NPS Two-Factor Authentication: Read Full Details Here

In a world where digital security is paramount, the Pension Fund Regulatory and Development Authority (PFRDA) has taken a commendable step to fortify the National Pension System (NPS) against potential cyber threats. Starting April 1, 2024, the NPS will implement a two-factor Aadhaar-based authentication system, enhancing the security measures for its subscribers.

NPS Two-Factor Authentication: A Layer of Protection

The new security protocol mandates that all password-based users accessing the Central Recordkeeping Agency (CRA) system undergo a two-step verification process. This involves the traditional password entry and a second layer of authentication through Aadhaar, which will send a One-Time Password (OTP) to the user’s registered mobile number.

Key Points About NPS Two-Factor Authentication

Start Date: The new security feature will be effective from April 1, 2024.
Authentication Method: Two-factor authentication will be mandatory for all password-based users.
Announcement: The PFRDA announced the update on March 15, 2024.

Benefits of NPS Two-Factor Authentication

We expect the introduction of this feature to bring a host of benefits:

Robust Security: The two-factor authentication system significantly reduces the risk of unauthorized access, ensuring that only legitimate users can perform transactions.
Subscriber Confidence: With increased security measures, subscribers can have greater peace of mind knowing their retirement savings are well-protected.
Stakeholder Trust: Stakeholders in the NPS can rest assured that the system is safeguarded against fraudulent activities, thereby maintaining the integrity of the pension scheme.

How To enable NPS Two-Factor Authentication

Enabling two-factor authentication for your NPS account is a straightforward process. Here’s how you can set it up:

Visit the NPS website: NPS Portal.
Go to ‘Login with PRAN/IPIN’.
Click the PRAN/IPIN tab, and a new window will open.
Enter your user ID and password.
Enter the Captcha as displayed on the screen.
The window will prompt for Aadhaar authentication and send an OTP to your registered mobile number.
Enter the OTP received on your phone.

Once you complete these steps, your NPS account will have two-factor authentication enabled, providing an additional layer of security for your transactions.

Remember, starting from April 1, 2024, this two-factor Aadhaar-based authentication will be mandatory for all password-based users accessing the CRA system.

How can subscribers update their Aadhaar details in NPS?

Updating your Aadhaar details in your National Pension System (NPS) account is an important step to ensure seamless service. Here’s how you can update your Aadhaar details:

Log into your NPS account through the official CRA website.
Navigate to the ‘Update Aadhaar/Address Details’ section.
Select ‘Update Details’ and then choose ‘Add/Update Aadhaar Number’.
Enter your Aadhaar Number and click on ‘Generate OTP’.
Enter the OTP received on your registered mobile number to authenticate the update.

Make sure your mobile number is registered with your Aadhaar, as the OTP for verification will be sent to this number. If your mobile number is not registered or needs to be updated. You may need to visit an Aadhaar Enrollment Center to update your details. After updating your mobile number, you can follow the steps above to update your Aadhaar details in your NPS account.

Embracing the Change

The PFRDA’s decision to enhance the NPS security aligns with global financial security trends. Where two-factor authentication is increasingly becoming a standard practice. As we move towards a more secure digital financial environment, the NPS’s initiative serves as a model for other institutions to follow.

The move by PFRDA is not just about adhering to security standards; it’s about proactively protecting the interests of millions of Indians who trust the NPS with their hard-earned money. As we embrace this change, we step into a future where our financial systems are resilient, reliable, and ready to face the challenges of the digital age.