Banking · Digital Banking and Security

Analyze the statements regarding technology and regulatory guidelines in retail internet banking: Statement 1: Internet Banking security relies heavily on Public Key Infrastructure (PKI), where a Public Key is used to encrypt data and a Private Key, held by the bank's server, is used to decrypt it, ensuring session confidentiality. Statement 2: Current RBI guidelines mandate that for all high-value retail internet banking transactions exceeding ten lakh rupees, banks must enforce hardware-based digital signatures, completely banning OTP-based authentication. Statement 3: Phishing attacks mimic legitimate banking websites to steal user credentials. Banks mitigate this risk partly by using SSL/TLS certificates that enable clear visual authentication cues in modern web browsers. Identify the correct combination of statements: