Electronic modes of transactions which include credit and debit cards have seen a significant surge in the period following demonetisation. The major rise in credit card and debit card usage for online transactions has also prompted the rise of cyber-crimes directed towards those. In the Financial Year 2017-18, India witnessed a total of 911 cases of fraudulent practices involving unauthorised transactions using stolen or lost cards. Quantum of such transactions stands at Rs.65.26 crore.
As such, Indian financial institutions have taken several essential measures to address these issues. The users also need to take proper measures to ensure security and prevent unauthorised transactions or frauds involving credit or debit cards. These fraudulent practices involve skimming, phishing, keystroke capturing, etc. According to a report, India is one of the top three targets for phishing and other malware-based attacks in the world.
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Ways to keep credit and debit cards secure
The measures to take to keep credit and debit card secure are as follows –
Read the credit card statement properly
One of the most effective ways of detecting whether your card is being illicitly used to make unauthorised transactions is by checking your credit card statement. A card statement contains a chronological list of all the transactions you have made using it in a specific billing period. In case you detect any transaction in your statement which you do not recall making, you can immediately contact your respective lender to register the issue with them.
You can also check your statement online to keep a regular track of the transactions made through your card.
Do not divulge sensitive information
Phishing is the process of acquiring information pertinent to one’s debit or credit card by disguising as an authoritative entity. These entities contact individuals through call, mail, or SMS and put forth a lucrative opportunity in the form of a cash prize, exciting gifts, etc. and ask for card information in return to conclude the process. They then use such information to clone another card with the same details as the one they acquired and make unauthorised transactions using it.
Henceforth, you should not divulge any sensitive information regarding your credit or debit card, which might prove to jeopardise your financial position.
Be vigilant when shopping online
One of the primary advantages of these electronic modes of transactions is their applicability in online transactions. Regardless, you should be careful of the sites in which you perform such transactions.
When making online transactions, ensure the site in which you provide your card-related information is denoted by “https” instead of “http”. Sites with “https” are secured and are encrypted to keep such information secure.
Immediately contact financier when a card is lost or stolen
When you lose your card on account of theft or misplacement, immediately intimate the respective card issuer of the incident. It is one of the most essential steps to take immediately in case of a lost or stolen card.
When you report such an incident with the issuer, they take immediate actions to ensure no unauthorised transaction takes place from your account. If any transaction of such nature occurs after you have notified the issuer, it is the issuer’s responsibility to account for it.
Use PoS at trustworthy places
PoS or point of sale is where you swipe your card to pay for your purchases. When shopping at a new place, avoid using your card to make a purchase as it can lead to skimming. Skimming is the act of acquiring card information from the magnetic strip in them using “skimmers”.
You must know all types of credit card frauds and how you can avoid them. These forms of scams can also lead to identity theft. Henceforth, you should duly follow the measures mentioned above to avoid any such incidents.
You can also decide to opt for high-end credit cards such as Bajaj Finserv RBL Bank SuperCard. This credit card provides robust security features such as zero fraud liability cover and in-hand security options to mitigate cyber-crime threats when making RBL card payments or under certain other circumstances.
In conclusion, you should consider being thorough with your usage of credit card and debit card to ensure that you do not fall victim to instances that jeopardise your financial standing.