Scared of using credit cards in bank ATMs, net banking? Fear money loss? What you must never do and what you should
As the nation is focussing more on becoming a cashless economy through digitisation, this looming threat is a major challenge because the system needs to provide confidence among people about it. The need of the hour is to let the people feel secure against such cyber threats.
A majority of people in India who have bank accounts are still scared of using credit cards as they fear that somehow they may lose money to thieves and hackers who target them through net banking or bank ATMs. While all credit card holders must beware of thieves who try to steal innocent people's money, banks are working hard to ensure this does not happen. However, if bank account holders themselves reveal usernames and passwords to thieves at bank ATMs or on phone and Net, then there is always a danger of losing money. This is one of the biggest reasons why credit card holders fall victim to cyber fraud. Cases of credit card fraud and other cyber threats are revealed daily.
As the nation is focussing more on becoming a cashless economy through digitisation, this looming threat is a major challenge because the system needs to provide confidence among people about it. The need of the hour is to let the people feel secure against such cyber threats. Looking at customers dilemma in using digital methods of transactions, several banks have come out with new cards and are introducing new security features to check cyber threats and incidents of frauds. Here are a few novel features introduced by banks to impart confidence in case customers lose their credit card or when their card is stolen.
ICICI Bank's iMobile
ICICI Bank's mobile app, iMobile, help you to open/renew deposits transfer funds, pay bills, recharge your prepaid mobile and DTH connection, locate an ATM and do a lot more while you are on the go.
iMobile now has come with a host of services and users can now block a card, stop a cheque, track your deliverables, besides doing a lot more with this app.
SBI blocking facility
The State Bank of India has already started several security measures to check suspicious activity on its card users. If the SBI Card observes any suspicious activity on your card, it may proactively block your card to protect you from further misuse of your card.
In case you receive any transaction alert for the transaction not done by you, you can immediately block your card. Cardholders just need to SMS BLOCK XXXX (XXXX=last 4 digit of their SBI Credit Card) and send it to 5676791 or call helpline no: 18601801290/39020202 (prefix local STD code).
IndusInd Bank Nexxt
IndusInd Bank has introduced a new type of credit card called Nexxt, which allows users to choose among different options like making a regular payment or using reward points before making a spend from the card itself. Nexxt is like any other card, and it can be used for regular transactions at point of sale (POS) machines.
The interactive card comes with push buttons that can be used to choose among the options including making a regular credit card payment, using your accumulated reward points or converting your spend into EMIs of 6, 12, 18 or 24 months.
A person with a monthly income of Rs50,000 and no other debt obligations can get Nexxt with a credit limit of Rs 80,000 to Rs 1 lakh. He/she has to pay a joining fee of Rs1,999, and does not have renewal or annual fees in subsequent years. The applicable rate of interest is 3.83% per month.
Master card provides a whole range of safety tools and security features on your card. So whether you’re shopping in a store, online or on your mobile device, you can do it all with confidence, using three pillars of protection.
SecureCode: A one-time password sent to your mobile phone to verify all your online transactions
EMV (Chip Technology): A microchip in your card safely houses all your data, and encrypts every transaction for greater security.
SMS Alerts: An SMS to notify you whenever your card has been used, so you are updated at all times.
Meanwhile, prior to giving you security tips to protect your credit card, you should know that there were 3.9 crore credit cards in India till March 2018.
You won't believe that Rs 11.47 crore worth transactions are done through credit cards every month in India.
In America, 11 times more credit cards are being used in comparison to India
Security tips to protect your credit card:
1. Keep your ATM PIN private: Never share your ATM Pin with anyone. If you've forgotten your PIN or think it may have been compromised, ask your bank for a new one.
2. Beware of phishers: Phishers try to gain sensitive information from you, like your payment card number, PIN, username or password. Don’t respond to them, rather call your bank to make a report.
3. Check your statements: Regularly monitor your bank and card statements, and if you spot any unusual transactions, you must call your bank.
4. SecureCode logo: You should look out for online merchants that support SecureCode, which ensures that online transactions are private between you and your bank. It also verifies that you authorised the payment.
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5. Sign up for SMS alerts: This facility let you know whenever there’s activity in your accounts, so it’s a good idea to register all your cards for them.
6. Card issuer’s policies: You should also try to be familiar with your Card issuer bank’s policies, as every bank has its own safeguards in place. Talk to your bank to find out what they are.