RBI measures for Fraud Prevention

The Central Bank has finally woken up and has recommended measures to prevent Credit Card Frauds or at least minimize the same. RBI has recommended the following measures to be taken by every credit card issuer,

  • Mandatory SMS facility for Online Transactions over Rs 5,000 [ However, some banks like ICICI are sending the SMS for every Online Transaction and it is a good move in our opinion]
  • Separate Password protection for all Online Transaction. Your CVV is not enough, the hacker will need a password as well. [ Recall we have already written about this feature w.r.t HDFC Bank Cards – MasterCard SecureCode for Online Transactions ]
  • Secured Transaction mechanism for customers doing business on IVR – Interactive Voice Response Systems

All these measures have to be fully implemented by each and every credit card company operational in India under the guidelines of RBI.

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