Banks should enhance online security: RBI

By siliconindia   |   Tuesday, 21 July 2009, 20:47 IST
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Banks should enhance online security: RBI
Bangalore: To combat the rising security threats, the Reserve Bank of India (RBI) has issued an order to all banks issuing credit and debit cards to beef up security for online transactions from August 1, 2009. A new security system has been planned to enhance online security of a bank's transaction. According to Rupee Times, the new measure will require the cardholders to register each of their card holdings with the respective merchants - Visa or MasterCard and set up a security password, following which the card will be activated for any online transactions. With this system, every time the customer makes an online transaction, the system asks for an additional password for verification. Currently, most cards have three measures for security, which include card number, card expiry date and three-digit card verification value (CVV) number. The information put together can help in making unauthorized transactions. However, the new security system requires password for any online transactions, and hence even if one losses or misplaces credit card, it cannot be used for any unauthorized transactions as the password is with the respective cardholder.

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