“Ask additional password for IVR transactions” – RBI to Banks

Banks will have to soon put in place an additional authentication cover for their credit and debit card customers transacting over phone..

The Reserve Bank of India (RBI) has asked all the banks operating in the country to put in place by next year a system where credit and debit card customers would need to provide an additional password for IVR (interactive voice response) transactions.

The customers would now need to key-in an additional password on their phone, besides the currently prevalent details like card number, date of birth, card issue or expiry date and in some cases a telephonic password.

RBI has now decided to “extend this requirement of additional authentication/validation to all CNP (card not present) transactions including IVR transactions.”

This additional security codes would need to be different than those visible on the cards, such as the card number, CVV (card verification value, which is printed on the back of the card), date of birth and date of issue and expiry.

Source : News

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