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CB urges adherence to adequate safety measures when making e-payments

2 August 2019 12:01 am - 0     - {{hitsCtrl.values.hits}}

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The Payments and Settlements Department of the Central Bank yesterday urged people to register for real-time SMS alerts and obtain EMV chip-based payments cards to prevent fraudulent electronic transaction. 


The Central Bank said all licensed financial institutions (LFIs) are required to provide short message service (SMS) alerts or any other real-time notification facilities for all e-payments as well as issue EMV chip-based payment cards.


 “In order to prevent unauthorised electronic transactions, the CBSL hereby notifies customers to register for real-time e-payment notification facilities as well as obtain EMV chip-based payments cards from their respective LFIs without delay and exercise caution when sharing information that can be used to carry out e-payments,” a Central Bank statement said. 

 Electronic payment (e-payment) methods, such as real-time interbank fund transfers from customer current and savings accounts as well as card payment facilities, have provided a great convenience to customers.


The Central Bank said in order to continuously enjoy these facilities, customers must adhere to adequate safety measures when making e-payments.


Accordingly, the Central Bank stressed that customers should exercise caution when sharing any information that can be used to access and use their current or savings accounts, payment cards or electronic wallets (e-wallets).


Confidential information include current and savings account numbers, credit or debit card details including the card number, CVV number and expiry date,  National Identity Card (NIC) numbers, internet or mobile banking or e-wallet passwords, personal identification numbers (PINs), transaction verification information such as one-time-passwords (OTPs), transaction verification amounts and any other information that could be used to access, use or authenticate current and savings accounts, payment cards, e-wallets  or any other e-payment methods.
Such information is provided to verify the customer’s identity and thereby increase the security of financial transactions and safeguard customer funds. Passwords, PINs, OTPs, transaction verification amounts or other transaction verification information must not be shared with any party and only used for its specified purpose.


The Central Bank pointed out that failing to adhere to such safe practices will reduce the safety of customer’s own funds as fraudulent parties could gain access to customer accounts as well as funds using such information.

 

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