Credit card / RBI enhanced the Online Credit Card security from 1st August. 09

Reserve bank of India (RBI) took the step to enhance the security for online credit transactions. RBI has stated that from 1 August all online credit and debit transactions will add one more step before it complete successfully.

RBI has also made it compulsory for all transactions that exceed Rs 5,000 to intimate to the card holder through an online alert system.

If Banks t do not adhere to these rules will be penalized under the Payment and Settlement Systems Act 2007 states RBI in its directive issued on Feb 18, 2009.

Bank’s to issue a virtual card which Banks specifically to address such fraudulent online transaction. These cards go one step even further in implementing online security.

These cards for only one time use and it will be generated online via simple registration process several times during any day with pre defined cash limits depends on that particular transaction requirement. . The left over cash will be refunded back to the credit or debit card account.

RBI to provide the details such as the card number, expiry date and the three digit CVV security code that needs to keyed in and this is must for every card holder to provide further inputs that indicate a security code then only he can complete his transaction.

yeah really awesome thing which rbi has done..but also this increases the complexity for the users as they have to remember lots of passwords.

RBI has responded in the right time, because now a days phishing and fraudulent sites are on the rise. And RBI's enhanced security measures will increase the safety of online transactions.

i knw.. to do your transactions online u have to be very careful these days.. so this is nice planning by them