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Saturday 12 August 2017

20 Tips for safe ATM,Debit,Credit card usage

How to make your Credit/Debit card usage safe and secure?

As the world moves towards a digital economy, use of Debit card,Credit cards and other other prepaid payment cards are increasing at an accelerated rate.At the same time chances of compromising user data have also increased.Experts say it’s almost inevitable ,this kind of thing will happen again.Don't forget that , fraudsters are also following technology advancements.
safety tips for debit credit card usage
On the verge of increases digital payments, every one must have  minimum knowledge in order to make their card credit,debit usage safe and secure
As financial fraud grows day by day, understanding the basics of debit/credit card protection is more important than ever.
  • .Never store your PIN in the same place as your card; if your card gets stolen, you don’t want a thief to have the PIN as well.
  • Change your PIN frequently.Even if your PIN is leaked at some point of time, changing PIN may reduce your loss.Make it a habit to change PIN frequently.
  • Enable Two tier authentication.For online transaction, enable OTP(One Time password).
  • emv card are safer than magnetic strip cards
    An EMV chip card
  • Replace your Magnetic strip cards with EMV chip cards.Most of the banks have disabled old Magnetic strip cards.If you are still using it, get it replaced by EMV chip cards(EMV chip technology is becoming the global standard for credit card and debit card payments. Named after its original developers (Europay, MasterCard and Visa))
  • Watch for Skimmers in ATMS and POS. There are devices which can skim your card deatil while you use your card in ATMs or POS. Before inserting your cards,give quick check for such devices.
  • Hotlist if you lost your card.If your card is lost,immediately block it.Either contact the bank directly or call the toll free number provided by the card vendor from your registered mobile number.
  • canara mserve app for enabling and disabling card
    Canara Bank's mServe application for enabling and disabling debit/credit cards
  • Temporary lock your card after use.Recently Canara Bank,a leading public sector bank in India has introduced a mobile application 'mServe' ,through which you can switch off and switch on your card.After use you can temporarily lock the card. Next time when you use ,just switch on the card and use it.This will virtually make your card use 100% safe.Nowadays many banks are providing such facilities.
  • Use Secure payment gate ways online.Before entering your card details online,make sure that website url start with 'https' in which 's' stand for secure.These sites use secure encoding for data transfer.Apart from that, use your card only on trusted and well known payment gateways.Never enter your card details on gaming, pornography, lottery, gambling and unsecured websites.
  • Many e-commerce sites like amazon,paytm will prompt you to save your card details online.
  • Never save your card details online.Some online shopping sites may suggest you to save your card details for future payments.
  • Never respond to calls,mails and sms seeking your card officials or card authorities will never ask your PIN number or OTP.
  • Keep separate  debit card for online payment. Keep minimum amount according to your requirements in the account linked to that card.Even if your card is compromised ,higher loss can be avoided.
  • Activate sms or email alert.It will help detect unauthorized transactions faster.
  • Use more effective password all the time.
  • Disable automatic transfers to linked accounts. Many banks offer customers the option of linking a savings account or line of credit to their checking account, with an automatic transfer of funds if a transaction would trigger and overdraft.If your debit card is used by thieves, this means they can wipe out both of your accounts, so consider temporarily disabling this function.
  • Keep watching your statements. Monitoring your statements for any unfamiliar activity is basic advice.
  • Sign instead of keying in your PIN. Opt for signature over PIN transactions with your debit card. Merchants would prefer that you use your PIN because it’s cheaper for them, which is why most payment terminals are set up with a PIN prompt as a default, but it’s riskier because it gives data thieves the option of creating a fake debit card and hitting the ATM to take out your money.
  • Updates your info with bank.Mobile number,address,email etc.. So that any communication falling in to some other person's hand can be avoided.
  • Secure your devices and networks.Install latest antivirus software and update your OS regularly to avoid any breaches.Avoid Computers like cyber cafes. and public wifi networks.
  • Note down your CVV and tamper it.The CVV number is three-digit, typically imprinted at the end of the signature panel on the reverse of credit (or debit) card.It serves as the authorizing code for the transaction. Experts advise removing the CVV number from the card because other important details (card number or card expiry date) cannot be removed from it. CVV being a small number, it can always be memorised or written in a safe place.
  • Sign on back of your card.Suppose you are making a purchase,the signature line, coupled with a signature on the receipt, allows a retailer to check the signatures,.Unfortunately no retailer does it.

Don't wait for others to make you safe, be your own guardian.Implement above tips for making your debit/credit card usage more secure.

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