ICICI Bank to make credit Card IVR transactions more secure from FEB

From February 1, 2011, IVR tansactions on ICICI Credit Card will be completely secure, as per ICICI bank. Based on a Reserve Bank of India mandate, The bank has introduced an additional layer of security for IVR transactions on ICICI Bank Credit Cards.

Every time you pay for a purchase or service through any merchant?s telephone system (IVR), you will be asked to input a One Time Password (IOTP). One can generate the IOTP via SMS or ICICI Bank website or even in realtime during a purchase. This one-time password is valid for 24 hours or one transaction, whichever is earlier. After February 1, 2011, no transactions over IVR will be carried out without IOTP verification, as per the bank.

Banks have already introduced 3Dsecure for internet transactions, which they say is for additional safety.