In one of its recent announcements RBI has stated that come August all online credit and debit transactions will need to go through one more step before they can be completed successfully.

So apart from the details such as the card number, expiry date and the three digit CVV security code that needs to keyed in, it has been made mandatory for the card holder to provide further inputs that indicate a security code or some other data that will enable him or her to complete the transaction.

RBI has also made it compulsory for all transactions that exceed Rs 5,000 to intimated to the card holder through an online alert system.