The introduction of this two-factor authentication aims to bolster the overall security framework of the NPS CRA system
The Pension Fund Regulatory and Development Authority (PFRDA) has announced plans to enhance security measures for National Pension System (NPS) accounts. Effective from April 1, 2024, a revamped login process will be implemented, featuring a two-factor Aadhaar authentication system.
In a recent notification, the PFRDA highlighted the need for additional security to safeguard the interests of NPS subscribers and stakeholders accessing the Central Recordkeeping Agency (CRA) system. Under the new system, users will be required to undergo Aadhaar-based authentication along with entering a One-Time Password (OTP) sent to their registered mobile number.
The introduction of this two-factor authentication aims to bolster the overall security framework of the NPS CRA system. By integrating Aadhaar-based authentication with the existing user ID and password login process, the PFRDA seeks to ensure a two-layered approach to access, reducing the risk of unauthorized entry and enhancing protection for users.
According to the PFRDA, the new system offers increased security and protection for NPS transactions. It significantly mitigates the risk of unauthorized access, thereby safeguarding the interests of subscribers and stakeholders alike.
To facilitate the transition, the PFRDA has outlined a step-by-step process for NPS subscribers to access their accounts, involving Aadhaar authentication and OTP verification. Additionally, nodal offices under the Government Sector and Autonomous Bodies are required to link their Aadhaar with their respective CRA user IDs to enable Aadhaar mapping for underlying users.
Furthermore, the PFRDA has stipulated measures to address account lockouts due to incorrect password attempts. If a user enters an incorrect password five times consecutively, the account will be locked. However, users will have the option to reset their password by answering a secret question. In case of further difficulty, users can request a reissue of their I-PIN.
In preparation for the new authentication system, all Government Sector offices and Autonomous Bodies have been directed to implement the necessary framework before the April 1 deadline. This proactive approach underscores the PFRDA’s commitment to ensuring the security and integrity of the NPS platform amidst evolving digital threats.
