India Broadband Forum

Rameshjeee

Credit card PIN a must for online shopping

If you're an online shopaholic, make sure you have a personal identification number (PIN)/password for your credit or debit
cards. Otherwise, forget about using them for internet shopping from August 1.

A recent directive by the Reserve Bank of India makes it mandatory to have an additional authentication passcode verified by Visa or MSC (Mastercard Secure Code). This is in addition to the other information already on the card like name, card number, expiry date and CVV (card verification value) number.

So how do you get this new password? Credit/debit card users have to register online with their banks, giving personal and card details. They will then be given a PIN or password to be be used as an additional layer of security at the checkout point before completion of the transaction.

This will be known to the card holder only. So, even if somebody notes your card number, he can’t misuse it for online shopping.

With the date fixed for RBI directive to take effect getting close, banks are loaded with thousands of requests for additional authentication. Some are allowing customers to create passwords on their websites while others are busy sending fresh user IDs and passwords to customers via post. Some banks like Citibank are allowing customers to use net banking password as their password for e-commerce transactions.

"We have already started the process of making the consumer aware of the service using text message alerts, e-mails and advertisements. Having started the process much ahead, we are well equipped to implement the process fully," said a spokesperson of ICICI Bank.

In fact, ICICI Bank has gone one step ahead. While generating 6-digit PIN as an additional security layer, it also asks its customer to type a message, known as personal assurance message (PAM) on the same web-page. This PAM is known only to customers. When you type your credit card number on the merchant’s website, it will take you to the bank’s website to complete the transaction, where you need to type in the PIN.

Prabhu Rangam, AGM (IT), State Bank of India, says, ‘‘SBI has already accommodated the required change. Our debit cards are PIN based, so they may not require another layer of security.’’ However, in case of credit card, the customers have to apply for PIN.

Industry observers feel that although RBI directive may be a dampener for e-commerce industry initially, in a few months it would help the space to grow faster as it will deter online frauds.

Source: ET

panchabhut

The process has already been implemented by practically all banks as the original cut-off date was 1st July which has been extended to 1st August.

The move is expected to give a level of security to online transactions. Whether its just a false hope or not that only time will tell.

Rameshjeee

Here's the steps on how to generate pin for ICICI credit card.

Step 1: Login to ICICI Bank | Personal Banking | NRI Banking | Corporate Banking | Business Banking
Step 2: Click on "Cards" under Personal Banking
Step 3: Click on "Credit Cards" under Consumer Cards (Left Side Navigator)
Step 4: Click on "Verified by Visa / Master Card Secure Code" (Left Side Navigator)
Step 5: Click on "New User - Register Now" under Register (Right Side)
Step 6: After reading the Terms & Condition, click on "I Accept"
Step 7: Enter your ICICI credit card number & click Next
Step 8: Enter the "Valid From" & "Date of Birth" & click Next
Step 9: Enter the e-mail id, mobile numer, PAM & the PIN (Pin must me any 6 digit number) & click Next

You have succesfuy created a pin for your ICICI credit card number
So next time when you shop online, you can use this PIN.

In case you have forgotten your pin.

Step 1: Login to ICICI Bank | Personal Banking | NRI Banking | Corporate Banking | Business Banking
Step 2: Click on "Cards" under Personal Banking
Step 3: Click on "Credit Cards" under Consumer Cards (Left Side Navigator)
Step 4: Click on "Verified by Visa / Master Card Secure Code" (Left Side Navigator)
Step 5: Enter your ICICI credit card number under the Login & click Login
Step 6: Click on Forgot Pin

just4kix

The new procedure will make it more safe. But ultimately nothing is safe.

aashaka_gandhi

yeh.....


hopefully...no more frauds...!

i jus registered my all debit cards & cr. cards...

uncleji

Is this for debit cards also. Every where credit card only mention! I

matthew

That is good news for those people who love to shop online using their credit cards..in my case I dont shop online ..I prefer shopping in malls where I can choose and inspect it..