Various changes and instructions are given by the banks for the safe use of plastic money:
- Do not save the 16 digit card number using multiple payment gateways.
- On the backside of the card, there is 3 digit number which is an added security feature that protects our card from making fraudulent transactions.
- For safe usage, a One Time Password (OTP) is provided by the bank on a client’s personal registered number (mobile number) to use for each transaction.
- Banks are instructed by RBI to move to chip and pin-based cards and avoid the use of magnetic stripe cards. The chip and pin-based cards create a unique token, every time the card is used. This provides a higher level of security than the magnetic strip.