A look at the features of your password protection policy that compromise online decit/credit card transactions and how to secure them.
A recent directive from RBI makes it mandatory to have an additional authentication pass code verified by VISA or MSC (Master Secure Code) mandatory. This is over and above what is visible on your card. This is in effect from August 1, 2009 onwards.
Making an additional authentication pass code while using credit cards will go a long way in making your shopping experience stress-free.
Come August 1, it will be compulsory to have a personal identification number (PIN)/password for all online credit and debit card transactions in the country.
The additional step is the result of a Reserve Bank of India's guideline issued this February that mandates additional authentications/verifications based on information about the card-holder that is not contained on the card. This measure is expected to contain online card fraud.
The Central Bureau of Investigation (CBI) is in the midst of a major operation which is targeting hacking hubs across the country.
Such service providers were given time until the end of October to follow the law of the land.
