PIN will shield online shoppers

BANGALORE: Those of you who are online shopaholics, if you haven’t applied yet for that additional layer of security required while using debit/credit cards online, you better hurry up. The RBI’s deadline to start using that is just three days away.

A recent RBI directive makes it mandatory to have an additional authentication passcode verified by Visa or MSC (Mastercard Secure Code). This is in addition to the other information already there on the card like name, card number, expiry date and CVV (card verification value) number.

You have to register online with your bank giving card details, then you will be given a PIN. Banks are already loaded with thousands of requests for additional authentication. Some are allowing customers to create passwords on their websites while others are busy sending fresh user IDs and passwords to customers via post. Some banks like Citibank are allowing customers to use the net banking password as their password for e-commerce transactions. Apart from technical compliance issues, banks have also been busy educating customers in the last few weeks.

“We have started making the consumer aware of the service using SMS, e-mails and adverts. Having started the process much ahead, we are well equipped to implement the process fully,’’ says a spokesperson of ICICI Bank.

Citibank says the bank has been actively engaged in educating its customers about using their IPIN for e-commerce transactions for over two years. Prabhu Rangam, AGM (IT), State Bank of India, says, “SBI has already accommodated the required change. Our debit cards are PIN based, so they may not require another layer of security.’’