India Bank Launches One-Time Password Card to Protect Online Banking Users

Corporate clients can now use one-time passwords generated by a small plastic card developed at the Indian Institute of Technology Madras.

IndusInd Bank has become the first bank in India to implement Intellect Privacy, an online and internet banking security card, for its internet banking customers. Polaris Software Lab developed the card based on four patents filed by the Indian Institute of Technology Madras.

Experts estimate worldwide losses incurred by banks annually due to phishing at more than $10 billion. This security card is intended to protect customers and banks phishing attacks such as those instigated by deceptive e-mails, key/screen loggers, brute force/dictionary attacks and Trojans.

Developed using the patents filed by K. Balaraju, a student of the MS (Entrepreneurship) program of IIT Madras, Intellect Privacy uses multi-factor authentication technology to authorize online banking transactions.

IndusInd Bank engaged Polaris Software to deliver a portal for its corporate clients with specialized solutions for Account Services, Cash Management, Trade Finance and Supply Chain Finance.

Intellect Privacy is a simple plastic card that customers can use to generate a one-time password for carrying out any kind of online banking transaction. Banks can issue booklets containing a desired number of cards that would last many transactions. The card has no pilferage value by itself and customers can request new booklets and report loss of cards through the online banking portal.

IndusInd Banks also recently became the first bank in Maharashtra to operate a solar-power ATM.