HT Bureau
GUWAHATI, April 8: Axis Bank, one of the largest private sector banks in India, has introduced an industry-first ‘In-App Mobile OTP’ feature on its mobile app, ‘open’, to enhance authentication security and protect customers from rising OTP-related frauds and scams.
This innovative feature eliminates dependence on telecom networks by generating time-based one-time passwords (TOTP) directly within the app, instead of sending OTPs via SMS. This ensures faster, more secure authentication while significantly reducing fraud risks. The Mobile OTP is a significant step in the bank’s overall fraud protection roadmap, as part of which it aims to introduce a series of initiatives to become India’s safest bank.
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With cyber threats on the rise in the industry, particularly SIM swap and phishing attacks targeting SMS-based OTPs, Axis Bank’s In-App Mobile OTP provides a device-bound, time-sensitive alternative, reducing the risk of fraud. Users can use the Mobile OTP feature to log in into internet banking and can opt to use it for authenticating transactions as well. It is also accessible globally, functioning over internet, ensuring uninterrupted authentication even while travelling, especially for seafarers, frequent international travelers and NRIs. Sameer Shetty, President & Head – Digital Business & Transformation, Axis Bank, said, “At Axis Bank, we are focused on introducing measures to reduce fraud incidences and enhance customer safety. The introduction of In-App Mobile OTP on our mobile app, ‘open’, is a significant step in ensuring safe and secure digital banking experience for our customers. We are investing heavily in building multiple layers of protection against cyber frauds. In addition to enhanced security against frauds, the Mobile OTP option also eliminates reliance on telecom networks, thus providing customers with a seamless, more reliable authentication experience.”
