transactions happening Abroad for Cards Issued in India, CardBhai – Credit Advisory floated the idea of 2nd Factor of Authentication for Card Not Present Transactions such as Online Shopping. Earlier in March, the RBI mandated Credit Card Issuing companies to upgrade their systems for Additional Authentication for Online Transactions. HDFC Bank went a step ahead and gave consumers a choice of One Time Password sent to their Mobile which could used to complete the Online Transaction.
Now for the second factor of authentication banks have come up