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Enhanced Security for NPS Subscribers: PFRDA Rolls Out Aadhaar-Based Two-Factor Authentication

Starting April 1, FY2024-'25, NPS enhances security with mandatory Aadhaar-based two-factor authentication, promising a safer platform for subscribers.

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Dil Bar Irshad
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Enhanced Security for NPS Subscribers: PFRDA Rolls Out Aadhaar-Based Two-Factor Authentication

Enhanced Security for NPS Subscribers: PFRDA Rolls Out Aadhaar-Based Two-Factor Authentication

With the dawn of the new fiscal year FY2024-'25, the National Pension Scheme (NPS) subscribers are set to experience a significant security upgrade, courtesy of the Pension Fund Regulatory and Development Authority (PFRDA). From April 1, a new Aadhaar-based two-factor authentication system will become mandatory for all individuals accessing their NPS accounts through the Central Recordkeeping Agency (CRA) system. This initiative aims to bolster the security framework of NPS, ensuring a safer and more secure environment for the subscribers' retirement savings.

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New Security Measures Introduced

In an effort to combat potential threats and unauthorized access, the PFRDA has mandated the implementation of a two-factor authentication system, leveraging Aadhaar for this purpose. Subscribers will now be required to authenticate their login attempts using their Aadhaar number, in addition to the conventional user ID and password. This integration seeks to provide an additional layer of security, safeguarding subscribers' accounts against spoofing and other fraudulent activities.

Step-by-Step Guide to Aadhaar Authentication

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To comply with the new security protocol, subscribers must first visit the official NPS website and select the 'Login with PRAN/IPIN' option. Following this, they will enter their user ID and password, along with a captcha code, to proceed. The system will then prompt for Aadhaar authentication, whereupon an OTP will be sent to the registered mobile number associated with the Aadhaar. Entering this OTP will grant access to the NPS account, completing the two-factor authentication process.

Implications for NPS Subscribers

This enhancement in security measures reflects PFRDA's commitment to protecting the interests of NPS subscribers. While it introduces an additional step in the login process, the long-term benefits of increased account security and reduced risk of unauthorized access far outweigh the minor inconvenience. Subscribers are encouraged to update their mobile numbers linked to their Aadhaar to ensure a smooth transition to the new authentication system.

The introduction of Aadhaar-based two-factor authentication is a forward-thinking move by the PFRDA, aligning with global best practices in financial security. As subscribers adjust to this new requirement, the NPS is set to become a more secure platform for retirement savings, providing peace of mind to millions of Indians investing in their future.

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