BI Tightens Security for Online Transactions: What You Need to Know

Digital payments in India have grown by leaps and bounds in recent years.

Whether we are paying via UPI, credit/debit cards, mobile wallets, or net banking, most of our everyday transactions happen online.

This convenience is wonderful — but it also brings greater risk of fraud, hacking, and misuse.

To guard against these risks, the Reserve Bank of India (RBI) has introduced fresh and more stringent guidelines for authentication of digital payments.

In this blog post, I’ll walk you through:

1. What the new RBI rules are
2. Why they matter (for you, the consumer)
3. The challenges and criticisms
4. How banks and payment service providers are likely to implement them
5. What YOU can do to stay safe
6. What to watch out for in the future

Let’s begin. RBI Tightens Security for Online Transactions