Financial technology company Polaris Software Lab in association with educational institute Indian Institute of Technology (IIT) Madras on Monday launched Intellect Privacy for enabling secured online transaction of banks and financial institutions.
The technology would protect customers and banks from phishing attacks, deceptive email, screen logger and Trojan virus, Polaris Software Lab Monetisation Strategy and Global Alliances-Head K. Srinivasan told reporters here.
It is a plastic card through which customers can use to generate a one-time password (OTP) for carrying out any kind of online banking transactions, he said.
Giving statistics, he said phishing attacks led banks to lose USD 2.8 billion. He said in India around 20 per cent of users are engaged in internet banking.
IIT Madras Director M.S. Ananth said it was almost a social network project, as large number of people get cheated online.
IndusInd Bank became the first bank to implement the application for its internet banking customers.” The transaction would cost Rs. seven per customer which is comparatively lesser than what is being available”, IndusInd Bank Executive Vice-President Ramesh Ganesh said.
“The methodologies were provided by IIT Madras while the technology support was by Polaris”, Chairman of Laser Soft, a group company of city based Polaris Software Lab, Suresh Kamath later told PTI. Around 70 persons were working on the subject for the last one year. “It will cost Rs. 100 per customer and banks who intend to use this may buy as per their demand.” he said.
