RBI Moves to Check Online Frauds
The Reserve Bank of India (RBI) has issued a Notification to all the banks in India, making it mandatory for them to develop a system wherein additional authentication/validation is offered to an online banking customer through a password input.
Also, for transactions exceeding Rs. 5,000, it will be mandatory for the banks to send an intimation to the customer.
"RBI has been reviewing various options to enhance the security of online card transactions," said G. Padmanabhan, chief general manager of RBI, in his letter to the banks. The letter goes on to say that the above-mentioned Notification has to be strictly followed, on failure of which the banks will be liable for penalty charges.
Interactive Voice Response (IVR) transactions will not have to comply with the compulsory password protection procedure for the time being. For this, separate instructions will follow from the bank.
The Notification comes into effect from August 1, 2009.
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