The Reserve Bank of India has issued compliance directives for online credit card transactions to mitigate risks associated with online credit card transactions.
As a follow-up to this directive, from August 1, 2009 all online credit card transactions will need to have a mandatory extra step of submitting a password to authenticate the transaction. Most banks in India have already put in place systems to do this, and others are following.
MasterCard and VISA have provisioned for this compliance by means of ‘MasterCard SecureCode‘ and ‘Verified by Visa‘ protocols.
MasterCard SecureCode & Verified By Visa
For most banks, the registration for this facility can be done online by going to your bank’s relevant section on their website. In most cases, if you already have a Net Banking account with your bank, your Net Banking password becomes your authentication password for authorizing credit card transactions. This may however vary from bank to bank so please contact your bank asap.
This step will go a long way in reducing online credit card fraud and ensures the interests of both the customer and the merchant.
Visit the following bank links to know more and to register:
ABN Amro Bank
Andhra Bank
Axis Bank
CitiBank
Deutsche Bank
HDFC Bank
HSBC Bank
ICICI Bank
Karur Vysya Bank
Kotak Bank
State Bank of India
Standard Chartered Bank
