mumbai online credit card transactions may see a dip in august this is because only 2030 of online credit card users have signed up for the second personal identification number pin but banks are expecting a pickup in numbers as they have started sending out sms and email alerts to their customers only since the past few days an icici bank spokesperson said we have started sending out email and sms alerts very recently and are receiving a very good response for registration from credit card customers as there are no exceptions to the rbi guideline icici bank has 20 million registered users for internet banking interestingly the number of active online credit cards users is estimated at 45 million out of 30 million credit card customers in india according to industry estimates only 715 of a banks customer base sign up for net banking of these registered customers 3040 use net banking frequently even newer entrants such as kotak mahindra bank have seen 10000 out of 15000 customers sign up for second factor authentication for customers who havent registered for the additional password yet banks have a provision of signing up for these passwords on their websites even now rbi had asked banks to implement two factor authentication to ensure safe and secure online transactions from august 1 having an additional password was a voluntary exercise till last month rbi stipulations now make it compulsory for now its just a single password but if banks insist we can even introduce features such as a onetime password going forward said tv seshadri vicepresident country general manager of mastercard worldwide visa and mastercard introduced verified for visa and mastercard secure codes respectively a few months ago to accustomise customers to the practice customers had to create an additional online pin which wouldnt be mentioned on the plastic online use of debitcredit cards got a fillip after the introduction of online railway and flight bookings websites such as irctc make my trip and yatracom witness maximum number of hits however credit card customers have increasingly started paying utility bills such as mobile and electricity through net banking bankers said according to a study conducted by rsa major indian banks lost funds worth rs 365 crore on account of fraudulent transactions and 13000 such cases were filed in india the twostage security screening makes the possibility of fraud or theft of username and password of a customer nearly impossible as it involves simultaneous use of multiples gadgets like a computer and mobile phone said kvs manian group head retail liabilities branch banking at kotak mahindra bank a security breach can happen only if the customer becomes careless at his end