Electronic methods of payment (e-payment), such as real-time interbank fund transfers from client present and savings accounts as well as card payment services, have given clients with excellent comfort. Payment systems and infrastructure in Sri Lanka fulfill international security requirements to guarantee client funds are safe. Customers must adhere to appropriate security measures when making e-payments in order to enjoy these facilities continually. Accordingly, when sharing information that can be used to access and use their current or savings accounts, payment cards or electronic wallets (e-wallets), customers should be careful.
Confidential data includes present and savings account numbers, loan or debit card details including 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 processing information such as one-time passwords (OTPs), transaction verification amounts and any other transaction authentication quantities. Such data is given to confirm the identity of the client, thereby enhancing financial transaction safety and safeguarding client resources. Passwords, PINs, OTPs, transaction verification amounts or other information on transaction verification shall not be shared with any party and shall only be used for the specified purpose.
Failure to adhere to such security procedures will decrease the security of the own funds of the client as fraudulent parties could obtain access to client accounts as well as funds using such data.
Together with Licensed Financial Institutions (LFIs) and other stakeholders, the Central Bank of Sri Lanka (CBSL) has put in place several steps to assist clients avoid fraudulent electronic transactions. Accordingly, for all e-payments, LFIs are needed to provide Short Message Service (SMS) alerts or other real-time notification equipment as well as issue payment cards based on EMV chips. Payment cards based on EMV chips have improved safety characteristics intended to avoid fraudulent operations related to cards.
The CBSL hereby notifies clients to register for real-time e-payment notification services in order to avoid unauthorized electronic transactions as well as to receive EMV chip-based payment cards from their corresponding LFIs without delay and exercise caution when exchanging data that can be used to make e-payments.
Enjoy the Latest Breaking News, Top stories, Business, Sports, Vacancy, Events, Movies, Travel, Technology updates from news page.
BusinessNews.lk is powered by Business Studio is an integrated solution provider offering a plethora of tailored, customer-centric, cost-effective and sustainable strategies that predominantly anchor on the information landscape.