With a steep 27% growth in usage, consumers have spent an approximate of Rs.6 lakh crore in credit card transactions in the previous year. Although the majority of the Indian market still prefers debit cards, experts suggest that the additional security offered by credit cards is contributing to their high usage rates.
Here is a detailed description of these additional features like CVV number and the likes –
- CVV number
Every credit card comes with a unique CVV number, which users have to type in whenever they make a transaction. It is a staple security protocol in any given card.
- In-hand security features
In-hand security features provide you with better control over your card. It involves features that are readily accessible, such as an app that lets you monitor every transaction.
The app is free to download and is secured. Some of the features of the app that let you efficiently manage your transactions include –
- Loan payments directly from your card.
- Tracking investments and loans that are levied against your card.
- Zero-fraud liability
All major credit card providers offer a zero liability policy that protects the cardholder against fraudulent charges. Once the costs are reported within a given time, the deducted amount is reimbursed by the financial institution.
Here are a few instances of how your credit card information can fall into the wrong hands, thereby leading to fraudulent charges –
- Hacked database.
- Skimming.
- Phishing.
Once a charge is listed on your credit report, you can escalate the incident to the financial service provider so that you do not have to pay for the lost amount.
Both in-hand security and zero fraud liability cover features are available with the Bajaj Finserv RBL Bank SuperCard.
- SMS alerts
SMS alerts inform cardholders of any transaction. It is a simple yet effective way of monitoring your card.
How to avoid credit card frauds
Credit cards are always the targets of some form of cyber-attack. Besides the security features, cardholders must also be careful of their card usage.
Here are a few scenarios describing how you use your credit card wisely –
- Be cautious during online shopping
Always be wary of the website where you are sharing your credit card information. Antiviruses nowadays provide a ‘Secure Payment’ option during online transactions that encrypt any outgoing data from your computer.
Among the many credit card rules dictating its usage on the internet, one suggests steering clear of websites starting with ‘http’ rather than ‘https’. Sites that do not have SSL certification carry a higher risk of a data breach.
- Review statements
Your statements reflect everything that is going on with your credit card. Learning to read statements correctly will help you keep track of all the transactions and locate fraudulent charges at the end of your billing cycle.
- Blocking your card
If you have lost your credit card, you can easily block it in various ways. You can block your card by –
- Calling the financial institution and asking them to do it.
- Logging into their website and doing it yourself.
- Going into their mobile app.
Although there are ways to avoid the various kinds of credit card frauds, it is not always possible to keep a keen eye out for every detail. Blocking your card is a sure-fire way of dealing with any problems you may face with your card.
Also Read: Know These Simple Steps to Take if Your Credit Card is Lost
A credit card is a multipurpose tool that lets you avail exciting offers, cashback, and earn reward points that can be redeemed for exclusive rewards. Ensure to make your credit card bill payment within the due date to avoid any additional charges.