[mangamadaiyan]

That was the same argument that I heard against ATM skimmers ... until my city was hit by a massive wave of skimmer-related thefts about 5 years ago. My debit card got cloned too -- I woke up one fine evening to the sound of SMSes announcing withdrawals from my savings account :) The next morning, there was a crowd of almost 300 people waiting to file FIRs at the local police station. Apparently there were similar scenes in other localities as well. It looked like a fairly well-planned and well-executed operation. (Technological) effort is not a significant barrier for thievery as long as there is enough money to be made out of it.

[vijaybritto]

Thats still smaller when the entire population is considered. Also lack of security will erode the trust in digital banking which is terrible for a developing country like ours

[mangamadaiyan]

Now I'm confused :) Are you arguing for better security than OTPs, or against?

My claim is that OTPs aren't secure enough; the skimmer example was to illustrate that thievery in India can also employ technical sophistication, and hence that "secure technology" isn't much of a barrier against a sufficiently motivated set of actors.