IDBI bank Ltd. I-Net Banking Center has sent an email to their clients that they are introducing an additional layer of security in form of Online Shopping Password (OSP) for all e-commerce payment transactions. This can be considered similar to Netsecure Axis Bank which is very effective as one gets an authorisation password on mobile. The additional layer ensures that frauds do not take place in online transactions and you can consider going through tips to avoid online frauds to be on the safer side.
IDBI bank writes and we quote “ In an endeavor to make your Internet banking transactions more safe and secure, with effect from 12th December 2011, we are introducing a new security feature while making payment for e-commerce transactions through your internet banking account.
You will henceforth be required to generate and input an additional Online Shopping Password (OSP) for all e-commerce payment transactions which are initiated from a third party (online merchant) websites like for e-shopping, ticket bookings, online trading etc.”
The following questions and answers will help you to understand better this new security feature:
Q. What is the Online Shopping Password (OSP) security feature for e-commerce transactions?
Online Shopping password (OSP) is an additional step of authentication to secure and protect your e-commerce transactions initiated from external merchant websites. It is a six-digit number which will be sent to your mobile number by way of a SMS. This number is confidential and should not be disclosed or shared with anyone even if the person claims to be an IDBI Bank official.
Q. When will I need to generate the OSP?
You will have to generate the OSP before you initiate any e-commerce transaction on any merchant website, trading portal etc.
Q. How will I generate an Online Shopping Password (OSP)?
Follow the 3 simple steps mentioned below:
- Login to your Net Banking Account.
- Click on ‘Generate OSP for e-commerce Payments’
- Confirm by entering your transaction password.
Q. How will I receive the OSP?
You will receive the OSP by way of a SMS on your mobile number registered with the Bank.
Q. Where will I be required to enter the OSP?
You will have to enter the OSP while making any online e-commerce payments through your net banking account. After selecting 'Pay through IDBI Bank Net Banking' option on the merchant's website / trading portal, you will be directed to the secure online payments page of IDBI Bank Internet Banking and prompted to enter your login credentials. Before you enter your transaction password, you will be required to enter the six-digit OSP received on your mobile phone.
Q. What is the validity period of the OSP? Can I use the OSP multiple times?
The OSP generated on a particular day will be valid till the end of the day i.e. 23:59:59 Hrs. Yes, the OSP can be used any number of times for multiple e-commerce transactions within the validity period.
Q. Do I need to generate an OSP every day?
Yes, you have to generate the OSP on a daily basis, if and before you initiate an e-commerce transaction in order to authorize the payment.
Q. Is this security feature also applicable to NRI customers?
Yes, NRI customers have to ensure that their current mobile number along with the appropriate country code is updated in the Bank's record.
Q. How will I carry out an e-commerce transaction if I do not receive an OSP?
It is mandatory to enter the OSP while making any online e-commerce payment. In case you do not receive the OSP within 15 minutes, please select the ‘Resend OSP’ option in your Net Banking account to receive the same.
Kindly ensure that your latest mobile number and email id are updated in the Bank's record, which is mandatory to avail of this security feature. Please visit your nearest IDBI Bank branch and submit your updation request. The Bank does not ask for updation of such information over email or SMS.
Beware of fraudulent Phishing emailPhishing emails. If you receive an e-mail claiming to be from IDBI Bank Ltd. regarding updating sensitive account information or asking for verifying your identity or login to your account for instant activation or for registration of a security feature etc. by clicking on a link provided within the email, DO NOT act on the mail and delete such mails from your mailbox. Please also let us know by forwarding the e-mail to icare@idbi(DOT)co(DOT)in or call on our toll free Phone Banking numbers.
We Wish you a secure internet banking experience and look forward to your visit to our best online trading sites in India which renders you unbiased opinion always and every time.