Security is a key concern for banks when carrying out online transactions. Therefore, it is imperative for you as a merchant, to educate your customers when dealing with online transactions. A lot of banks have put in more security and authentication protocols while validating a Debit card or a netbanking transaction. Hence, it is important that you generate awareness among your customers about the same, which will indirectly result in improving success ratios for transactions.
We would like to inform you that in view of increasing fraudulent actions occurring on SBI Debit Card (State Bank of India Debit Card) all SBI ATM/DEBIT Card users can no longer use their ATM PIN to complete SBI ATM/DEBIT Card transactions on the internet. It is now compulsory to conform with the new mandate and register for a SecureCode password (MasterCard holders) or Verified By Visa (Visa Cardholders). Hereafter, transactions shall be validated using the SBI ATM/Debit Card and the Verified By Visa/SecureCode password only and NOT the ATM PIN.
SBI ATM/DEBIT Cardholders simply need to register on the SBI website https://acs.onlinesbi.com/sbi/enrollment/enroll_welcome.jsp
to get the VBV/SecureCode password.
Moving on to another bank - ICICI Bank. There is also almost a five-factor authentication when ICICI Bank customers make a payment through ICICI netbanking transactions. The process is:
- The customer first has to enter his ICICI netbanking username and password.
- If your customer is doing this transaction from a PC/Laptop, which is different from where he regularly does the transaction, then he will receive an OTP (One Time Password) on his cellular number, which is registered with the bank account. Your customer will have to insert the OTP on the ICICI Bank page.
- Then, your customer will have to enter his Debit card and ATM PIN on the ICICI Bank page. After that, he will have to fill in some random numbers which are printed on a grid at the back of his ATM/Debit Card. Only then, the ICICI netbanking transaction will go through.
Banks will continue to incorporate new security protocols at regular intervals in order to prevent fraudulent actions, phishing activities etc when dealing with online transactions. Therefore, the onus is on you to create an awareness of the same among your customers.
Another area of importance is the need to protect the working key assigned to you by CCAvenue. As you are aware, the Working Key assigned to you is of paramount importance. We request you to refrain from sharing this Key with your end customer, as it is highly confidential. This will help us to retain the standard of security that we have maintained all along and protect you from fraud.
The more your customer remains informed, lesser are the chances of transaction failures. An increase in the number of successful transactions significantly results in more revenue for you.