Adopt safe and secure electronic payment practices - Central Bank | Sunday Observer

Adopt safe and secure electronic payment practices - Central Bank

The Central Bank of Sri Lanka (CBSL) and Licensed Financial Institutions (LFIs) and other stakeholders, have implemented several measures to help customers prevent fraudulent electronic transactions.

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.

EMV chip-based payment cards have enhanced security features that are designed to prevent card-related fraudulent activities, the CBSL said in a media release.

In order to prevent unauthorised electronic transactions, the CBSL notifies customers to register for real-time e-payment notification facilities as well as obtain EMV chip-based payments cards from their LFIs without delay and exercise caution when sharing information that can be used to carry out e-payments. Sri Lanka’s payment systems and infrastructure meet international security standards to ensure the safety of customer funds. In order to continuously enjoy these facilities customers must adhere to adequate safety measures when making e-payments.

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.