RBI asks issuers to provide facility to switch on, off cares to prevent frauds

Reserve Bank has asked banks and other card-issuing companies to provide facility to customers to switch on and off their debit or credit cards, a move aimed at enhancing security for digital transactions.

The RBI said that at the time of issue or re-issue, all cards (physical and virtual) should be enabled for use only at contact based points of usage [ATMs and Point of Sale (PoS) devices within India.

The central Bank said issuers should provide cardholders a facility for enabling card not present (domestic and international)



transactions, card present (international) transactions and contactless transactions.

 It said, the channels should include mobile application, internet banking, automated teller machines, or interactive voice response.

The RBI further said that for existing cards, issuers may take a decision, based on their risk perception, whether to disable the card not present (domestic and international) transactions, card present (international) transactions and contactless transaction rights.