With the growing use of credit and debit cards the frauds and skimming are increasing. In order to control this RBI and government are coming with several measures.
Recently RBI made the aadhar authentication necessary for the credit card transactions. Now to make the transactions more secure the customer has to remember the PIN of the debit card, to make transaction at any retail outlet, the customer will required to punch the PIN number. The rule will be implemented from 1st December, 13.
According to the RBI report various other measures are also taken, EMV chip based cards, magnetic strip based card. At present only few banks, HDFC, SBI, Citi are providing facility of EMV based cards. The cost of EMV and pin based card is 34 times higher than magnetic strip based card while the biometric method is three times. Most countries are opting for EMV and pin based cards.