For this purpose, the banks would need to constantly monitor the typology of the fraudulent activities in such transactions and regularly review and update the existing security features to prevent easy manipulation by hackers, skimmers, phishers, etc.
With cyber attack becoming more frequent, RBI has advised banks in February 2013 to introduce certain minimum checks and balances like introduction of two factor authentication in case of “card not present” transactions, converting all strip based cards to chip based cards for better security, issuing debit and credit cards only for domestic usage unless sought specifically by the customer, putting threshold limit on international usage of debit/ credit cards, constant review of the pattern of card transactions in coordination with customers, sending SMS alerts in respect of card transactions etc., to minimize the impact of such attacks on banks as well as customers.