Abbhisht Panddey’s Post

As Two-Factor Authentication (TFA) became a regulatory requirement in India, it rapidly became synonymous with One-Time Passwords (OTPs). Initially perceived as a potential impediment to the digital transition, particularly in the realm of ecommerce where digital payments were anticipated to surge, OTPs surprisingly emerged as a welcomed safeguard and a symbol of security for Indian consumers. Fast forward to the present, OTP serve as the cornerstone of authentication mechanisms across diverse sectors, reshaping how businesses and individuals engage with numerous applications and services. However, the evolution of authentication technology is inevitable, driven by the imperative to safeguard against cyber threats originating from various corners of the globe. As we look ahead, the landscape of authentication is poised for transformation, with emerging technologies such as biometric authentication, dynamic security measures, and multifaceted verification methods set to redefine how we verify identity and ensure security in an increasingly digital world. It's time to embrace the forthcoming innovations and bid farewell to the era dominated solely by OTPs.

Network enhancement and Maintenance are critical for financial institutions to ensure seamless operations, robust security, and excellent customer service. As the backbone of digital banking, a well-maintained network supports secure transactions, real-time data processing, and uninterrupted service delivery across channels. In an era of increasing cyber threats, regular network upgrades and proactive maintenance are essential to protect sensitive financial data and maintain regulatory compliance. Moreover, an optimized network boosts operational efficiency, enabling institutions to adopt innovative technologies like AI-driven analytics and mobile banking solutions, thereby enhancing customer experience and staying competitive in a rapidly evolving financial landscape.

🔒💡 Elated about India's central bank proposal for advanced authentication methods in digital payments! SMS OTPs, thank you for your service, but it's time for tokens and biometrics to shine ✨ Let's discuss the future of cybersecurity together! 🚀 🔐 With the overuse of SMS OTPs, the tech world is evolving towards more secure authentication methods. Embracing tokens and biometrics is the next logical step in safeguarding our digital transactions. 💳💻 🤖 Predictions for the future? Say goodbye to the hassle of typing in OTPs and hello to seamless and secure payments with tokens and biometrics! It's all about enhancing security while ensuring a smooth user experience. 🛡️💰 🔍 History lesson: Remember when OTPs were the gold standard for authentication? Times are changing, and it's exciting to witness the continuous evolution of cybersecurity in the digital age. 📜🔐 🌐 Let's stay ahead of the curve and adapt to these innovations in authentication. By embracing new technologies, we pave the way for a more secure digital ecosystem for businesses and consumers alike. 💼🔒 Join the conversation! What are your thoughts on the shift towards tokens and biometrics for authentication in digital payments? Share your insights below! 👇💬 #ainews #automatorsolutions #CyberSecurity #DigitalPayments #Biometrics #Innovation 🌟🔒 #CyberSecurityAINews ----- Original Publish Date: 2024-08-01 20:37

Disruptions in critical services can severely damage customer trust, particularly in the wake of repeated occurrences. Critical actions for building a resilient financial institution: 1. A robust IT infrastructure goes beyond merely avoiding outages; it fosters a positive customer experience and ultimately leads to stronger financial performance. 2. Regularly updating systems, conducting security audits, and actively identifying and addressing digital vulnerabilities are essential practices. 3. Having a well-designed disaster recovery plan with thorough and regular testing ensures a swift and effective response in case of an outage. 4. Compliance and alignment with regulations help mitigate risks and ensure IT and cyber resilience. IT infrastructure is not an afterthought; it's the foundation for a reliable and secure digital experience. Contact us to learn more about building a robust IT infrastructure for your financial institution >> TECH3 #TECH3 #CatalystForGrowth #BusinessEnabler #HybridIT #DataBackup #Compliance

🚀💡 Embracing the Digital Banking Revolution: Navigating Cybersecurity Challenges 💡🚀 In a world of technological marvels, every breakthrough brings with it a set of challenges. The digital banking revolution is no exception. As we witness the evolution of banking into the digital realm, we also encounter a new frontier of cybersecurity threats. 💳💻 With convenience comes responsibility. The shift towards digital banking has empowered consumers with unprecedented access and flexibility. However, it's crucial to acknowledge the flip side. The convenience of digital transactions opens the door to cyber threats, demanding robust security measures. 🔒 Cybersecurity is not a one-time fix; it's an ongoing commitment. As the banking landscape evolves, so do the tactics of cybercriminals. From phishing scams to malware attacks, the arsenal of threats is ever-expanding. But fear not! With vigilance and innovative cybersecurity strategies, we can stay one step ahead. 🛡️ At Verto, we understand the importance of safeguarding your financial assets in this digital age. Our cutting-edge technologies and proactive approach to cybersecurity ensure that your digital banking experience remains safe and secure. https://lnkd.in/e5C7Gkax #DigitalBanking #Cybersecurity #Innovation #Finance #TechRevolution #StaySecure #FutureForward

https://lnkd.in/dcncRMhd This is a very interesting initiative, it would be beneficial in alot of ways ways such as enhanced transaction monitoring, consistency for KYC programs throughout the banks to potentially avoid fraudster/bad actors, a wider review of transactions input through the FI system. It would be more a community effort, if handled properly. Consequently it means that data privacy initiatives and cybersecurity measures need to be enhanced at every level of the organization. It might work better if this was an independent system locally accessed by every bank. Thoughts? Inspired by Matt McGuire FCPA, FCA, CFF, CAMS, AMLP, CCI

In the era of digital banking, safeguarding customer data is paramount. Beyond traditional security measures, Data Loss Prevention (DLP) strategies must adapt to the evolving threat landscape, focusing on proactive risk assessment and real-time monitoring. Emphasizing the human element, fostering a culture of cybersecurity awareness among employees can significantly reduce the risk of data breaches. #datasecurity #cyberrisk #dataprotection #datalossprevention #financialsecurity #bankinginnovation https://lnkd.in/g63Drmce

Open banking: A strategic imperative for banking leaders Read the full article here: https://bit.ly/3SS3dmn ● Open banking transforms competition into partnership. ● Global open banking market is projected to hit $43.15 billion by 2026. ● Prioritising data security and privacy. #openbanking #bankingleaders #financialinnovation #marketgrowth #datasecurity #financialservices #collaboration #bankingtransformation #fintechpartnership #futureofbanking #digitalfinance #openbankingtrends #financialinclusion #cybersecurity #bankingstrategy

Bredec Group Banking sector tops consumer trust for cybersecurity, research finds - FinTech Global: Banking sector tops consumer trust for cybersecurity, research finds  FinTech Global Inquiry@bredec.com

MOBILE PAYMENT SYSTEMS: DISRUPTIVE DEVELOPMENT AND CYBER RISKS https://lnkd.in/e_wQyV7a This post was originally published here by  (ISC)² Management. By Kaya Kazmirci, Managing Director, Kazmirci Associates Kaya will be hosting the session Mobile Payment Systems: Disruptive Development and Cyber Risks at (ISC)² Secure Summit MENA, between 21st and 22nd November 2017. Two fundamental shifts in traditional payment methods are changing the landscape of spending. Emerging blockchain-based currencies and alternative payment channels are disrupting time honored cash and credit card-based transaction service providers. Enabling cheap transactions when traditional banking services are expensive is critical for supporting business growth, especially in the developing world, where banking services are not always cheap or available. At the same time, ensuring […]