I have noticed in lot of cases of theft of Credit/Debit Cards, that these cards are not Pin Based cards.
As I have confirmed from the Card payment networks ie VISA/Mastercard/Maestro,
There are two types of cards 1. Pin Based Cards 2. Non Pin Based Cards (Direct Pay)
1.In Pin Based cards while any card gets swiped at any of the POS (Point of sale/Merchant establishment) the device asks to enter a PIN for payment to merchant, here customer enters valid pin and the further payment gets done. As security point of view of the cards this is the perfect method.
2. In non PIN based cards customer dont have to enter a pin at any POS, as card gets swiped the device immediately gets approval for the payment and immediately payment is made to merchant. In this case if the card which is swiped is stolen or lost and if customer has not informed to bank regarding blocking of the card, he will loose his money (which is same as money gets stolen by a thief). As security point of view these types of cards are just problem to customers. The money linked to these cards is never be safe.
In india ICICI issues only non pin based cards ie. VISA/MasterCard - The bank which has the huge volume of customers and also heavy volume of Funds also, is not at all concerned with these type of security issue of the cards. Really surprising.
Maestro has the facility of PIN based card, but I have seen only SBI cards have links with Maestro.
I want to urge all big Banks that please issue such Cards which have PIN authentication facility at POS which will enable high end secured solution for card security.
0 comments