The Hindu Business Line : Reliance Money launches security token in online trading

Mumbai, July 2 Reliance Money, an Anil Dhirubhai Ambani Group venture, launched a ‘security token’ to counter the growing threat of hackers and phishers in online trading, according to Mr Sudeep Bandopadhyay, Director and Chief Executive Officer.

“We have given out 1-lakh gadgets free-of-cost to our customers over the past two months and hope to distribute more in the coming months,” he said.

6-digit code

The device has a six-digit code that changes every 32 seconds. “Even if somebody gets hold of the trader’s password and username, they will not be able to access the account since the code of the security token is essential in logging in,” said Mr Ashish Shah, business associate of Reliance at Money Junction in Mumbai.

With a battery life of five years, this almond-shaped security token is small enough to fit in to a palm and easy to operate. It can be blocked like any mobile phone in case of theft or misplacement.

Though HSBC was the first Indian company to launch this product, Reliance is the first to introduce it in online trading.

“We always try to offer something new to our customers,” said Mr Bandopadhyay, mentioning Reliance’s initiative in facilitating trade through kiosks. There are currently 2,500 kiosks across the country, he said.

3-day fair

Reliance Money participated in the three-day fair, called ‘Money Junction’, held in the city.

Organised by Quantum Events in association with Religare and Times of Money, “the fair is a one-stop opportunity for investors to meet the experts and learn about product features so as to plan their personal investment portfolios in an informed way,” said Mr P. Inder Pal, CEO of Quantum Events.

The Shiv Sena Executive President, Mr Uddhav Thackeray, inaugurated the Mumbai fair which is to travel to 10 other cities including Delhi, Bangalore, Kolkata, Kochi and Chennai, and culminate in an awards ceremony in Mumbai this December, Mr Pal said.

More Stories on : Financial Services | New Products & Services | Security

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Reliance Money launches security token in online trading

The return of the debt spiral

Rising rupee slows down export growth

Re gains 5 paise on dollar inflows

ABN Amro net rises 59% to Rs 385 cr

National Insurance retains Infosys account

Karnataka Bank raises Rs 120.5 cr

Centurion Bank raising capital

Vijaya Bank seeks larger equity role in insurance venture

FCNR (B) deposit rates raised

Bond prices up on liquidity hopes

SBH’s new term deposit scheme

Punjab National Bank mulls merging arm