IVR Transactions to get Additional Security

RBI in India took the best move to adopt MasterSecureCode and Verified by Visa for Online Credit Card Transactions [a.k.a CNP – Card Not Present] with effective from August-1st 2009. In a recent circular released to us, Mr. G Padmanabhan CGM of RBI has advised all banks that effective Jan-1-2011, all IVR [Interactive Voice Recorder] Transactions that collect Credit Card details should have a means for authentication / validation based on information not visible on the cards.

This means, when you are booking your Flight Ticket or paying your Mobile bill on IVR systems, you will have to enter some kind of password like Credit Card PIN to get the transaction through. Hopefully, RBI will make it mandatory to have Photo and Signature laminated on the Credit Card to bring down fraudulent transactions.

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