Preventing Credit Card Frauds!!!

To make sure that there are no frauds on Credit cards, Rbi has issued some guidelines for online usage and made it mandatory for Credit card companies to follow the rules from 1st Aug 2009.
This is a very positive step to prevent Credit Card frauds and will increase the customers trust on spending online in the long term.

Lets now understand what changes Rbi guidelines has brought in online Credit Card payments mechanism.
Till 31st July, online shopping required 16 digit card number and the cvv number which is printed on Credit Card.
To steal someone else Credit Card number and the Cvv, was quiet easy as Credit card are handed over in restaurants, petrol pumps, malls etc and the Credit Card number and cvv number can be noted down by anyone down and later used to do a fraudulent Credit Cards purchase.

The new system makes sure that a customer registers himself with his Credit cards at the Banks website and creates a password for himself. Now when he makes any purchase, the online transaction company will ask for that password after you have put your Credit Card number and the cvv number. Thus the extra password helps in securing your transaction and thus making your Credit Card more secure. With this the chances of any frauds on your Credit Card reduces down.

So, Go get yourself the new password and fell safe while shopping online.

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