In one of its recent announcements RBI has stated that come August all online credit and debit transactions will need to go through one more step before they can be completed successfully.
So apart from the details such as the card number, expiry date and the three digit CVV security code that needs to keyed in, it has been made mandatory for the card holder to provide further inputs that indicate a security code or some other data that will enable him or her to complete the transaction.
RBI has also made it compulsory for all transactions that exceed Rs 5,000 to intimated to the card holder through an online alert system.
Banks that do not adhere to these rules will be penalized under the Payment and Settlement Systems Act 2007 states RBI in its directive issued on Feb 18,2009.
Though such measures are already being practiced by several banks including mobile alerts for every transaction that takes place using the card be it an ATM withdrawal or card payment, this being made mandatory will make it a uniform practice for all banks and check the rising incidence of fraudulent online transactions.
However certain secure codes employed need the co-operation and implementation of all the parties involved in the entire transaction namely the card company, the online retail merchant and the bank which receives the money once the purchase is confirmed.
…read more at >>>
http://economictimes.indiatimes.com/quickiearticleshow/4842020.cms
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