In a strategic move to fortify the security measures of the National Pension System (NPS), the Pension Fund Regulatory and Development Authority (PFRDA) has introduced a robust two-factor authentication system. This enhancement, slated to commence from April 1, 2024, aims to elevate the security standards of the Central Recordkeeping Agency (CRA) and ensure the protection of the interests of NPS subscribers and stakeholders.
The pivotal change in the security landscape involves the implementation of Aadhaar-based login authentication. Starting April 1, users accessing the Central Recordkeeping Agency will undergo this additional layer of security alongside the existing user ID and password-based login process. This comprehensive approach addresses concerns related to unauthorized access and potential security threats within the NPS ecosystem.
To facilitate a seamless transition, Central Recordkeeping Agencies (CRAs) will provide detailed Standard Operating Procedures (SOP) and process flows to government Nodal Offices. Extensive engagement sessions with Nodal Officers are planned to familiarize them with the upcoming changes. The collaborative effort ensures that users and administrators are well-prepared for the enhanced security measures.
Currently, Nodal Offices under Central and State Governments, along with associated Autonomous Bodies, utilize a password-based login for NPS transactions. The introduction of Aadhaar-based login authentication is a proactive step by the PFRDA to fortify the overall authentication and login framework. This integration is envisioned to establish a secure environment for all NPS activities conducted by Government Offices and Autonomous Bodies.
In cases where a user enters an incorrect password consecutively five times, their account will be temporarily locked. To ensure a swift recovery process, users have the option to reset their password by answering a secret question or submitting a request for an I-Pin. This additional layer of security aligns with PFRDA’s commitment to safeguarding the integrity of NPS accounts.
The introduction of a two-factor authentication system by the PFRDA signifies a significant stride towards bolstering the security of the National Pension System. This proactive measure not only addresses current concerns related to unauthorized access but also sets the stage for a more robust authentication framework.
