Posts Tagged ‘card not present’
India adopts a new rule for Banks [ht Payments news] that should have been voluntarily adopted years ago by all banks everywhere. I have always been a proponent for online alerts, but it makes eminent sense to make "card not present" alerts mandatory.
The rules require India’s banks to support two basic capabilities:
- A system of providing for additional authentication/validation based on information not visible on the cards for all on-line card not present transactions (e.g., Verified by Visa or MasterCard SecureCode)
- A system that provides "Online Alerts" to the cardholder for all ‘card not present’ transactions of the value of Rs. 5,000 (about US$104) and above