From Aug 1, card PIN must for online shopping

NEW DELHI/BANGALORE: If you���re an online shopaholic, make sure you have a personal identification number (PIN)/password for your credit or debit cards. Otherwise, forget about using them for internet shopping from August 1.

A recent directive from the Reserve Bank of India makes having an additional authentication passcode verified by Visa or MSC (Mastercard Secure Code) mandatory. This is in addition to the other information already there on the card like name, card number, expiry date and CVV (card verification value) number.

So, how do you get this new password? Credit/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 only to the card holder. So, even if somebody notes your card number, he can���t misuse it for online shopping as he will need to supply the PIN or password to complete the transaction.

With the RBI making it mandatory for online shoppers to have a PIN or password from August 1, banks are already loaded with thousands of requests for additional authentication . Some are allowing customers to create passwords on their websites while others are busy sending fresh user IDs and passwords to customers via post.

Some like Citibank are allowing customers to use the net banking password as their password for e-commerce transactions.

���We have already started the process of making consumers aware of the service using text message alerts, emails and advertisements. Having started the process much ahead, we are well equipped to implement the process fully,������ said a spokesperson of ICICI Bank.

In fact, ICICI Bank has gone one step ahead. While generating the six-digit PIN as an additional security layer, it also asks its customer to type a message, which is known as a personal assurance message (PAM), on the same web-page.

This PAM is known only to customers. When you type your credit card number on the merchant���s website, it will take you to the bank���s website to complete the transaction, where you need to type in the PIN. On the bank���s website, you will find the PAM popping up automatically if the merchant���s site is genuine. You should type in the PIN only if the PAM has popped up.