Banks have also been instructed to consider feasibility of using digital signatures for large value payments in RTGS and capture of IP address as an additional validation check. The Reserve Bank has mandated additional factor of authentication for all Card Not Present (CNP) transactions.
Several measures have already been initiated to secure the Card Present (CP) transactions through implementation of recommendations of the “Working Group on Securing Card Present transactions” (Chairperson: Gowri Mukherjee) in a time bound manner. 13. It becomes the responsibility of all the stakeholders to ensure timely completion of all tasks mandated towards fool-proofing the ecosystem for electronic payments.