Data from last year shows that there have been 1.7 billion credit card transactions in the last financial year 2018-19. This data also adds that there has been a total transaction of Rs.6.07 lakh crore with around 48.9 million cards in circulation in India. These statistical data highlight the simple fact that the Indian populace has already adapted to credit card use.
Understandably, with the boom of internet usage, transactions for online credit cards have increased over time. Consequently, it has also become crucial for users to understand the different threats which creep in while one shifts to primarily online usage. It is also important that credit card users learn of the numerous tips which can protect them from different threats of identity theft and subsequent malpractice.
Typically credit card issuers already provide basic security measures which are effective protections. High-value credit cards also have enhanced security encryptions, making the cards more secure from threats of being hacked. Additionally, users should follow the security measures mentioned below and take them as seriously as that of timely credit card bill payments.
Safekeeping card details
It is vital to keep the details of a credit card safe and undisclosed from anyone. This includes the card number, its password, and its CVV. It is important to keep in mind that online payment using a credit card does not even require the physical card and anyone can use the account with its details.
Regular pin update
Among the numerous ways to protect credit cards from being hacked, a very effective method is changing the password routinely. Changing the password ensures that even if someone has access to the PIN, they cannot use it repeatedly to skim funds. Additionally, users should also avoid using the same password for all their cards.
Keep the system safe
It is essential to keep the system where a credit card is being used secure since hackers can access all the information transmitted through it. Even safekeeping of online credit card payment details might fall short in securing the account if the computer system being used does not have a strong antivirus.
Do not save password
Many websites offer the option of saving the password for hassle-free use in the future though that is a terrible option since it can be accessed later to hack into the account. Again, despite being active for a short period of time, the saved passwords of online credit cards can be accessed for malpractice. For regular cards, storing data in the computer is a risky and should be avoided.
Avoid shopping in public
It is best not to shop online using a credit card in public since there remains a chance of card details being extracted by hackers who have access to public Wi-Fi systems. Even highly secured cards like Bajaj Finserv RBL Bank SuperCard and its likes cannot be protected if the card number and its CVV are leaked along with the password.
Use secure websites
Credit cards should only be used online on secure websites since they are protected with security encryptions that prevent hackers from accessing transaction and card details. In the case of other websites, the possibility of being hacked always remains.
These basic measures discussed above are as easy to follow as that of credit card application itself. With most financial institutions offering an easy application method, along with timely credit card bill payment, applicants should also make it a point to follow the tips mentioned above once they get their card.
It is also important that individuals learn how to use their credit cards wisely. Be it a conventional card or an online credit card, learning to use it wisely does not simply secure the account, but it can also help in managing the expenses along with additional benefits of rewards and gifts.