The Bankwatch

Tracking the consumer evolution of financial services

Indian Banks Adopt a Rule all Banks Need | security alterts

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.

India’s Mandate re: Stronger Authentication for Card Not Present Use | Payments News

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

Written by Colin Henderson

August 2, 2009 at 08:37

Posted in Security

Tagged with , ,

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