OTP - Latest News & Reviews

What are the new credit card rules set by The Reserve Bank of India?

Somya Agrawal — Fri, 30 Sep 2022 17:54:35 +0000

There will be new credit card rules in place as of October 1. New lending rules were released by the Reserve Bank of India (RBI) in April 2022. You’ll observe the following three changes in credit cards as of October 1. These rules apply to card issuers’ requirements for one-time passwords, tokenization of credit card data, and authorization of credit card limits.

The rules and How will they affect the cardholders?

Approval of credit card limits
Consumers can no longer request an increase in their credit card limit from the credit card company. It must have the cardholder’s approval and notification once it’s finished.

Only a notification was sent to cardholders when their credit limit was raised. After October 1st, they must expressly agree before the issuer lifts the sanctioned and advised credit limit.
Credit Card Tokenization
Previously, third-party payment applications used credit and debit card information, the names of cardholders, and CVVs to transfer funds from banks to the platforms. The RBI has created a card tokenization system to make such transactions safe and secure by encrypting the credit card information.

Unpaid levies, charges, or taxes cannot be capitalized by issuers for the purpose of charging or compounding interest.

Card companies will check for an OTP (OTP)
The credit card issuer must first obtain one-time-password (OTP) based consent if the cardholder hasn’t activated their card for more than 30 days after the date of issuance. The credit card company shall deactivate the card without charging an additional fee within seven business days if the cardholder rejects the request to activate the card.

Issuers are required to get a one-time password (OTP)-based authorization from the cardholder before activating a credit card that has been dormant for longer than 30 days after it was issued.
If the cardholder declines, the card issuer must close the account without billing them within seven business days.

The post What are the new credit card rules set by The Reserve Bank of India? appeared first on The Tech Outlook.

Whatsapp Scam: Your Account can be Hacked Easily | Here’s How This Happens

Team Tech Outlook — Mon, 06 Jun 2022 16:33:44 +0000

As per the news, it claims that hackers can take over your WhatsApp account and gain access to your private chats as well as your contact list. Hackers are using mobile phone providers’ automated call forwarding services and WhatsApp’s option to deliver an OTP verification code via voice call to gain access to your personal information. CloudSEk security researchers have discovered a new fraud that allows hackers to take control of a user’s account by making a simple phone call. Hackers phone targets and instruct them to dial numbers beginning with the letters ’67’ or ‘405’. Users are kicked out of their WhatsApp accounts after the call is made, and hackers obtain complete access to their accounts in seconds.

About the Hacking Process

According to CloudSEk, the hackers send a number that looks like service requests for multiple telecom operators for ‘call forwarding’ while their phone numbers are occupied or engaged. Once the call is made, the hacker redirects the victim’s calls to their phone number. While the victim is occupied, the hackers begin the WhatsApp signup procedure and select “the option to provide OTP via a phone call.” The attacker’s phone receives the OTP. Users are encouraged to call **67*10 digit number> or *405*10 digit number> by hackers. This method can also be used to steal anyone’s WhatsApp account provided a hacker has physical access to their phone and permission to make calls, according to the security researcher. He claims that every country and service provider uses the same service request number, so the method works worldwide.

So how can you protect yourself from this?

The safest and simplest strategy to safeguard yourself from a WhatsApp hacker is to ignore calls from unknown numbers and not make calls to unknown numbers. Also, make sure the numbers aren’t being spammed. Above all, don’t leave your phone lying around where it can be picked up by others.

The post Whatsapp Scam: Your Account can be Hacked Easily | Here’s How This Happens appeared first on The Tech Outlook.

Best UPI Payment Apps in India; Safe and secure anytime transactional wallet on the go!

Isha Kelaskar — Sat, 23 Jan 2021 06:56:14 +0000

UPI is an instant payment system developed by the National Payments Corporation of India (NPCI) easing the time-consuming process of inter-bank transactions. It just makes life easier and lesser walk-ins to Banks.

What is UPI?

Unified Payments Interface, also referred to as UPI in recent times has been gaining popularity and is becoming one of the most preferred methods of digital transactions in India. There are various apps that provide users with UPI. Additionally, there are also various banks that’ve tied up UPI to ease the process of the transaction.

In layman’s terms, UPI is a digital payment system through which a user can both send and receive money through a Virtual Payment Address (VPA). By using UPI to make any transactions, the specified amount of money will be directly debited from the customer’s bank account.

Key Features of UPI

Users can send and receive money
Payments can be made to merchants
Secure and Safe payment alternative
Funds can be transferred anytime, 24/7 basis
Transaction within a minute.

List of best UPI Payment Apps:

Paytm
GooglePay
BHIM
Phonepe
MobiKwik
SBI Pay
Axis Pay

How to use UPI?

After downloading the chosen UPI app on your preferred system, you will be asked to choose the bank from the given options. In order to verify the authenticity of your bank account, your bank will send you a one-time password (OTP). After the OTP is verified, your VPA will be created and you can start your transactions with just a few clicks.

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