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Topic : Payment Systems in India
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What steps should RBI take to check card frauds?

Started by : Niranjan Meena, Actuary Manager, LIC   12 01 2009 12:36:01 +0000
Industry : BankingFunctional Area : Strategy Execution(Strategy & Execution)
Keywords : rbi steps frauds card check
Activity:  31 views;  last activity : 07 06 2010 20:18:09 +0000

Security of the credit card industry in the country is the need of the hour, feel experts. This is not to mention that the industry is growing at 35%, which was more than double the global average of 32%. SBI Card alone, which has 30 lakh credit card holders on its list, has witnessed the enrolment of 10 lakh customers within a span of past 10 months alone.
However, the industry is faced with the rising concern of security threat and hence the experts have emphasized the need of the merchants and the banks to be compliant with the security. what steps should RBI take to check card frauds? Share your ideas..
 
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1 2 3 4 5
1 More secure method of using Cards
2 Rules to curb misuse of cards
3 Combat frauds committed through Counterfeit and altered cards
4 Important data should not be printed on cards
5 Use S.M.S Alerts.
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More secure method of using Cards

idea posted by Niranjan Meena Actuary Manager, LIC

I believe the new system has a secure over the use of cards. Before, by knowing the 16 digit no. and the CVV no. one could easily make any online purchase. but now a password is given only to the customr by banks, which ensures a online transaction is made at only persons will. RBI must ensure more secure methods like this to curb credit card frauds.
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Rules to curb misuse of cards

idea posted by Esha Johar Risk Analyst, Irevna

I think RBI must make rules to stop misuse of lost/stolen cards and cards not received by genuine applicants.
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by Ramesh Sharma, Head-IT, MPS Technologies Limited  | 12 01 2009 16:55:22 +0000

Government enforcement is needed to strengthen the Credit Card industry. Compliance to PCI (Payment Card Industry) Data Security Standards will definitely help.

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Combat frauds committed through Counterfeit and altered cards

idea posted by Ekta Dutta Hedge Fund Analyst/Trader, ING Vysya Bank

RBI should spot and create awareness in public against Counterfeit and altered cards. Credit card fraud is successful because the chances of being caught are small and prosecution is never assured.  To make sure that a card is not a counterfeit, various identification helps must be provided to spot the counterfeit and altered cards.
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by Prasad PN, Zonal Sales Manager  | 12 01 2009 12:53:26 +0000

How can the system authenticate the transactions using a counterfeit card. It shows the system is not fool proof and needs total revamping.

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Important data should not be printed on cards

idea posted by Prasad PN Zonal Sales Manager

Important data like CVV card expiry date required for online transactions should not be printed on the cards,
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Use S.M.S Alerts.

idea posted by Arunangshu Choudhury Agent, L.I.C

Use S.M.S Alerts so that customer is alerted for each and every transaction on his mobile as well as on E-Mail
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