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V.Balasubramani
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Never part with debit/credit card PIN: RBI – The Hindu
Many customers unwittingly reveal their PINs at retail outlets, restaurants.
A few months ago, the Reserve Bank of India (RBI) made it mandatory for holders of debit and credit cards to punch in the personal identification number (PIN) while completing transactions at retail outlets across the country.
While the norm is followed to minimise frauds, there is a lot of doubt and fear among cardholders about possible misuse. There have been instances of fraud, as many people reveal the recently-obtained PINs, either in good faith or out of sheer ignorance.
According to sources at RBI-Chennai, earlier, it was easier for fraudsters to create counterfeit cards with magnetic strips, or embed details on stolen cards and misuse them.
Now several banks have started to issue cards with embedded chips, and moreover, if a cardholder keys in the wrong PIN three times, the card gets blocked for a day.
Read more: Never part with debit/credit card PIN: RBI - The Hindu
Many customers unwittingly reveal their PINs at retail outlets, restaurants.
A few months ago, the Reserve Bank of India (RBI) made it mandatory for holders of debit and credit cards to punch in the personal identification number (PIN) while completing transactions at retail outlets across the country.
While the norm is followed to minimise frauds, there is a lot of doubt and fear among cardholders about possible misuse. There have been instances of fraud, as many people reveal the recently-obtained PINs, either in good faith or out of sheer ignorance.
According to sources at RBI-Chennai, earlier, it was easier for fraudsters to create counterfeit cards with magnetic strips, or embed details on stolen cards and misuse them.
Now several banks have started to issue cards with embedded chips, and moreover, if a cardholder keys in the wrong PIN three times, the card gets blocked for a day.
Read more: Never part with debit/credit card PIN: RBI - The Hindu
