From December
1, 2013 you will need to remember the debit or credit card PIN for swiping it
on retail merchant outlet. This is an
additional security feature added for nabbing the fraudsters.
Banks are
also informing customers about Pin requirement for swiping the cards in retail
merchant outlet. Also some customers having credit cards do not know about PIN
as it’s hardly in use to withdraw cash from ATMs from credit card. So banks
also sending PIN No. of the credit cards.
Frauds type
However
RBI made a lot of efforts for securing debit/credit transaction more secure and
it fetches the results too as the frauds in domestic territory are low but card
skimming and copying information from magnetic strip is very common now a days.
RBI
made it mandatory for having chipped based credit and debit card for any
transaction internationally.
The
cost is also the matter as chip based cards cost around 34 times than of magnetic
strip cards.
The Reserve
bank of India also made it mandatory of additional features of bio metric for
issuing new cards.
In
India only few banks like Citi bank, SBI, ICICI bank and HDFC Bank are issuing
chip based cards.
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