According to the Global Consumer Fraud report published in 2016, India is ranked 5th in terms of card-related frauds. The market for credit cards is growing at a rapid pace in the country, and it requires proper security measures to protect oneself from fraudulent activities.
Credit card companies are continually in the process of upgrading the security features of their cards to protect their customers from such activities. However, users must be aware of the types of card-related frauds and how they can avoid them to ensure proper safety.
Here are a few tips on how a user can keep their cards safe all year long.
- Keep card details confidential
Keeping the details confidential is one of the easiest ways to secure a credit card. Users should never share details of their card, including the CVV and PIN numbers. They must avoid providing such details to any third party entity pretending to call on behalf of card issuing companies. Note that credit card issuers and respective finanical institutions never call regarding PIN, CVV or your credit card number either.
They should lodge an official complaint in case of such fraudulent activities.
- Avoid transactions on public network or Wi-Fi
Most of the public Wi-Fi networks do not have sufficient security encryption. Hackers can set up fake access points by using the names of the public hotspots to hack user data.
It is advised to not make transactions or credit card bill payments on these networks. Introducing malware and viruses is somewhat easier on these networks, which in turn, can be used for data theft.
- Avoid storing card details online
Saving card details on websites is one of the most common mistakes made by users that can lead to data theft. Most e-commerce sites claim to have robust security features, but they often lack proper end-to-end encryption.
It is in the best interest of the users to not save their card details on any of these websites.
- Avail cards with extra safety features
In this digital era, when a majority of the transactions are made online, it is crucial for a user to avail a card that provides maximum security features. Financial institutions are now designing cards with enhanced security features to eliminate the risk of data breach associated with them.
Feature-rich cards such as Bajaj Finserv RBL Bank SuperCard brought to you by Bajaj Finserv is one such credit card that provides robust security features like “In hand security’ and “Zero-fraud liability cover’ to diminish cybercrime threats. Some the other benefits they offer are-
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- ATM cash withdrawals, interest-free up to 50 days.
- Emergency personal loans with zero interest for up to 90 days.
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They also provide pre-approved offers on cards to make the process of availing them faster and hassle-free. These offers are also valid on different financial products including secured credits like home loans, as well as on unsecured advances like personal loans, business loans, etc. You can check your pre-approved offer by sharing a few necessary details.
- Use a privy PIN
A robust PIN is one of the most crucial ways how a user can keep their cards safe. Users usually undermine the importance of a PIN and use general details like a phone number or birth date for that purpose. Such PINs are very easy to guess for hackers, and financial institutions can do little about protecting them.
Users should opt for a random number as a PIN to make it practically impossible to guess. They should also use separate PINs for different cards and change them regularly.
Credit card related frauds are increasing with every passing day. You must also know the steps to take when your card goes missing to save yourself from such fraudulent activities.
