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|15th September 2009, 15:24||#1|
Senior - BHPian
Join Date: Jul 2008
Thanked: 388 Times
Fake Currency and use of plastic money
Everyone knows that fake currency is flooding the market and a big menace now.
Increasing use of cards and plastic money for high volume transactions is an obvious solution to fake currency problem. But it seems our RBI mandarins think otherwise.
Yesterday I was shocked to find while shopping at a supermarket that RBI mandates another identity proof if purchase of more then 7500 Rs is done using credit cards. Shouldn't this be other way round that purchase of more then XXXX amount should be permissible only using card / cheque to prevent both black money and fake currency ?
What fellow T-BHPians think , Anyone from Banking industry who can provide some sort of logic behind RBI directive.
If security of the Credit card is a concern should'nt they provide directive to banks for providing Photo cards by default and built in more security feature in plastic such as a smart card and smart card readers at POS ( provided by ABN Amro as of now) instead of magnetic strip ?
|15th September 2009, 15:49||#2|
Join Date: May 2008
Location: Bandra West, Bombay
Thanked: 77 Times
I had written an article on the same issue in the Mid-day a year back. What i suggested was that since many people don't pay up credit card companies, Debit card usage should be encouraged so that:
1. Lower Circulation of Currency Notes thereby helping in giving lesser chances of mixing fake currency with originals.
2. Environmentally more friendly (I know Plastic is harmful, but think of the amount of paper being used... and misused)
3. Black money will come out.
4. Give a 1% rebate on use of Debit cards instead of Transaction Tax so more and more people use them.
5. As you said, keep a limit over cash transactions i.e. retailers wont get any money back from distributors if the transaction is not electronic.
|18th September 2009, 07:33||#3|
Distinguished - BHPian
Join Date: Aug 2006
Thanked: 5,924 Times
May be Off topic , but here is a pic showing the series which contain fake currency.
|18th September 2009, 07:42||#4|
Senior - BHPian
I don't know the technology they are going to use behind the plastic money thinges but, what make the babus think that they cannot be faked or replicated ?
Using debit cards or something like that is a safe option.
Bhp-ians: Know this:
If you go to a bank teller with a bundle of notes to deposit in your account, and the teller identifies one or more notes as fake, he will tear it apart in front of you and will not give a genuine note.
But, please make sure he tears them and doesn't use them later. So if he is not giving you the note, make sure you ask him to tear it in front of you, so you know he doesn't use it later for his personal transactions.
Same is with the case with the bank. After their daily office hours the cashier has to tally the cash. During this, if the bank finds fake currency note, then the cashier has to bear the brunt of neglect and pay from his pocket.
Sad but true.
This is regarding nationalised banks. Dunno the policies the PVT sector banks practice.
Off topic but FYI and certainly no better thread to place.
Last edited by prince_pervez : 18th September 2009 at 07:43.
|18th September 2009, 07:59||#6|
Senior - BHPian
^^ @bblost, we have to remember this number during our transactions, isn't it ?
I'm confused. Please clear the air. Or you are saying, that remember this and sctratch it, before handing it over to the payment staff.
|18th September 2009, 08:09||#7|
Name as printed on the card
Date of expiry
The VbV or Verified by Visa is a new initiative and this is the only number that is not printed on the card but rather chosen by the card holder.
VbV is required by all Indian websites.
The CVC number must be remembered. So yes, remember it and scratch it out.
I am not sure about VbV being used by sites outside of India.
So when you give you card there is a possibility that the merchant personnel make a note of it.
And then use it to do an online transaction using your card.
If you don't want to scratch it out, pay special attention when you give your card to someone. This does not always work for instance in restaurants.
Also when you get your card back, check if its your card.
There have been incidents where a different card was returned.
And your card went shopping without you.
Last edited by bblost : 18th September 2009 at 08:11.
|18th September 2009, 08:14||#8|
Senior - BHPian
|18th September 2009, 08:18||#9|
It asked me to enter a new VbV Number.
For confirmation it asked my date of birth.
After that, when I use this card, it prompts me for the VbV number.
|18th September 2009, 08:20||#10|
Senior - BHPian
Then for future use we need to remember this. Am I correct ?
|18th September 2009, 08:23||#11|
|18th September 2009, 09:52||#15|
Senior - BHPian
Join Date: May 2009
Thanked: 883 Times
It does not matter how old the card is. We have to first register with verified by visa / Mastercard secure and then go for online transactions. If not, then at the payment stage the relevant page will pop up and ask for the code, and you can't complete the transaction. An added feature for verified by visa is you can enter your own private message in the page at the time of generating your code, and this message will flash in the page when it opens at the time of payment. Just to reassure you it is a genuine page and not a phishing one! This feature has been optional and I have been using it for the past couple of years. It has become compulsory now. And as bblost has suggested, I always store the cvv number of all my cards seperately and deface them on the cards.
It is always a good practice to use card plastic for as many transactions as possible under current circumstances. Even a credit card, so long as it is used just like a debit card! And the practice of asking for ID proof beyond a certain value is good and will protect us in case of lost cards. It is already in place in the merchant establishments. All of them can just swipe the card up to a certain pre-approved limit, but beyond the limit they have to call the bank's number and take approval by phone. Before approving the banker will tell them to give the phone to the customer and ask certain pointed questions to establish the identity. If in doubt, go to any jeweller and buy gold for , say, Rs 50,000 and then give your card! It happened to me sometime back.
As for photo credit cards, most of the time it is a joke. I used to patronize an IOC bunk earlier. At this place, I will ride in with a full face helmet and sun glasses, fill a full tank of petrol and then give them the card. The fellow will swipe the card and after I sign the slip, will do a "facial verification" (!) with my photo on the card. Neither will I remove my helmet/glasses, nor will he insist that I do so. So much for photo cards.
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