Debit/credit card users will soon have to feed 16 digits of the card on every online transaction. The Reserve Bank of India is changing the rules of digital transactions from January 2022 to protect card data. RBI is taking certain steps to keep the information related to the bank customer’s card safe. As soon as this rule comes into effect, the customer will have to use three numbers on every online transaction – the 16-digit number of the card, the card verification value i.e. 3 digits of the CVV and the date of the card expiry.
The Reserve Bank has taken this step to reduce online fraud. Payment gateway companies and e-commerce websites will not be able to store your card number on their servers. This step will make your transaction secure. If the online merchant’s server is compromised, then your card number should not fall into the wrong hands.
How could you make profits during market fluctuations?
What are Momentum Mutual Funds? Should you invest?
How are pre-existing diseases covered under health insurance?
How cyber fraud happens through fake calls/SMS?
Preparing to buy a house? Ignoring these eight factors will prove costly!
