RBI introduced an additional authentication layer for online international digital payments.
The Reserve Bank of India (RBI) announced plans to introduce an Additional Factor of Authentication (AFA) for cross-border “Card Not Present” (CNP) transactions.
It will bring international digital transactions through Indian-issued cards on the same security standards that are applied to domestic transactions.
An additional Factor of Authentication (AFA) requires a One-Time Password (OTP) or biometric authentication. It has effectively reduced the number of frauds in domestic online payments.
Until now, this layer of additional security doesn’t apply to international standards.
The introduction of AFA for international transactions will ensure that Indian consumers are fully protected.
The rise in e-commerce has also brought a spike in fraud cases.
