Security Implications of using Debit/Credit Cards

Security Implications of using Debit/Credit Cards

           The credit card is one of the most commonly used financial products of the 21st                        century. But not many of the users are aware of the security implications of using                      them?

·     You think no one knows your CVV number and therefore your card is safe. But are you aware of the fact that many online transactions do not ask for your CVV number, but can access your funds just by entering the card number, the expiry date and the name of the card holder.

Your card would be much safer if you remove the CVV number from the back of your               card. And ensure that you are present when it is being swiped by a third party,                           particularly at department stores and petrol bunks.

·     You think your credit card cannot be duplicated hence it is safe. But it is not true. The magnetic strip on your card holds a lot of data that can be copied and your card cloned.

It’s harder to clone EMV (Europay, Mastercard and Visa) cards, so request your bank for these cards.

·     You think no one knows your PIN number and password.  
      Indian websites have recently made it mandatory to put in a secure PIN as a final stage in the authentication process, but international websites do not have this security feature.

·     Never let anyone know any details of your card. And keep your card secure and safe like you secure your PIN number and password. Never give your card to anyone.

·     The issuer of the card and companies accepting the card have entered into
      an agreement that the signature on the back of the card will be compared with that on the receipt and only then will the transaction be considered valid. Since most establishments do not check the signature, card holders assume that the signature is not of importance. But if a card is stolen and swiped somewhere. The owner can demand compensation from the merchant by proving that the signature on the back does not tally with the signature on the receipt. So make time to sign on the card.