5 Security Features for Your Credit Card Safety - THEBLAGUARD

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Thursday, January 17, 2019

5 Security Features for Your Credit Card Safety



Nowadays the credit card is not only the convenience, but also an essential part of the routine transactions. In the digital era, your card details are prone to leak to the point of sale machine, ATM, e-commerce website, travel portals, and other similar electronic spaces. The credit card companies have been continuously adding features to enhance the safety level of your credit card.

On the other hand, credit card insurance and debit card insurance help you to protect from an unexpected fraud. The insurance companies like Bajaj Finserve provide a reliable card insurance plan to help you remain protected. Let us examine the latest security features practiced by card companies.

Chip Embedded Cards

Recently the reserve bank of India has directed the banks to issue chip-embedded credit cards and debit cards only. When the card is not chip embedded, it is much easier for fraudsters to copy the static data from the magnetic strip of the card and to prepare the clone. However, the chip generates dynamic data to be verified for each transaction, so it is almost impossible for fraudsters to get the amount from your card. In recent times, banks have started requesting clients to replace the card with a bank if it does not carry the chip.

Pre-Transaction Alerts

The banks give you the facility of registering your mobile number to get OTP (One Time Password) to confirm the payment to a third-party bank account and e-commerce website. Consider taking advantage of this facility. Once you initiate the transaction, you will receive OTP in your registered mobile number from the bank.

You can authenticate genuine transaction to make the desired payment. If someone else attempts to transfer the amount from your bank account, you will receive OTP in your registered mobile number. It is strongly recommended that you should not share such OTP to anyone and report such incident to your bank.

Usage Monitoring

Once you start using your card, gradually the intelligent database system of the bank understands the transactions made by you. It builds up an internal profile based on your usage patterns, which includes transaction amount, devices and location used, date and time of the transactions, regular payments to a particular account and other such parameters. When some unusual or unfamiliar account activities are observed by the system, it flags the transaction and takes appropriate action to verify that it is you.

Temporary Freeze

When you lose your credit card, you are landed in the puzzling situation. If you are not sure whether you are going to find out your card again or not, blocking the card is an additional effort. Later on, when you find your card, you cannot use the card again and have to apply for the new card. You can only use the new card once it arrives at your home and you complete the re-activation process.
On the other hand, if you don’t block the card, you carry the risk of losing money due to fraudulent transactions. From the mobile app or website of the card issuing company, you can deactivate the card by calling the bank.

Card Protection Plan

In today’s digital age, the card is an essential payment option. It is very common for a person to keep two-three cards for different purposes. If you lose your wallet, you have to call each bank of the card individually to block the card. If you have opted for a card protection plan, you can call the insurance company as soon as you discover about the loss of your wallet. The insurance company takes responsibility of intimating your banks and getting your cards blocked.

In a nutshell, while the technology increases the safety of your card, the personal care and proper card protection insurance saves you from the huge losses arising out of unexpected losses.

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