Credit Card Security
Pankaj has been using credit cards for quite some time and his overall experience with these tools was amazing. One of the major reasons why credit cards worked for him was that he had spent a considerable amount of time in looking for the right card that suited his needs and budget. However, the road for Pankaj was not always smooth because initially he had to face a lot of difficulties with respect to the protection of the cards. A credit card holder is usually considered a member of the elite society. Therefore, the cases of thefts against credit card holders have also increased significantly in the recent times. These cards are used widely both online and offline for the purpose of shopping. Hence, as a user, you need to protect your card against all kinds of thefts.
CIBIL has clearly explained the norms related to credit cards in India on their official website. This is an organization which works for the betterment of the customers who are looking to improve their credit score and history so that they can get a good loan or credit card deal. Every user needs to guard the details of the card which are required for making purchases. Even when you use your credit card in your local grocery stores, you need to keep an eye on the salesman. By using a magnetic reader attached to the swipe machine, anyone can easily get access to your card details. In case of a stolen credit card, you should report to the bank authorities right away.
The special features of the credit cards being offered by different banks are discussed below.
| Bank | Special Features |
| Standard Chartered Bank | Cash back on fuel spends, utility bills and phone bills |
| LIC | Exciting rewards program, lost card liability cover insurance and low processing fee |
| ING Vysya | 0% fuel surcharge, no annual fee and exclusive reward points |
| HSBC | Domestic flight ticket vouchers and makemytrip discount deals |
| American Express | Quick reward points, flight vouchers |
As on 6th April, 2014
Keeping a Check on the Skimmers
Watching out for the skimmers in the market is very important for a credit card holder. Skimming is the illegal practice of acquiring your credit card details by reading it from the card directly. A simple electronic device which is attached to the ATM machine could easily read all your information. Several restaurants accept credit cards for payments and you should never blindly trust a seller with your credit card. As soon as you come across a suspicious-looking terminal, you should talk to the concerned authorities directly.
Financial Paper Trail
Controlling and managing your financial paper trail is another crucial thing that you must keep in mind. Always remember that even the last four digits of your credit card could land you in trouble if they go into the wrong hands. Hence, it is crucial for you to destroy all your credit card payment receipts as and when you receive them. It is definitely better to go paperless as far as your payment credentials are concerned.
Secured Websites
When you’re shopping online, you should make it a point to shop on secured websites only. Websites that are HTTP secured should be chosen so that your payments are secured till the end. The little lock symbol that appears on the top left of your browser’s address bar shows that the website is secure for shopping.
Spotting a Scam Website
Several identity thieves on the internet depend on the fact that some individuals just don’t conduct research on the website’s background. They simply target a website which is more prone to cyber attacks and crimes. So, every user needs to select a website cautiously after going through some of the customer reviews. Check how satisfied the clients are before you choose a particular website.
Keeping an Eye on the Unauthorised Charges
The charges deducted from your account even when you haven’t made any purchases from the credit card are unauthorised charges. You should check your credit card bill from time to time to see whether there are any unauthorized charges mentioned. You should also compare your receipts with the bills and if you find any errors you must report them immediately.
What if Your Card Gets Stolen?
If you’ve lost your credit card, you should call the credit card company quickly and inform them about the present situation. Most of the banks offer 24 hour customer service support and you could easily call their professionals in a state of emergency. The loss of the card should be reported immediately so that the card is blocked before someone uses it wrongly.
Opt for a chip based card
Banks now have upgraded the cards to chip based cards as an added security measure. You can talk to your bank and upgrade the security of your card to further strengthen card protection.
Credit card transactions should be done carefully by the user so that any kind of fraud practice can be avoided.