The Reserve Bank of India (RBI), India’s central bank, has mandated that banks in India implement additional authentication for all card transactions and introduce security measures to safeguard their customers against fraud.
By asking the banks to ensure that merchant terminals are certified for PCI-DSS (Payment Card Industry – Data Security Standards) and PA-DSS (Payment Applications – Data Security Standards) by June 30, the RBI is hoping to bring down the growing amount of card fraud and cyber attacks aimed at financial institutions in the country.
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The specifications also require Indian banks to ensure that all existing IP-based infrastructure and solutions are PCI-DSS and PA-DSS certified.
In particular, PCI DSS compliance is improved by implementing new security policies and technologies that will protect cardholder information, payment cards and merchant data. Banks will also be required to update their system and enable them to use new, more secure platforms.
This latest move by the Reserve Bank of India is part of a series of new norms implemented for credit cards issued by Indian banks. According to the new regulations, banks not only will have to comply with data security standards, but are also obliged to update magnetic stripe credit cards to EMV chip cards and move towards real-time fraud monitoring systems as soon as possible.
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By GlobalDataRBI calls for tighter payments security measures
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