While this requirement, is currently mandatory only for domestic transactions, “to provide a similar level of safety for online international transactions using cards issued here, it is proposed to enable AFA (additional factor authentication) for international card not present (online) transactions as well.
“This will provide an additional layer of security in cases where the overseas merchant is enabled for AFA.
A detailed circular will be issued shortly for feedback from stakeholders.
Expressing concerns over the rising incidents of digital fraud, Malhotra called for collective action from all stakeholders. “The surge in digital fraud is a matter of concern. It warrants action by all stakeholders. The Reserve Bank has been taking various measures to enhance digital security in the banking and payment system.”
It can be noted that the National Payments Corporation recently rolled out a new policy enforcing stricter standards for UPI transaction IDs.
Meanwhile, in another development, the governor said to help boost retail participation in government securities, the RBI has also widened access to the NDS-OM platform, which facilitates secondary market trading of these securities.
Non-bank brokers registered with Sebi will now be able to access the platform, deepening the bond market and increasing non-bank financial participation, he said.
