Checklist to Keep your Credit Card Safe all Year Long

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During FY19, the credit and debit card frauds amounted to approximately Rs.150 crore, a report from the Reserve Bank of India reveals. That being said, that one should take care of credit card safe with the rising trend of digital payments, the cases of frauds are also skyrocketing. Thereby, the time is ripe to ensure stringent card monitoring to curb such fraudulent cyber activities.

While to most individuals, the credit card meaning implies an effortless way to make a payment, carelessness on the user’s part can also lead to a financial setback. Though financial institutions are adopting some drastic measures to address such cyber treats, no plan can be fool-proof due to the rapid emergence of new cyber threats. Hence, it is high time for card users to take precautionary measures to safeguard themselves against such scams. 

Tips to keep your credit card safe

Although the availability of credit card means one of the convenient payment tools in this age of digitisation, it attracts considerable threats like theft of personal details, unauthorised transactions, hacking of cards, and several others.

However, to mitigate such mishaps, cardholders can follow the tips mentioned below.

1- Do not carry all the cards

Nowadays, it is not rare to possess more than one credit card. However, it will be wiser not to carry all the cards at a time in a wallet. It ensures that even if one misplaces the wallet, especially during travelling, the loss will be limited. Therefore, try to keep the unused cards at a safe place. If needed, you can always use your card’s credentials to make online transactions.

2- Look for secure websites for online transactions

With the booming e-commerce industry, new websites are coming into existence almost every day. Therefore, it becomes easier for hackers to up a fake website and trick individuals. Hence, one should make payments using a credit card only at a secure website that uses proper encryption. 

Thereby try to use largely popular websites. Moreover, you can check the key icon that appears on the top right corner of a website in general to confirm authenticity. These are some of the factors you need to consider while selecting a credit card payment gateway. 

3- Keep the card signed

Another great way to prevent online frauds is to sign on the back of the credit card soon after receiving it. This practice prevents others from initiating a transaction using the card, and ensures safety considerably.

4- Use only secure ATMs and POSs for transactions

Using a credit card, individuals can make payments at POSs as well as withdraw cash from ATMs. However, before using an ATM or any POS, it is necessary to ensure safety before swiping the card. Hackers often place skimming devices at card slots to procure the card details. If one notices something like that, he/she should inform the financial institution immediately.

5- Change PIN regularly

If you are a frequent buyer and use credit cards for most of the tractions, you should change your PIN from time to time to ensure avoiding compromised credentials. Even most cybercrime experts advise the same to follow and regard this as one of the easiest ways to prevent fraudulent activities. Nonetheless, like online credit card application, card-providers allow users to change the PIN online as well.

6- Choose a security-compliant card 

Before choosing a credit card, make sure to check all its security features and grievance redressing facility. For instance, credit cards like the SuperCard come with robust security features such as in-hand security. Such features, to a great extent, protect you from potential cyber threats. Moreover, you can track your transactions and usages through the card provider’s dedicated app as well.

They also provide pre-approved offers to simplify the credit card approval process. Such offers are also applicable to other financial products like personal loans, business loans and others. Nonetheless, you can check your pre-approved offer by providing a few essential credentials like your name and contact number.  

7- Check credit card statements regularly

Besides interpreting the credit card meaning, it is also vital to check the credit card statement to detect any discrepancy in its usage. Since it carries all the transaction details, it will be easier for you to find out the same, if any. Nonetheless, most top card issuers settle the disputes on providing proper evidence.

These are some of the tried and tested ways to protect your credit card from being hacked. Nonetheless, if you can sense or witness any discrepancy in your credit card details, immediately contact your card issuer to freeze or block the card to avoid any financial loss.