Say goodbye to OTP scams: 'Silent authentication' tech to secure bank accounts

New Delhi (The Uttam Hindu): To curb the rapidly increasing cyber crime and online fraud, work is now underway on a very high-tech technology. Banks and telecom companies together will soon introduce a new system called 'Silent Authentication', after which fraudsters will not be able to hack into your bank account even if the OTP is stolen. This new technology is going to be a strong and secure alternative to the existing one-time password (OTP). Currently, this system is in the testing phase and once it is fully implemented, all the tricks of cyber criminals will fail, because banks will block any suspicious transaction in the blink of an eye.

What is silent authentication?

This new and modern technology is being called an extra layer of authentication for the banking sector. Currently, to complete online payments or any transaction, users must verify their password as well as the OTP received on their mobile. In this situation, fraudsters are easily emptying people's bank accounts using tricks like SIM swapping or call forwarding. If a hacker gains access to your card details and mobile number, they can steal your hard-earned money in a jiffy. Numerous cases of such fraud have surfaced in the past few months, defrauding people of crores of rupees. To eradicate this major threat, banks and telecom companies are working on this new solution.

How will this smart system work in the background?

According to reports, silent authentication technology will be based entirely on background verification. Hackers will be unaware that the bank is secretly monitoring their transactions. This system will use the bank account and OTP, as well as the mobile device ID, to identify the authentic user. As soon as a transaction is initiated from the bank account, the bank will verify in real time whether the actual device with the registered mobile number is active.

Telecom operators will provide accurate device information

This accurate information about the device's active status at the time of the transaction will be transmitted directly to the bank through the telecom operator. This way, the bank will immediately know whether the person performing the transaction is a genuine customer or a hacker using another device. If the original device is not active at the time of the transaction, the bank will immediately block the transaction, ensuring your money remains safe. The Department of Telecommunications has been working on this technology for quite some time to prevent fraud.