Symantec is working with banks to offer 2FA solutions for IVR transactions

WITH Reserve Bank of India (RBI) announcing the need to put in place an additional layer of security for credit and debit card transactions over Interactive Voice Response (IVR phone) in India, some banks in the country have begun toying with the idea of the introduction of an additional layer of protection. xThis will be beyond the standard username and password and will most likely require a second factor for authentication, which is a dynamic one-time-use six-digit security code.

Two Factor Authentication (2FA) is already present for net-banking transactions with RBI recognising this need two years ago when it directed banks to introduce a second factor of authentication for internet banking. This factor required information that is not physically present on the card to be used to enable a transaction.

Symantec, the largest maker of security software for computers, is working with banks in India to offer 2FA solutions for IVR transactions where the phone acts as a medium for purchase of goods and services.

Two factor authentication means that it is based on something a user knows (factor one) plus something the user has (factor two). In order to access a network, user must have both factors.

Payment to the vendor is made by entering credit card number and expiry date, on the automated system. The IVR Dual Authentication process is to provide you with an added level of security for all IVR transactions carried out on a bank credit card. In Dual Authentication Process, one would be required to enter a one-time IVR transaction password (in addition to other card details) to transact on the IVR platform. A new password will be sent to the registered mobile every time you transact.