To make the transactions from credit card over phone safer, the Reserve Bank of India has added another security layer to the credit card transactions. From now on the customer who needs to make transaction over phone will require a one time password generated by their respective bank.
Initially the directive was schedule to be effective from 1st January but some banks asked for more time to bring the adequate changes to their systems and so the Central Bank decided February 1 as the new deadline.
According to the revised norms a customer will require to tally 5 set of numbers that includes -- the 16-digit card number, card expiry date, CVV (Card Verification Value, which is printed on the back of the card) number, mobile number and the OTP to carry out credit card transaction over phone.
The One Time Password will be effective for a period of two hours and the customer will need a separate OTP each time he makes a transaction over phone. For the purpose it is mandatory that the phone number of the customer is registered with the bank.
Earlier the Reserve Bank introduced similar security level to the internet banking transactions also.
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