Card Not Present Fraud , Multi-factor & Risk-based Authentication , Next-Generation Technologies & Secure Development

Building a Secure Cashless Economy

The Indian government's move to demonetize high-value currency has given impetus to online and card transactions, creating new challenges for ensuring cashless transactions are secure, says Dr. A.S. Ramasastri, director at the Institute for Development and Research in Banking Technology.

See Also: The Future of Adaptive Authentication in Financial Services

"While the regulators and banks have been debating the issue of securing endpoints to prevent fraud, much more must be done to ensure secure cashless transactions," he notes in a video interview at Information Security Media Group's recent Mumbai Fraud and Breach Summit.

One critical step, he says, is to implement new forms of authentication, such as biometrics.

In a recent development, RBI announced it is requiring banks to move to Aadhaar-based biometric authentication for electronic payment transaction.

In this exclusive video interview with ISMG, Ramasastri also shares his views on:

• How blockchain is helping address scalability and interoperability issues;
• The importance of adhering to security standards as banks move to EMV;
• Tracking anomalies in data through monitoring and by alerts

Ramasastri was appointed director of IDRBT in October 2014. Previously, he was chief general manager of the department of information technology at Reserve Bank of India. At the RBI, he spearheaded the implementation of the RTGS system and the adoption of international standards. Ramasastri has been a member of the Institute's governing council, a faculty member at the RBI Staff College, and has authored two books: "Quantitative Methods for Valuation of Assets" and "Quantitative Methods for Banking and Finance."