New Delhi, Jan 20 (PTI) Airtel Payments Bank on Wednesday said it has added third layer of authentication, Airtel Safe Pay, based on network intelligence to prevent online banking frauds for its customers.

At present, banking companies use double factor authentication, which includes online banking password and a one-time password that is sent through SMS on registered mobile number.

"As digital payments become the norm, especially in the post-pandemic world, we also have to solve for the challenge of frauds that are growing rapidly.

"We are happy to leverage Airtel's core telco strengths to bring to the market this unique capability that ensures that our customers have full control over their transactions. This sets a new benchmark in the Indian digital payments space by making security paramount," Airtel Payments Bank MD and CEO Anubrata Biswas said in a statement.

Airtel Safe Pay is completely free of charge and can be activated through Airtel Thanks app home screen or from the banking section, the statement said.

The firm claimed that Airtel Safe Pay can protect customers from potential frauds such as phishing, stolen credentials or passwords, and even phone cloning.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)