Online shopping has seen a boom these days again. Ordering clothes, food, groceries and so much has never been easier. However, if you are not vigilant about your transactions, then it can cost you dearly.
Earlier, the Reserve Bank of India notified that it will change the rules of digital transactions from January 2022 to protect the card data. RBI is taking these 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 write three-card 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, so that payment gateway companies and e-commerce websites are not able to store customers’ card numbers on their servers. If the online merchant’s server is compromised, then your card number should not fall into the wrong hands.
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Published - October 18, 2021, 16:06 IST
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