Interswitch has announced the release of Safetoken, a security measure that generates One-Time-Passwords (OTP) for certain classes of online payment transaction, in compliance with a Central Bank mandate. The extra layer of authentication is designed to prevent the unauthorized usage of a customer’s card for payments over the web.
The Safetoken security measure activates upon pre-determined conditions — transactions above a set amount, for instance — causing an SMS containing the OTP to be sent to the phone that the customer has registered with their bank. Authentication via hardware tokens, software tokens, grid cards, OTP via SMS and OTP via email are also supported.
Using the Safetoken service, requires that the customer be registered a cardholder must first be registered. The banks that have adopted and have begun to implement the solution include UBA, Access Bank, GTBank, First Bank, FCMB and Zenith Bank.
See the full release here