RBI Reserve Bank of India had ensured that the Credit cards and Debit cards issuing bank has to provide a additional information other than that printed on the cards.
Usually the Credit cards and Debit cards has the 16digits no the name of the card holder expiry date in the front side of the card and the 3digits or 4 digits CVV (security no) on the back side of the card.
We usually enter the no printed on the card for online transactions but now RBI had introduced a new procedure that from 1st Aug-2009 we must enter a additional security code for the online transactions while using our Credit or Debit cards. ie like when we use our ATM’s. This security no will not be printed on the cards so if we miss our credit cards or debit cards there is no worry that it may me misused by others.
For normal VISA Credit Cards and Master Credit Cards issued by banks two new online cards registration procedures known as “verfied by VISA” and “Mastercard Securecode” have already been initiated.
Check your bank’s website for registering your credit card before 1st August 2009. After registration procedure of these VISA and
Master credit cards completed by the card holders, Banks offer increased security via MasterCard’s Securecode and Visa’s Verified by Visa, which offer personalised passwords.
But these initiatives can work only if the cardholder is prompted to enter the code by the merchant site. The card-issuing bank, the retailer and the retailer’s acquiring bank will all have to participate. Even if one of these entities does not participate, the cardholder is not prompted to enter the SecureCode. We wish all the credit issuing banks in the country implement this technology to make their cardholders to transact on e-commerce sites using secured passwords.
Note: Information from RBI, economictimes.indiatimes.com, gconnect.in
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RBI never sponsored or stated specific systems such as Verified by Visa or Mastercard UCAF/SPA in its directive. Before, the entire banking industry in India goes on this bandwagon, it is best to simply learn about the experience of cardholders and online merchants as it concerns these two systems.
Just google ” verified by visa 2009 ” or go to this link : http://www.boingboing.net/2009/03/28/verified-by-visa-bri.html.
VBV or UCAF/SPA static passwords can be easily phished. Once phished and used by fraudsters, it then makes it very difficult (not impossible) for the legitimate cardholder to dispute a fraudulent online payment made with his VBV or UCAF/SPA credentials.
On the other hand, fraudsters can easily collaborate and share each other’s VBV or UCAF/SPA credentials and then dispute the charges with the issuing banks. The issuing Banks can never prove that the cardholder’s static VBV or UCAF/SPA’s credentials were not phished or compromised.
The source of this post is the information from RBI, economictimes.indiatimes.com, gconnect.in I have explained what they have publisher in those websites. I don’t give any surety for these information.
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