{"id":128225,"date":"2021-08-24T17:50:39","date_gmt":"2021-08-24T12:20:39","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=128225"},"modified":"2021-08-26T18:26:11","modified_gmt":"2021-08-26T12:56:11","slug":"e-tailers-cant-store-your-card-data-says-rbi","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/e-tailers-cant-store-your-card-data-says-rbi\/","title":{"rendered":"E-tailers can\u2019t store your card data, says RBI"},"content":{"rendered":"

Source: <\/b>TOI<\/b><\/a><\/p>\n

What is the News?<\/b><\/h5>\n

Reserve Bank of India is all set to implement its revised set of guidelines on the card data storage policy from January 2022.<\/span><\/p>\n

RBI\u2019s Guidelines on Card Data Storage Policy:<\/b><\/h5>\n
    \n
  1. As per the guidelines, Payment Aggregators(PAs), Payment Gateways and online merchants shall not store card credentials of customers in their database.<\/span><\/li>\n
  2. This means that customers who own a debit or credit card will have to enter their 16-digit card details \u2014 name, card number, expiry date and CVV \u2014 every time they do a transaction.<\/span><\/li>\n
  3. The reason behind these guidelines is a series<\/span> of ransomware attacks in the country, where computer networks open to the internet have been hijacked by malware.<\/span><\/li>\n<\/ol>\n
    What is the alternative method available?<\/b><\/h5>\n
      \n
    1. Payment aggregators and<\/span> online merchants <\/span>can implement tokenization as one of the alternative methods.<\/span><\/li>\n
    2. The term tokenization means converting a meaningful piece of data, such as an account number, into a random string of characters known as tokens.\u00a0<\/span><\/li>\n
    3. This ensures that the card information remains masked and helps prevent data theft and fraud. Moreover, these tokens have no meaningful value if breached.<\/span><\/li>\n<\/ol>\n

      Note:<\/strong><\/p>\n