With the proliferation of e-commerce, the volume of online payment and transactions have increased exponentially. There has particularly been a sharp increase in case of card transactions.
Unfortunately, consistent with this development, it has also been reported that there has been debit and credit card fraud to the tune of almost Rs. 615.39 crore from April 2009 to September 2019. Hence, it can be understood that card users in today’s time are vulnerable to fraud, irrespective of the various types of credit card that he or she may use.
The Reserve Bank of India (RBI) has brought in revised guidelines in order to cap customer liability in an instance of fraudulent credit card transactions. While such guidelines sought to limit customer liability and provide relief, here are a few tips for credit card transactions.
Tips for making safe transactions through credit card
- Avoid open networks
In the instance of public networks available in rail stations and airports, the unencrypted data may be readily visible to any other operator that may be operating with a malicious intent. It may be possible from these other computers to intercept that data that has been transmitted from such a website that does not include “https” in its URL. Hence, it is absolutely inadvisable to send credit card details through such unsecured open networks. One can never be sure whether a particular website uses SSL; it will help to prevent the credit card from being hacked.
- Refrain from sharing credit card details with unverified representatives
Incidences of identity theft have become fairly common these days. The most common method of committing such crime is to impersonate an official representative, and trick unsuspecting individuals to divulge their credit card details over email or phone. They may also induce credit cardholders to click into spurious links in emails. This is also known as phishing.
The importance of staying alert cannot be stressed enough. Please remain careful about clicking any links in email even if there remains an iota of doubt regarding the authenticity of the same. Credit card companies or financial institutions do not ask for personal information over phone or email, irrespective of the types of credit card. The rule of thumb is not to divulge your credit card details unless the email or phone call is initiated by you.
- Be discreet while sharing credit card number
Certain financial transactions are carried out over phone, and you may be required to give out the number and other personal information to a representative. It may so happen that it may come in somebody else’s earshot. In that situation, there remains a chance of such information for being misused.
Try to avoid making similar calls in public. It is also highly risky to post photos of your credit card online.
Keep your information updated
In the event that your address or any other personal detail changes, notify the credit card company or financial institution at the earliest. It will ensure that credit card statements and any other related information will be delivered to your new address, and not fall on anyone else’s hand. Also, read the credit card statement correctly and on a regular basis to check for any unauthorised transaction. It is an effective tip for credit card usage that everyone should follow.
Activate the alert with the credit card company or financial institution. Also, check whether they have the correct email or phone number so that you can be reached immediately if any suspicious activity or fraud is detected. Opt for the option according to your level of comfort – phone call, email or text.
Various leading institutions offer SuperCard that comes with robust security features for its users. For instance, SuperCard provides ‘In-hand security’ along with ‘Zero-Fraud Liability cover’ in order to offset cybercrime threats.
Customers also have the option of availing pre-approved offers that facilitates the application process, making it easy and quick. Check your pre-approved offer in just a few seconds by entering some essential details such as name and contact number.
With the advancement of technology, cybercrime and fraud are also becoming sophisticated. While a component of vulnerability will remain in case of transactions, no matter the type of credit card is used, the tips mentioned above will provide considerable safety.