IVR (Interactive Voice Response) is a computerized phone system that enables a person, typically a telephone caller, to make a selection from a voice menu of bank/Credit/debit cards provider firms. The selection is made using touch-phone keypad entries or voice responses. The phone system plays pre-recorded voice prompts and the person typically presses a number on a telephone keypad to select the option associated with the voice rompt thus helping him to obtain information or process a transaction.
From 1st of Jan2011, RBI mandated all banks to introduce ‘IVR one time password (OTP)- an additional level of security check’ for all credit card transactions through mobile phones. In the voice menu, we will be prompted to enter the IVR password after entering the card number,card expiry date and the CVV number. The CVV Number (“Card Verification Value”) on a credit card or debit card is a 3 digit code on VISA, masterCard and Discover branded credit and debit cards, and a 4 digit code on American Express credit and debit cards. This should not be confused with PIN of ATM card. This password will last for a specified period of time ranging from 30 minutes to 24 hours based on bank’s policy. Password will be of 6 digit number. This may be valid for one transaction to three transactions depending upon banks. ICICI bank allows it for one transaction whereas HDFC allows for three transactions. These depend on bank’s policy which will be changed from time to time. So before any transaction for purchase any commodity/items, it is necessary to generate an OTP first. The OTP will be sent to our registered mobile number registered with the bank. Once we receive the same, we should make sure that we punch the correct number. If we punch wrong number, then we have to generate one more OTP for completing the transaction.
So, whether it is booking movie tickets, shopping or any other purchase, be assured of maximum security for your money and Credit Card details by generating an IVR password
ICICI Bank has three options for these IVR transactions through mobile phone for credit cards.
Option 1:Through SMS:
Using your registered mobile, send SMS “SMS IBOTP to 5676766 or 9837142424.” and you will receive IOTP(Internet Open Trading Protocol) in your registered mobile number. This is nothing but one time pass word.
Through ICICI Bank site:
After logging in, you should enter ICICI credit card number, expiry date and date of birth. Immediately you will receive the IOTP in your mobile and also in your email.
Option 3: Real time generation of OTP:
At the shop side, you should enter ICICI credit card number, expiry date and cvv code. Then immediately the OTP will be sent to your mobile number for completing the transaction.
For HDFC Bank:
You have to send one SMS ‘ PWD 1234 ’ to 9717465555 or to 5676712 from your registered mobile bank. 1234 are the last four digits of your credit card number. You will receive an SMS with the IVR password in the registered mobile number.
If you had registered the credit card for Net safe, you can generate the same from online bank account also using ‘Generate IVR password’. The IVR password will be sent to your registered mobile number and email id.
(Viewers advised to check the above from their bankers or from their websites as changes are there from time to time. This is only giving idea about new type of security RBI insisted on banks for mobile banking)