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In response to the rising incidents of OTP scams, private sector lender Axis Bank has launched a new initiative aimed at enhancing security for its customers. The bank has introduced an “In-App Mobile OTP” service, eliminating the need to rely on telecom networks for SMS-based OTPs. Instead, the app itself generates one-time passwords for a specific duration, offering a more secure method for authentication during banking transactions.
This initiative is part of Axis Bank’s ongoing efforts to combat fraud and strengthen the security of online banking. The bank believes that by reducing dependency on SMS-based OTPs, it can provide customers with a safer and more reliable way to complete their transactions.
