Be Prudent, Never Chunk Debit/ Credit Card PIN number – RBI Order
Posted on: 07/Jun/2014 3:44:47 PM
For the past few months, Reserve Bank of India (RBI) crafted a rule that it is compulsory for both the debit and credit card holders to give out their Personal Identification Number (PIN) during the transactions at vending outlets all over the country.
As per the RBI sources, it has been tranquil for fraudsters to generate fake cards along with the magnetic covers, or set in info on stolen cards and abuse them.
But now, many banks have initiated to produce cards with the entrenched chips and also, if a cardholder enters the incorrect PIN for three times, the card will get blocked automatically for a day time.
Also, banks pioneered to facilitate wireless swiping machines, termed as ‘Electronic Data Capture’ (EDC) machines. As there are no conventions hostile to vendors asking the PIN from cardholders, it is the privilege of the customers to key in the PIN by their own.
We instruct customers to enlist their mobile contact numbers with their respective banks, so as to collect a hint of the transaction at once the card is swiped, said the RBI official.
It is always good to alter the PIN once in three months, to curb cyber fraud. RBI is also lending its helping hands with several banks to seize electronic banking alertness and training (e-Baat) propagandas.
