With the increasing popularity of credit cards there’s also the risk of exploiting the integrity of these cards. Malevolent hackers are on the rise, trying to extract credit card details from a person’s account.
Banks are now careful enough to integrate higher levels of security features into credit cards. With advanced technology, banks are trying to ensure not to let an unauthorized person get access to your card’s account.
Here is a compilation of the most popular technologies that safeguard your card.
What Security Features Come with the Card?
EMV stands for Europay, MasterCard, and Visa. EMV chip stores your data and protects it from unauthorised access. You have to enter a Personal Identification Number (PIN) with the card to complete your transaction.
Since magnetic tape-enabled cards were vulnerable to data theft, banks have moved to integrate the chip-enabled technology. Also, microchip technology makes it almost impossible to make a duplicate card.
The dynamic authentication technique is used to check the identity details of your card when you insert it into the reader. Therefore, a wide number of banks have already been replacing their magnetic tape cards with EMV chip cards.
Check if your credit card is compliant to the Payment Card Industry (PCI) Data Security Standard. PCI has lately been a regulatory framework with multiple layers of security to protect your data stored on the card.
The compliance must also be maintained by merchants that accept credit/debit card as a mode of payment. PCI Compliance has turned out to be mandatory and PCI Security Standards Council administers the regulations.
Secure Sockets Layer Protocol
Technically, a Secure Sockets Layer (SSL) Certificate builds a secure encrypted environment using a public and a private key. It plays a significant role in sending the confidential information of your credit card through the internet when you make an online payment.
Don’t worry about being liable for the transactions you have not made. If you have lost your credit card, just hurry and notify the loss to your bank. By doing this, your liability for all the further transactions will be nullified.
Do you know what happens if you get lazy and don’t bother to notify the bank about the loss? You will be liable to pay for all the unauthorised transactions taking place. This is because the card is still yours and the bank has no idea that you have lost your card.
Tokenisation is a data security technique where sensitive data is replaced with random numbers generated algorithmically. Such random numbers are referred to as tokens. These tokens are transferred through the internet to process your payments. A token vault keeps your account details safe so it is not available to frauds.
You need to know that the industry is slowly making a move from encryption towards tokenisation as this is a cost-effective way to guard sensitive information.
SecureCode is the provision of having an additional layer of security when you purchase online. Unlike other security features, not all credit cardholders will get this feature. This is because SecureCode is offered by selected banks only and is available only with Mastercard credit cards.
Also, it is not a default feature that comes with your card. You are required to follow a step-by-step procedure to enrol your card.
You may identify the SecureCode-compliant vendor by looking at the SecureCode logo on the checkout page. You will be asked questions or you will be required to enter the one-time code to authorise your transaction, preventing any frauds.
How to Escape Credit Card Frauds?
Phishers are everywhere! However, you can still protect your card by following these basic card prevention mechanisms:
- Sign on the card: As soon as you receive your credit card, do sign on the signature panel.
- Do not disclose your card number: It is your responsibility to keep your credit card number to yourself. Do not let anyone view it when you are dealing with it in public.
- Don’t share card information over a call or email: Do not share your credit card information, bank account number, and one-time password over a phone call or email. Never entertain a call from an unknown number asking for the one-time code. You need to be alert if you receive a code when you are not doing anything with your card.
- Update your contact information: If you are moving to a new place, make sure to update your postal address and contact information with your bank. This is to prevent missing out on important information on your transactions. You could also prevent your account information from reaching a totally unrelated person at your previous address.
- Keep your devices secure: Protect your mobile device by installing security-related software. Keep the operating system and other software up to date.
- Shop from trusted sites: If you are an online shopaholic, then look out for websites that have an “https:” in the website address. Even if it seems troublesome, it is recommended that you read the payments, refunds, returns, and shipping-related policies of the shopping site to ensure hassle-free transactions.
You now know what security features are available with a credit card. So, before you decide on your next credit card, you should look out for the available security features in addition to the rewards and cashback you get with the card.
If you follow the best practices of credit card usage, it would be fruitful for an easy and convenient credit card experience in your day-to-day life. Remember to report immediately to the bank in case you come across any suspicious activities related to your card.
For card-related information, including security features, visit bbazaar.my. You can compare the features and benefits offered by each card, and choose the one that suits your lifestyle.