Tuesday, February 23, 2010

Polaris, IIT Madras Embarked upon a new Online Technology

Financial Technology organization Polaris Software Lab in affiliation with educational institute Indian Institute of Technology (IIT) Madras embarked upon Intellect Privacy for enabling online transaction of banks and financial institutions.

The technology would hedge customers and banks from phising attacks, deceptive email, screen logger and Trojan virus, Polaris Software Monetisation Strategy and Global Alliances-Head K.Srinivasav 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.

Furnishing with statics he said phishing attacks led banks to lose USD2.8 billion. More than 20percent of users are engaged in internet banking. IIT Madras Director M.S. Ananth said it was almost a social network project, as a large count of people are mislead online.

"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 Indusland became the first to carry out 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.

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