Axis Bank, one of India’s leading private sector banks, has introduced an innovative ‘In-App Mobile OTP’ feature to enhance digital banking security and counter rising online frauds and scams. Integrated into the bank’s mobile app, ‘open’, this feature allows users to generate OTPs (One-Time Passwords) directly within the app, eliminating the need for SMS-based OTP delivery.
The new feature uses Time-Based One-Time Password (TOTP) technology to generate device-bound, time-sensitive OTPs. This method not only ensures faster authentication but also significantly lowers the risk of SIM swap frauds, phishing attacks, and other cyber threats targeting traditional SMS-based OTPs.
According to Axis Bank, this move aligns with its broader strategy of building a safer digital banking ecosystem. “The Mobile OTP is a significant step in the bank’s overall fraud protection roadmap,” the bank stated in its official announcement.
Unlike conventional OTP systems that rely on mobile network providers to send SMS-based OTPs, Axis Bank’s Mobile OTP system works over the internet. This eliminates network delays, delivery failures, and the risks associated with telecom-based OTP interception. Users can authenticate transactions and logins even when they’re traveling or using international SIMs.
This is especially beneficial for seafarers, NRIs, and frequent international travelers, ensuring uninterrupted access to secure banking services regardless of their location.
Axis Bank customers can now access the in-app OTP feature through the 'open' mobile application. Once enabled, users can:
Log in to internet banking using the in-app OTP
Authenticate high-value or sensitive transactions
Use OTP authentication globally without the need for SMS connectivity
The OTP is generated within the app itself and expires within a short time frame, adding an extra layer of security.
To further bolster account safety, the feature provides customers with real-time alerts for all login attempts and transactions. This transparency helps users monitor account activity more closely and respond quickly to any unauthorized attempts.
These alerts are part of Axis Bank’s efforts to empower customers with tools to manage and secure their financial data effectively.
Sameer Shetty, President and Head – Digital Business & Transformation at Axis Bank, emphasized the importance of the feature in reducing frauds and enhancing the digital banking experience.
“At Axis Bank, we are focused on introducing measures to reduce fraud incidences and enhance customer safety. The introduction of In-App Mobile OTP is a significant step in ensuring a safe and secure digital banking experience. We are investing heavily in building multiple layers of protection against cyber frauds,” Shetty said.
He also highlighted the convenience factor, noting that eliminating reliance on telecom networks provides customers with a seamless and more reliable authentication experience.
The launch of the In-App Mobile OTP feature is part of Axis Bank’s larger digital transformation and cybersecurity initiative. The bank aims to introduce more such features in the coming months to reinforce its position as one of India’s safest banks.
Given the rising cases of digital frauds, this initiative is a timely response to protect users’ sensitive data and provide secure access to digital banking channels.