Fraud Management & Cybercrime , Multi-factor & Risk-based Authentication , Next-Generation Technologies & Secure Development

Securing Unified Payment Service Against Online Fraud

NPCI's CISO Bharat Panchal Discusses Authentication, Other Key Issues
Bharat Panchal, senior VP and CISO, NPCI

The more than 52 banks migrating to National Payment Corporation of India's Unified Payments Interface service to enable customers make easy online funds transfers face the risk of increasing online fraud as well as integration challenges because the service must interface with core banking technologies.

In a video interview at Information Security Media Group's recent Fraud and Breach Prevention Summit in Bengaluru, Bharat Panchal, senior vice president, head of risk management and CISO at National Payment Corporation of India, clears up the ambiguity surrounding UPI. He explains that the platform uses a multi-factor authentication mechanism and a virtual payment address.

In the interview about UPI, he also discusses:

  • How customers' digital identities are protected at the design level through virtual payment address and multifactor authentication standards;
  • Risk mitigation procedures at the application level;
  • The simplified authentication process.

At NPCI, Panchal is responsible for monitoring, evaluating and implementing improvements of risk management controls and governance areas, including enterprise risk management, operational risk management, information security and internal audit and fraud management. He establishes ownership for risk management activities across the organization and partners with member banks to ensure efficiency and effectiveness of operations, safeguard tangible and intangible assets and ensure the accuracy and integrity of transactions and processes. Previously, Panchal worked for Kotak Mahindra Bank, Citi, Reliance Communications and Avaya Global.

About the Author

Geetha Nandikotkur

Geetha Nandikotkur

Managing Editor, Asia & the Middle East, ISMG

Nandikotkur is an award-winning journalist with over 20 years' experience in newspapers, audio-visual media, magazines and research. She has an understanding of technology and business journalism, and has moderated several roundtables and conferences, in addition to leading mentoring programs for the IT community. Prior to joining ISMG, Nandikotkur worked for 9.9 Media as a Group Editor for CIO & Leader, IT Next and CSO Forum.

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