PFRDA had introduced two-factor authentication some time ago to make the NPS ecosystem more secure. This new system is going to be implemented from April 1. After that, you will not be able to log in to the record keeping agency with just the password.
PFRDA had recently taken a big decision keeping in mind the interest of NPS subscribers. It made two-factor authentication mandatory to access the Central Record Keeping Agency (CRA). This rule for log-in to CRA is going to be implemented from April 1, 2024. With this, the security of CRA will increase significantly compared to before. National Pension System helps in retirement planning. PFRDA is its regulator. What is this two-factor authentication, what difference will it make, what benefit will it provide? Let us try to know the answers to these questions.
Two-factor authentication to make the system secure
From April 1, NPS users will have to log in through Aadhaar to access CRA. For this, the existing ID of the subscribers will be integrated with the log-in process. PFRDA believes that this log-in process is part of an effort to make the system secure. This will reduce unauthorized access to the NPS framework and the security risks will be significantly reduced.
Currently, lock-in is done only on the basis of password.
Before the launch of the new system, the Central Record Keeping Agencies (CRAs) will inform the government nodal offices about the detailed standard operating procedure (SOP) and process flow. There will be a massive effort to explain this change to the nodal officers. According to the PFRDA circular, at present nodal offices under the central and state governments use password-based log-in for NPS transactions.
Account will be locked if wrong password is entered
PFRDA believes that with log-in authentication through Aadhaar, all NPS activities carried out by government offices and autonomous bodies will be done in a secure environment. If the user enters the wrong password five times continuously, his account will be locked. Then to access the account the user will have to reset his password. For this he will either have to request for I-PIN or answer a secret question.
