A recent directive by the Reserve Bank of India 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 credit card or debit card like name, card number, expiry date and CVV (card verification value) number to be effective from 1 August, 2009.How do you get this new password
Credit card or debit card users have to register online with their respective banks, giving their personal and card details. They will then be given a PIN or a password that can be used as an additional layer of security at the checkout point before the completion of the transaction.
In fact, the additional security will be known to the card holder only. So, even if somebody notes your card number, he cant misuse it for online shopping as he will need to supply the PIN or password to complete the transaction.
Some banks are allowing customers to create passwords on their websites while others are busy sending fresh user IDs and passwords to customers via post. Citibank is allowing customers to use the net banking password as their password for e-commerce transactions.
