NEWS & ADVICE : CREDIT CARDS
Portable POS machines increases risk for banks
By Ankit Sharma
Dec 5, 2013
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The security issues of the credit cards has created dilemma for the banks. Banks are suppose to provide portable POS terminals so that customers can easily make payments by punching the pin, but portable POS terminals are quiet unsecure. According to RBI they are also suppose to make credit card transactions completely secure to reduce the skimming.

Mobile POS have several problems like payment application on smart phone, any one can download it, without any authorization. Secondly the GPRS technology is also an unsafe technology. Security companies are trying to find way to process these transactions safely through these applications.

RBI instructed that banks will pay to the customers in case any issue occurs with a non compliant machine. Chief information security officer at Axis bank reported that RBI issued guidelines for PIN security on all cards, however there are security issues with portable POS and banks are trying to address them.


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