According to a new ruling, the Reserve bank of India -RBI has made it mandatory for all banks issuing credit and debit cards to provide additional authentication information over and above what is visible on the card. To prevent fraud and to make online shopping safer, slotpokertime the RBI has made it mandatory, from 1st August onwards, for all online vbv-msc-logotransactions to have increased security via registering each and every card with its respective merchant. This means that every time you make an online transaction you will have to enter this additional password given by the merchant. This is commonly known as VBV – Verified by Visa or MSC – MasterCard SecureCode
I bank with HDFC and I can vouch that they already have certain systems like NetSafe which generates a code which can be used only one time, along with that there is virtual keyboard that enhances the security if you are using a public computer. thoughtfulblog I am sure other major Indian private sector banks Like ICICI and Kotak would also have such systems in place. This new ruling will add an entirely new dimension to online security and as per the directive 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-adherence to the directive under the Payment and Settlement Systems Act 2007.
How will VBV /MSC work:
Once your card is activated with the Verified by Visa / Master Secure service, your card number will be recognized whenever you make an electronic payment. After you provide your credit card details online, you will be redirected to your issuer website and then required to specify your Verified by Visa / Master Secure authentication details. Your identity will be verified, alltimeupdates and the transaction will be completed. Based on the authentication provided by your issuer, the transaction will be processed & you will get a confirmation. View the demo of how VBV/MSC work
How can you get VBV or MSC password:
* HDFC Bank
* ICICI Bank
* HSBC Bank
* Standard Chartered
* Deutsche Bank
* State Bank of India
* Axis Bank
* ABN Amro
With successful implementation of this enhanced security system people can breathe easy while swiping their credit cards at various establishments like restaurants, petrol pumps and areas like grocery stores without any fear as credit number, expiry date and CVV number will not be enough to make fraudulent transactions online.