Protect Your Credit Card : RBI Directive

RBI directive : Use of Credit Cards Online

The Reserve Bank of India (RBI) has made it mandatory for all online transactions to have an additional level of authentication from August 1, 2009 onwards. The extra level of security is a password, which you have to enter after submitting your credit/debit card details when making online payments. This authentication is required for all transactions on   websites in India. This new technology for safe online transactions is called VBV – Verified by Visa or MSC – MasterCard Secure Code. [1]

How do I register my credit/debit card?

Visit the website of your credit/debit card issuing bank or get in touch with your bank and complete the one-time registration formalities. Click on the links below to register your credit/debit card and get your password.If you have received this information as email forward then please visit your banks website by the URL you know and  register yourself .The links given below are for easy reference and they can be altered to spam/infect you easily (Pls check the lock Icon at bottom of your browser for all your banking transactions ).

What is the last date to register my credit/debit card?

There is no last date for registration, however after August 1st you cannot make online purchases without your password and so we recommend you get it done as soon as possible.

Whats More ?
A system of “Online Alerts” to the cardholder for all ‘card not present’ transactions of the value of Rs. 5,000/ and above.

This directive is applicable to all private , PSU , cooperative banks in India .

There was news of similar check being enforced via swipe purchases and mandating a photo ID card etc …coming soon on this blog ..

View Demo : Click Here

I am pasting the link to a demo on how all this works . This demo is property of ICICI bank

RBI Notification : http://rbi.org.in/scripts/NotificationUser.aspx?Id=4844&Mode=0
Personally I welcome this move , its prudent and user oriented .Wish we bridge the gap between Debit card and Credit card soon .
Happy eBanking 🙂

References:

[This info is quoted from other sources : http://www.icicibank.com , http://www.shaadi.com , http://www.sbicards.com and http://rbi.org.in et all]