credit card working online after August 1, 2009
From August 1, you need not think twice before letting your credit card out of sight at a restaurant, petrol pump or any other merchant establishment. The details printed on your card including the card number, expiry date and three-digit card security code (popularly known as the CVV) will not be enough to make fraudulent online transactions.
A RBI directive has ensured that from August, credit and debit card-issuing banks must provide for additional authentication of information over and above what is visible on the physical card. In other words, the cardholder must key in an extra security code or some other data to complete a online transaction.
This consumer-friendly instruction, issued by the RBI on February 18, also mandates a system of online alerts to the cardholder for all `card not present’ transactions that exceed Rs 5,000. The circular adds that banks would be penalised for non-adherance to the directive under the Payment and Settlement Systems Act 2007.
The ‘extra’ level of security is a password that you will have to enter after submitting your credit/debit card details when making online payments. You will require this password for transacting on websites in India. This new technology and security level is called VBV – Verified by Visa or MSC – MasterCard SecureCode. Verified by Visa (VBV)/ MasterCard SecureCode provides you with a password to protect your online transactions just like you use your PIN at the ATM. How do I register my credit/debit card for this mandatory ‘extra’ level of security? Click on the links below to register your credit/debit card and get your security password.
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