How Intellect privacy card is more effective than electric token and SMS system, in preventing Online crimes, while doing the bank transaction?

December 24th, 2012| Finance.

How Intellect privacy card is more effective than electric token and SMS system, in preventing Online crimes, while doing the bank transaction?

Intellect privacy card designed by Khammam student (AP, India)

Internet usage is increasing in the case of bank transactions. Along with this, online crimes are also increasing. IIT Madras has found a solution for this in the form of intellect privacy card. The designer of this concept and device is a Telugu student from Khammam of Andhra Pradesh by name Kondaveeti Balaraju. A program was conducted for the inauguration of this device in IIT Madras. First privacy card is given to the IndusInd bank by the IIT Madras. The inventor Balaraju says that this can be used in English along with the regional languages of Hindi, Telugu and Tamil languages.

Flaws present in the present online banking system

Presently there are two systems in force; they are electric token and SMS system.

Electric token: This card will look like a calculator. For providing this, a bank has to afford Rs. 700 to Rs. 1,500 on each instrument. Though this system is safer than others, banks are not in a position to spend that much amount on each customer.

SMS system: This is the widely used system now. Transactions can be done if users know our password before itself. Or otherwise users can request an optional password though SMS. It is easy for others to know our password.

New system

Intellect privacy card’ is the group of six cards made of plastic. It is easy to carry this card. It doesn’t have a single password. This dynamic password changes for each transaction. So there is no chance of others knowing our password. Even if known also, there is no problem. This is very much affordable. Six plastic cards can be manufactured for just Rs. 7 only. So it will be economical for banks also.

Related search terms: