CHENNAI: The new regulations that were introduced to prevent fraud in online banking transactions will come into effect from April 1.
The move comes amid rising cyber fraud cases linked to digital transactions, prompting authorities to introduce stricter norms, according to a Daily Thanthi report.
The process of online money transactions, including OTP (One-Time Password) entry and account security, will undergo changes, with the origin of each transaction to be verified.
The method of receiving OTP will also be changed, with OTPs no longer sent via SMS but instead delivered through the respective banking app or other authorised apps.
Users will not be allowed to take screenshots or screen recordings on banking applications
Transactions can be blocked between 11 pm and 6 am, during which no withdrawals can be made from the account.
If any fraudulent app or malware is downloaded accidentally, users will receive immediate alerts.
Additional security questions may be introduced for higher-value transactions, where users may be required to provide answers to pre-set personal questions for verification.
Banking applications will also use biometric-based behavioural verification, including typing patterns and screen interaction.
For large-value transactions that run into several lakhs of rupees, additional verification measures including Aadhaar linking, fingerprint authentication, and facial recognition may be required.