Security solution provider RSA has indicated the heightened need for strong online security on the part of banks owing to increased number of debit card transactions. Rising number of card transactions is increasing the chances of fraud.
"The usage of debit cards is six times higher than that of credit cards. In such a scenario, it becomes crucial that banks secure online transactions for their customers, especially those using debit cards," RSA Lead Technology Consultant (India and SAARC) Vikas Desai said.
Debit cards pose greater threat to fraud as the amount is immediately withdrawn while in credit cards, one can still block the payment, added Desai.
RSA is the security division of global IT major EMC Corporation.
Internet and mobile banking are on a rise these days and it is thus imperative for banks to adopt more strict security solutions to protect the interest of customers.
"The recent RBI guidelines are a step in the right direction, but banks still need to deploy the right security software to protect the interest of their consumers," he added while talking about the the apex bank's directive for an additional pass code for online transactions.