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All credit/debit card payments to have online/email alert | RBI
All credit/debit card payments to have online/email alert | RBI
The Reserve Bank of India has issued guidelines for all lenders to implement a system for providing online alerts, that is, emails for all card (credit as well as debit card) transactions irrespective of amount latest by June 30. This system of instant alert will ensure that no unauthorized or fraudulent withdrawals from ATMs would be possible.
Till date banks had to send online alerts (like SMS or emails) to the cardholders for only Card Not present' (CNP) transactions which were for the value of Rs 5,000 and above as per RBI guidelines in February 09. "This measure has been generally welcomed by customers as it enabled them to take prompt action if the card is misused. This measure goes a long way in arresting further perpetration of such fraudulent transactions" RBI said in its circular.
Earlier this year RBI made CNP transactions more secure by insisting that banks ask for an additional password in addition to the credit card number and the CVV number printed on the back of the card. The additional security feature came into effect from February.
What RBI's circular says?
"It is decided that banks make take steps to put in place a system of online alerts for all types of transactions, irrespective of the amount, involving usage of cards at various channels".
"This measure is expected to encourage further usage of cards at various delivery channels".
"It is important to arrest the incidents of such frauds in order to further encourage card based transactions in the country where the use of credit/debit cards plays an important role".
"This measure is expected to encourage further usage of cards at various delivery channels".
Presently, only some banks are intimating their customers through SMS and email about transactions done on their debit and credit card.
Till date banks had to send online alerts (like SMS or emails) to the cardholders for only Card Not present' (CNP) transactions which were for the value of Rs 5,000 and above as per RBI guidelines in February 09. "This measure has been generally welcomed by customers as it enabled them to take prompt action if the card is misused. This measure goes a long way in arresting further perpetration of such fraudulent transactions" RBI said in its circular.
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