Credit and debit cards are commonly used to conduct online transactions. While making an online payment, details like name, card number, CVV (card verification value) code, and expiry date are usually asked. All these could be misused by persons other than the cardholder.
To prevent this, the RBI directed in August 2009 that an additional level of security be provided for online payments.
Visa and MasterCard offer facilities termed Verified by Visa (VBV) and SecureCode, respectively, which allow a cardholder to register their cards before making an online transaction. This is done whenever the card is used for online payment at any of the registered merchant establishments. The list of member establishments is available at visa-asia.com/verified or mastercard.com/securecode
Registration
Card holders can register online with their banks. They can also do so when prompted during an online transaction on the registered establishment's website.
Information
To register, the cardholder must provide the card number, its expiry date, the ATM PIN, date of birth, e-mail address and mobile number as present in the bank records.
Confirmation
Once the information is verified, the card holder has to create a login ID and password for registration. The bank will confirm the registration and card protection is activated.
Password check
When a registered card is used for an online transaction, the card is recognised as being protected by SecureCode/ VBV. The transaction is processed only after password verification.
Points to note
Participating establishments: The additional protection for online payments is available only when the cardholder conducts a transaction with one of the member establishments.
Multiple registrations:
If multiple cards are held by an individual with a bank, they have to be registered separately.
Password requirements:
Different banks may have different specifications, such as numerical, alpha numerical, for the password that is created.
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