Reserve Bank of India is considering removing two-factor authenticationrequirement for small-value transactions up to Rs. 3,000 (roughly $47 USD) Security experts believe the move would result in increased fraudulent transactions and a big loss of investments made in systems and software to enable the same. Experts believe banks may not be able to upload the cost to customers who make transactions of low-value. For small-ticket frauds, fraudsters are smart enough to figure out a way to spoof the system and conduct series of big fraudulent transactions.”]
Source: https://www.databreachtoday.com/critics-to-rbi-dont-ease-security-a-7852