New Additional Factor Authentication Rules for Cards

Source

Recently the Reserve Bank of India passed a rule which in my opinion is a little dicey. You see previously when we used Debit or Credit Cards we had an option to just either use OTP based Authentication or just Tap to Pay where we didn't have to give any PIN or OTP, but the limit of the amount you can transfer through this method was Maxed at 5000 INR so even if your Credit or Debit Card gets Stolen the max amount you can lose would have been 5000 INR. But it seems a new Rule was implemented for the Additional Factor Authentication where now you can use e-mandates up to 15000 INR without any Authentication at all.

Now a part of me feels like there is no way the Reserve Bank of India will allow the limit to the Tap and Pay feature to Increase as it poses a huge risk when the Cards are Stolen but truth be told they have made that same mistake before. Previously when the Smart Chips were introduced into the DEbit and Credit Cards and the Tap to Pay feature was open a lot of people abused this Feature and stole a lot of Money. The reason I know this is because my own town had that issue and one of my friend's cards was stolen, thankfully he didn't have a lot of cash at that moment in his Account so his loss was very Minimum.

WHAT CAN WE DO?

So the very first thing I am going to do is not take Cards on me when I go out for work or any other stuff and then when the Month of July comes I will try to Purchase some items over 5000 INR with the Tap to Pay option and if that goes through then my Cards will stay at Home until the Reserve Bank of India fixes this as no way I am Travelling with my Cards if that Shit can be Tapped and my Account goes Negative 15000 INR.

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