Banks to ask for an additional password

NEW DELHI, INDIA: Following the Reserve Bank's direction for making phone banking more secure banks

Banks will ask for an additional password from their credit card customers from the New Year for any transactions conducted over phone.

Also read: Making online banking safer

According to a PTI report, as per the RBI guideline, all the banks will mandatorily decline any telephonic banking transactions, including the automated IVR (interactive voice response) services, where the customers do not have a one-time password (OTP) for such services with effect from January 1.

The customers would need to generate a separate OTP for each IVR transaction.

Also read: Tips to enhance mobile banking security