HDFC intensifies online security to widen reach

Low-risk online transactions are now covered by lender’s Security Access as part of lender’s IT spending.

HDFC Bank, the country’s second largest private sector bank, has stepped up measures on the online security front. The bank is planning to cover more areas of its banking services under its security scanner.

Vishal Salvi, senior vice-president & chief information security officer, HDFC Bank, said, “We have a security product called Security Access under which any third party fund transfer is covered. We are expanding its reach to other low-risk mode of transaction products. In the current fiscal, we will be implementing it.”

Vishal refused to disclose other mode of products prior to its implementation on business concerns. The bank typically incurs around 7-8% of its total IT spending in a year behind security measures.

Security Access is a security mechanism wherein a HDFC bank customer has to confirm some message and image (set by him earlier) before he proceeds for online funds transfer to a third party.

Besides this, the bank also plans for increased customer’s awareness programmes on online banking.

View the full story in Financial Express.