In a response to rising credit card frauds, the Reserve Bank of India (RBI) has asked banks to bar international usage of debit and credit cards unless the feature is specifically requested by customers. Furthermore, blocking cards through a text message request has also been suggested as a feature for banks to adopt.
Currently, almost every card issued by banks in India can be used oversees or via global e-commerce transactions. In addition the recovery process for customers who have had their card misused or stolen is too lengthy over the phone. As a result, deactivating cards via sms would enable customers to react to fraud and misuse much quicker.
“With cyber-attacks becoming more unpredictable and electronic payment systems becoming vulnerable to new types of misuse, it’s imperative that banks introduce certain minimum checks and balances to minimise the impact of such attacks and to arrest/minimize the damage,” RBI said in a circular to all banks prescribing a host of tighter security standards for card payments and card accepting swipe machines.
RBI’s advocated norms push for EMV integration with MagStripe cards to be replaced by EMV Chip for customers who have used their cards internationally. Other measures to be considered including the adoption of greater real time fraud monitoring technology, such as adaptive authentication at the earliest.
Barclays has signed contracts with six of the fintech startups that just graduated from its second New York accelerator programme.
Company card killer Pleo has raised $3m in new funding as it prepares for public launch in the UK and Denmark.
Cheques are become less and less common in the UK according to new research from global market research firm Mintel which claims contactless card use has overtaken cheque payments in the UK for the first time.
Payments for digital and physical goods made mobile operating system-based payments platforms like Apple Pay and Android Pay are expected to boom in the next few years according to new analysis from Juniper.