Authentication of online transaction using banks debit cards can be done through:

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

Authentication of online transaction using bank’s debit cards can be done through:

A	Bank’s website
B	OTP
C	Through ATMs
D	None

Explanation:

Detailed explanation-1: -An OTP number is a unique security code used for online transactions. An OTP uses an auto-generated algorithm to help users authenticate their online transactions. It provides an extra layer of authentication as compared to a static password. An OTP is valid only for a few minutes and cannot be reused.

Detailed explanation-2: -The Reserve Bank of India has allowed the increase in in limit for e-mandates/ standing instructions on credit/debit cards and prepaid payment instruments (PPIs) for recurring transactions to ₹15, 000, from ₹5, 000, with immediate effect.

Detailed explanation-3: -The easiest way to register for the One-time PIN service is through your nearest bank branch. The bank’s customer service representative will set up the One-time PIN for you if you are a registered customer with an active account. This way, every transaction relating to your account will be OTP-protected.

Detailed explanation-4: -The “AUTHENTICATION CODE” for a Debit Card is a unique four-digit number that will be sent by SMS to your mobile number registered with the bank in case of: Activation of new Debit Card. Activation of replaced Debit Card. Reset of PIN. Online purchases & payments with your Debit Card.

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