Want to Protect your Card Against Frauds? Switch it Off

RBI has issued a new set of rules for credit and debit cards, which includes switching them on or off whenever the cardholder wants

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The Reserve Bank of India announced a new set of rules around debit and credit card usage on Thursday. Aimed at enhancing security of card related transactions and improving user convenience, these moves will come into effect from 16 March.

Users getting new cards will have the choice to opt for the new provisions. This means that the new features will not automatically be enabled in your card, unless you opt for them. Whereas, in the case of existing cards, cardholders can take the decision to junk the features they don’t want on their cards. However, in the case of those cards that have never been used for online transactions, these feature will automatically be disabled, as per the statement.

Also Read: How Payment Companies and Banks are Fighting Cybercrime

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Only Domestic, POS Transaction Enabled

At the time of issuance/re-issuance of cards, all cards will be enabled only for domestic transactions at contact based points of usage, i.e., ATMs and Point of Sale (PoS).

For international, online and contactless transactions, the user will have to get services set up on the card from the issuer.

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Switch On/Off Card

Users will be able to switch off and on their cards whenever they want. This facility will be available 24*7 through mobile application, internet banking, ATMs and Interactive Voice Response (IVR) and even in bank branches.

This move will help users to protect their cards from frauds, especially when traveling overseas.

Also Read: Money Mistakes to Avoid When Traveling Abroad

 

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Set and Change Transaction Limit

Users can also set or modify transaction limit on their individual cards for all types of transactions – at POS, ATMs, international and online transactions and contactless transactions.

However, the limit the user can set cannot exceed the existing limit set by the issuer, if any.

This facility will also be available 24*7.

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Only SMS/Email Communication

Whenever there will be a change in card’s status, the same will be communicated to the user from the issuer only through SMS or email.