The telegraph – calcutta (kolkata) _ frontpage _ register to shop online multinational debit card owned by mastercard

Register to shop online

– security rule for cardholders for rs 5000-plus purchases

SRIKUMAR BANDYOPADHYAY

Calcutta, july 26: hurry up, online shoppers, if you want to keep using your plastic money to shop for rs 5,000 and above.

Before the month ends, credit or debit cardholders will have to get registered with the issuer bank for extra security of their cards.

If they don’t, says a reserve bank notification, they wouldn’t be able to buy anything on the net, not even railway and plane tickets, whose price is rs 5,000 or more.

The notification, issued in february, asked banks and credit card companies to put in place by august 1 a system of “additional authentication” based on information not visible on the plastic for all “card-not-present” transactions of rs 5,000 and above.Multinational debit card owned by mastercard

The one-time registration is free. A credit/debit cardholder just needs to go to his or her bank’s website and register for verified by visa or mastercard securecode — depending on which payment solution provider it subscribes to — for the additional security feature.

The notification followed increased use of credit and debit cards in online transaction that has also resulted in widespread fraud. The move is essentially aimed at checking such fraud.

For online purchases now, cardholders have to just type in the card number, expiry date and the CVV (card verification value) number mentioned on the back, beside the signature strip.

From august 1, when they click for payment, customers will have to give the “additional authentication” in the form of the password they got while registering themselves for the enhanced security feature.Multinational debit card owned by mastercard

If there is a password mismatch, the virtual transaction will not be valid.

Even now, while making an online payment, a window pops up on the shopping site asking the buyer to register for the additional authentication. This is optional, though. From august 1, it will be mandatory.

However, only a handful of banks like HDFC bank, kotak mahindra bank and axis bank have been providing on their websites online facilities to customers to register themselves for the enhanced security feature. And banks have hardly been making any communication to their customers on the compulsory registration before august 1.

“since visa international and mastercard are the two prime payment solution providers for most of the credit and debit cards in circulation in the country, we have been offering their verified by visa and mastercard securecode services,” said parag rao, head, product, portfolio and service delivery, credit cards, HDFC bank.Multinational debit card owned by mastercard

The bank also offers a netsafe card that works like a virtual credit card and lapses after one use.

“in fact, we had launched these services in october last year and have been communicating to our customers regarding this,” rao claimed.

But not many of the bank’s 13 million customers got any communication from the bank.

Another leading credit card issuer in the country, ICICI bank, said: “the bank is already communicating the importance of these guidelines to its customers through multiple customer touch points, such as account statements. We will be soon sending out SMS alerts and emails to our entire customer base.”

Customers can also get themselves registered at the shopping website itself. Through affiliate merchants’ websites, visa international and mastercard have been offering verified by visa and mastercard securecode registration (through a pop-up window) as an optional facility to shoppers.Multinational debit card owned by mastercard

But there are many merchants that are not registered for the security code. “it is mandated that banks will not make payments for transactions done on merchant sites that are not registered for the additional authentication feature,” rao said.