With cyber attacks becoming more unpredictable and electronic payment systems becoming vulnerable to new types of misuse , it is imperative that banks introduce certain minimum checks and balances to minimize the impact of such attacks ,” RBI said in a circular.
While punching in the PIN will be an option for card users as of now (they can choose not to use the feature), the banks which set up swiping machines will have to ensure that the devices are PIN-number compliant . “This is basically a second layer of security. In case of theft, the person who has stolen the card will not be able to use it if the consumer has punched in his PIN number before