People…starting tomorrow – August 1st 2009, your credit card transactions will be more secure, thanks to the Reserve Bank of India’s guidelines making it mandatory for all such transactions to be accompanied by additional authentication/validation by providing information that is not visible on the cards.
All credit & debit cards of all banks have to be registered under the Verified by Visa or Master Card 3D-Secure program before 1st August, 2009 to continue using them for future online transactions. Once registered, users will need to provide the PIN/Password specified at registration time to transact at any merchant site in India.
All you need to do is log onto your bank’s website or contact them to complete the one-time registration formalities. Your password/PIN during the registration process will be needed whenever you make an online transaction thereafter. After 1st August 2009 onwards, after entering your credit card details during payment process, you will be redirected to your bank’s Visa/MasterCard authentication page where you will be prompted to enter the details. Upon successful authentication, you will be redirected back to the website you made the transaction with.This process has been in place for quite some now but was largely optional. Lazybums (like me!) used to click the ubiquitous ‘Not Now, Later’ option to get out of the way for entering yet another verification detail…as if the card number and cvv and expiry date were not enough! But if you think about it, all these details are right there on the card itself…so any unscrupulous individual who happens to lay hands on your card, will have a whale of a time doing online transactions! An additional layer of security is always welcome…especially in case of plastic money. One disadvantage I perceive is that that one can’t lend one’s card to family members for making any transactions unless you hand over the password/pin as well 😦 . In case there’s a possibility of such a situation, please ensure that you don’t have any er…umm…embarrassing keywords in your password
So be sure to register at your bank’s website before 1st August and make your online transactions more secure. And please, do not write the PIN/Password on a piece of paper and put it along with your card!