...........In other words, RBI should stop imposing a one-size fits all approach to payment security. Two-factor authentication should apply to transactions beyond a certain size, which could either be a percentage of the credit limit or an amount set by the customer. The limits can be for each transaction and also include a daily limit, as fraudsters can circumvent the per transaction limit to make a large number of low-value transactions. Schneier calls this approach authenticating the transaction, rather than authenticating the user. It will be a tragedy if.........
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