The Economic Times reports that in order to minimize fraud cases and ensure the security of transactions, the Reserve Bank of India yesterday asked banks to implement various credit and debit card safety measures.
The RBI asked banks to strengthen the existing payment infrastructure and future proofing system, and adopt fraud risk management practices within the next 12-24 months, RBI said in a statement.
"The increased usage of credit/debit cards at various delivery channels also witnessed the increase of frauds taking place due to the cards being lost/stolen, data being compromised and cards skimmed/counterfeited. There is, therefore, an imperative need to secure such card based transactions," the statement said.
The bank also addressed the need to migrate to EMV chip-and-PIN cards. To strengthen infrastructure for accepting EMV cards, RBI said that the acquiring infrastructure to support PIN at point of sale should be ready by June 30, 2013.
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