Credit cards get extra security

Feb. 2, 2011 - PRLog -- Credit card usage over phone will have an additional security layer from February 1, as the RBI has made it mandatory for customers to get a single-use password from their banks for each transaction.

Effective today, banks will be required to issue an additional one-time password for every credit card trasaction carried over the phone and customers will be declined any telephonic transaction on credit cards without the same.

The Reserve Bank of India's directive in this regard was earlier scheduled to come into effect from January 1, but the deadline was extended by a month after some banks sought additional time to put the required changes in place.

This means you will now have at least five sets of numbers to conduct a credit card transaction over phone - the 16-digit card number, card expiry date, CVV (Card Verification Value, which is printed on the back of the card) number, mobile number and the OTP.

The new step has been taken as a safeguard against credit card frauds.

Click to Know  What is OTP

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http://www.deal4loans.com/loans/articles/what-is-otp-quic...

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