VERIFIED BY VISA MASTER SECURE CODE NEW SECURITY FOR CREDIT CARD PAYMENTS
If you are making a payment online by debit or credit card on or after 1st August then you must have register for a extra lever of security .This security lever is called "verified by Visa" for visa cards and "Master card Secure code" in case of Master card enable cards.There are two ways to register
- One Go To your bank site now and register your new Security code.
- or Register at the time while making payment on or or after 01.08.2009
Remember this security code will be of six digit and you have to enter the same in all prospective payment through your debit/credit card.Now, you can confidently transact on the Internet without worrying about the security of your financial information. With Verified by Visa and MasterCard Secure Code your card will be just as secure over the net as it is over the counter.Verified by Visa & MasterCard Secure Code services are free to cardholders(in some banks may have one time charges) and were developed to help prevent unauthorized use of cards online.
Verified by Visa & MasterCard Secure Code protects cards with personal passwords, giving cardholders reassurance that only they can use their cards online.
Once your card is activated, your card number will be recognized whenever it’s used at participating online stores. A window will automatically appear and your Visa/MasterCard card issuer will ask for your Internet Banking password linked to your card. You’ll enter your password to verify your identity and complete your purchase.(read RBI circular given below)
To make online shopping safer, the RBI has made it mandatory, from 1st August onwards, for all online transactions to have an extra level of authentication. The ‘extra’ level, is a password that you will have to enter after entering your credit/debit card details while making online payments. You will require this ‘extra password’ for transacting on any website in India.This new technology is called VBV – Verified by Visa or MSC – MasterCard Secure Code.
Please visit your Credit/Debit Card issuing bank’s website to get verified by Visa / Master Card secure code. Click to select your bank and register now:
•HDFC Bank •ICICI Bank •Citibank •HSBC Bank •Standard Chartered
•State Bank of India •Axis Bank •ABN Amro •Deutsche Bank •Karur Vysya Bank
Date: Feb 18, 2009
Credit/Debit Card transactions-Security Issues and Risk mitigation measures
RBI/2008-2009/387
RBI / DPSS No. 1501 / 02.14.003 / 2008-2009
February 18, 2009
The Chairman and Managing Director / Chief Executive Officers
All Scheduled Commercial Banks including RRBs /
Urban Co-operative Banks / State Co-operative Banks /.
District Central Co-operative Banks
Madam / Dear Sir
Credit/Debit Card transactions-
Security Issues and Risk mitigation measures
The use of Credit/Debit Cards has been increasing in the country. We have been reviewing various options to enhance the security of online card transactions. After extensive consultations with banks/card companies, it has been decided as under:
2. It would be mandatory to put in place with effect from August 01, 2009:
i) A system of providing for additional authentication/validation based on information not visible on the cards for all on-line card not present transactions except IVR transactions (for which separate instructions will follow).
ii) A system of "Online Alerts" to the cardholder for all ‘card not present’ transactions of the value of Rs. 5,000/ and above.
3. Banks are advised to strictly adhere to the instructions and time discipline indicated in this circular. Non-adherence to the directives shall attract penalties prescribed under the Payment and Settlement Systems Act 2007 (Act 51 of 2007).
4. This directive is issued under section 18 of Payment and Settlement Systems Act 2007, (Act 51 of 2007).
5. Please acknowledge receipt.
Yours faithfully
(G. Padmanabhan)
Chief General Manager
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