Effective August 1, 2009 to make any online transactions with your credit card, you’ll need a separate PIN number or Password. This PIN/password can be obtained by registering your card with the bank with which it belongs.
Previously, to make an online transaction you’ll only need to input the 16 digit card number, the expiry date, card holder name and the CVV number as the security code. From now on, RBI has made it mandatory to have an additional layer of security to make any online purchase.
All you have to do is visit the Bank’s website and register your card as Verified by Visa (VBV) or get a Master card Security Code (MSC).
For example, if your credit card is from SBI card, visit www.sbicard.com and in the right side pane you can find Verified by Visa/MasterCard SecureCode. Just click on that and register for a new account (this is different from your Card’s online account).
There you have to enter some details like your card number, your DOB, CVV number, Expiry date. In the next step, you’ll need to enter a ‘Shared secret’ in which you have to type something that reminds you that you are dealing with SBI card and not something else.
Next you’ll have to type in the password which you’ll need to remember to make any online transactions later. Make sure you choose a strong password else, this extra step of security would be a waste. It should be a minimum of 8 characters with at least one alpha numeric character and 2 numbers.
Note 1: This process may be different for different banks but the bottom line remains the same, Create a separate password/PIN for your credit card.
From now on when you make any online transaction using your credit, after entering all your details, the transacting merchant (For eg. Flipkart) will redirect you to your card’s website to enter your password, which will again be redirected to your merchant’s website to complete the transaction.
Note 2: Verified by Visa and MasterCard Security code can also be set for debit cards provided they are Visa and MasterCard. You cannot set it for something like a Maestro card, which is normally given by State Bank’s. For Maestro cards, you should have something called as 3D secure code.