🐘 India🇮🇳: The Central Bank enhances the security of cross-border payments with cards, introducing an additional authentication factor (AFA)

🐘 India🇮🇳: The Central Bank enhances the security of cross-border payments with cards, introducing an additional authentication factor (AFA)

The Reserve Bank of India has implemented new security measures for international card payments due to the rise in fraudulent cases.

➡️ Requirements:

🔹 International digital transactions with cards issued in India must meet the same security standards as national transactions.

🔹 The new authentication factor (AFA) will include a one-time password (OTP) or biometric authentication.

➡️ Obligations:

🔹 Card issuers must register their Bank Identification Numbers (BINs) with card payment networks to verify the AFA.

🔹 A risk assessment-based mechanism is recommended to process international transactions.

#news #Asia #India

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