The past few months has seen a sudden increase in phishing attacks on Indian banks. Symantec, the online security solution provider has observed a sudden rise in phishing on Indian bank websites recently. The number of phishing URLs on Indian bank websites in the first two weeks of August was nearly 2% of all phishing attacks. In the past, the usual average was typically 0.5%. This means that the rise has grown four fold in just two weeks.
To combat this sudden rise of phishing attacks, Indian Banks have set into place stringent authentication processes such as HDFC Bank’s Secure Access, Axis Bank’s NETSECURE and ICICI Bank’s 3-fold security process. The introduction of these new authentication processes means that merchants might experience a slight slowdown of transactions while customers registered. However, these authentication processes will prove to be beneficial, as they will protect both the bank customers and you against phishing attacks and fraudsters in general.
Secure Access from HDFC Bank
HDFC Bank has implemented a new security solution for its customers - Secure Access, an enhanced security service for all its Third Party Registered Customers. This 2-step authentication process will protect your customers from fraudsters and hackers - who are looking to find a way to access their accounts. It will also monitor Net Banking Third Party Transactions (TPT) with an aim of blocking / reporting any deviant transactions. Learn More
NETSECURE from Axis Bank
Axis Bank has introduced NETSECURE, a two-factor authentication system to provide added security to online banking transactions. This security initiative will help double security for all online fund transfers and reduce fraudulent transactions.
NETSECURE is a secured system, wherein two different parameters (one that you already know, like login id and password and second, a single usage password that you will receive while conducting the transaction) are used together to verify your identity on the Internet. Using two factors as opposed to one factor (just the login id and password) ensures heightened security for your online transactions. Learn More
3-fold Security from ICICI Bank
ICICI Bank has increased its online transaction security by upgrading its single layer security system to a three-fold authentication system. Originally, when a customer wanted to pay online, he simply needed to enter his username and password to authorize the pay. Now, to authorize a payment, the customer has to go through 3 steps. Step one – enter his net banking username and password; step two – enter his debit card number and pin; and step three – answer a customer sensitive question, whose answer is available on back of the customer’s card. This 3-fold security layer heightens security and reduces risks when transacting online.
Just like HDFC, Axis and ICICI Bank, many more banks are in the process of introducing additional authentication processes to safe guard their customers against fraud and phishing attacks.