Debit Credit Card | While the digital revolution has brought benefits, it also has increased risks. Cyber scams wipe out your bank account in seconds. Now the government has come up with a panacea.
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New Delhi : digital revolution (digital age) Although beneficial, the risks are increased. cyber prank (cyber theft) Clears your bank account in seconds. No signs of fraud have been found. Due to which any person can easily become a victim financially. Now the Central Government ((Central Government) A panacea has been offered.
Currently, the volume of online transactions has increased manifold, so are the types of frauds. Frauds through net banking, credit/debit cards, mobile wallets, UPI have increased.
Thieves have started stealing people’s earnings online. Many of his complaints reached the cyber police and RBI. To curb such tokens by the central government (tokenization) An alternative is offered.
The increasing demand for online shopping has given rise to several incidents of data security breaches. As cyber threats increase, the Reserve Bank of India has come up with countermeasures.
Tokenization of cards is one of the latest security measures. Therefore, the risk of financial fraud will be reduced when shopping online.
Currently, if you want to make purchases on any e-commerce app or website, you need to provide your credit card/debit card details. Based on that, the next transaction is completed.
This detail asks about the expiry date of the card. This information is asked from you for your full name, address. This makes further transactions easier. But this puts the security of online transactions at risk.
From October 1, 2022, when a customer makes an online purchase, he will have to go through a token process while doing a card transaction. The implementation date of this service was extended till September 30, 2022.
Tokenization turns your card details into an optional encrypted code. Each token completes a card, merchant and consumer transaction.
There is no need to send any bank, card details of the customer. Online transactions are completed through tokens. Card tokenization is not mandatory. This matter has been assigned to you. It will be to your advantage to use the token for security.
Tokenization will be used to prevent financial fraud. In March 2020, RBI recommended the use of tokens.
September 2021 was fixed as the month to implement the token service. This date has been extended. This date was extended till September 30, 2022.
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