The master direction by the RBI on digital payment security controls was released recently and this is Famous by the name of RBI DPSC. This particular security control is basically applicable to regulated entities like commercial banks, payment banks, and all kinds of finance banks who are issuing credit cards. The concept of RBI DPSC very well enables customers to indulge in secure and safe digital payments which ultimately helps improve their overall confidence without any problem at any point in time. This point is definitely helpful in providing people with an extreme level of support from every Perspective and some of the basic general controls that you need to know about RBI DPSC have been very well explained as follows:

  1. Governance with the management of security: This point is definitely associated with the identification, analysis, monitoring, and management of the fraudulent element of risk so that digital payment support will be there and governance will be proficiently sorted out 
  2. Application security life-cycle: This point will definitely deal with the digital payment applications that will be implementing the necessary security controls so that handling, storage, and protecting the payment data will be very well done. The best of the standards in this particular case will be extremely successful in providing people with guidelines to ensure the protection of the applications and further make sure that compliance will be very high 
  3. Perfect authentication framework: The best of the entities in this particular case will definitely be implementing multi-factor authentication for the payments and transfer of funds through electronic methods. Appropriate authentication methodology is very important to pay attention to because it will determine the entire situation after the assessment of risk. It is very much recommended to the companies that they must be using at least one authentication methodology which is generally dynamic and non-replicable in the whole process 
  4. Fraudulent risk management: Many entities across the globe perfectly implement security controls in terms of configuration aspects so that identification of suspicious transactional behaviour will be very well done. Some of the basic parameters to be taken into consideration in this particular case will be the velocity of the transactions, parameters associated with the risk merchant category code, parameters associated with the card counterfeiting, new account parameters, time zone, geographical location, and other associated things that you need to know. 

India has been highly successful in transitioning itself from a cash-based economy to a cashless economy due to the introduction of the concept of digital payments. The entire system of digital payments nowadays is gaining a lot of prominence and due to a greater number of users opting for this concept, cyber security threats have also consistently increased. So, consistently following the RBI guidelines associated with Kulka is definitely important so that everyone will be able to carry out the digital payment processing in a very safe and secure manner. RBI DPSC has been highly successful in outlining the data privacy and security guidelines very easily so that cyber security risks which are prevalent in the digital payment landscape will be perfectly sorted out without any problem.