Make credit cards more secure - Make OTP as an option for all transactions even in abroad.

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Recently I have been affected by fraudulent transactions from a country of not my residence or travel. Very often we read about people are being cheated about such transactions after phishing expiry date, CVV and other details from gullible customers. This makes customers anxious and nervous about safety of credit cards all the time. Reserve Bank of India (RBI) mandates PIN for all credit and debit transactions while swiping the card at a merchant. For online transactions, RBI mandates OTP (One Time Password sent by SMS and/or e-mail). This puts additional hurdle/check for any misuse. However, in many countries PIN or OTP is neither mandatory nor optional. This makes it easy for credit card fraudsters to abuse. I would request credit card agencies provide an option where customers can opt for entering PIN and OTP for all transactions wherever they are originating. While this is not foolproof, it will definitely make things little better. RBI should also mandate such option for all India issued credit cards to protect Indian credit card users.

 



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