eBay as you might be knowing is a popular buy/sell portal, widely used across the world.
In a recent development, eBay India has decided to further strengthen its security measures to battle with online credit card frauds.
RBI (Reserve Bank of India), the body responsible for regulating the monetary policy of India, has mandated that from 1st Aug 2009 all online credit card transactions will require an extra level of verification.
1st august onwards you will be required to have a password given by your credit card issuing banks (“Verified by VISA” or “MasterCard SecureCode” password). You will need this password to continue transacting online from 1st Aug 2009.
What is the “Verified by VISA”/”MasterCard SecureCode” password ?
This is the password that your credit card issuing Bank provides. For example – ICICI , HDFC, Citi, HSBC , Axis , SBI etc. This password is the additional layer of security for all your online transactions.
How it works ?
See the following image to have an idea as to how the transaction will take place.
Benefits of “Verified by VISA”/”MasterCard SecureCode” password.
There are always benefits of using additional security measure’s.
However, one major benefit it will provide is that even if you lose / misplace your credit card it cannot be misused online as the password is not present on the card (It wont be printed on your card).
Keep your password safe.
Do NOT share your password with anyone.