5 Useful Tips to Protect your Credit Card Online

Fraudulent credit cards in India are more common than you may think. According to a survey, the Reserve Bank of India discovered that customers reported as many as 35,551 credit card frauds between January 2015 and December 2017. The amount of funds involved in these fraud cases cumulated Rs. 14,165 Lakh. Even after incorporating security measures, such as the CVV number and OTPs on linked phone numbers, the RBI failed to curb these frauds.

Credit card users are partly to blame for such security loopholes on their card. Online purchases often leave these users vulnerable because they are unaware of the steps one should take while transacting on the internet. Therefore, here are some tips to bring you up to speed on maintaining credit card security online.

1. Use cards while shopping on trusted websites only

Millions of sites across the internet sell products and services to customers. While some of these e-commerce sites are well-known and reputed, others are not. While it is okay to use credit cards on reputable sites, avoid doing the same on the websites without verifying their credibility. Some websites are designed for the sole purpose of phishing your credit card data, such as the CVV number as soon as you enter it into the site’s portal.

2. Do not use credit cards while in a public place

Many individuals today use their phones or laptops to pay for subscriptions and products on-the-go. While this may sound like a convenient and obvious benefit of digitisation, it can turn out to be security hazard instead. Therefore, it is best to use credit cards for online payments inside your home or any other enclosed space, where you can be sure about your privacy.

3. Choose a card with fraud liability cover

Some of the best cards in the market, such as the Bajaj Finserv RBL Bank SuperCard, come with robust security features. Moreover, these cards offer additional safety that keeps the user from being liable in case of fraudulent use of his/her card. Make sure you opt for these cards, failing which you may have to face the legal and financial consequences due to credit card frauds.

4. Keep close track of credit card statements

Learn how to check a credit card statement correctly as soon as you avail a card. Tracking the statements can often help you find fraudulent use of your card and report the same to the financing company. Checking the statement is also important to rule out any errors or excess charges for the card.

5. Do not disclose credit card data to anybody

Even though this sounds like the most obvious advice, many people end up making this mistake. You should not disclose the data related to your cards, such as the CVV number, to anyone apart from the credit card issuer. Moreover, never disclose such data over the phone. Note that your credit card issuer will not contact you to confirm any details to your card.

In case of online purchases, you do need to enter the credit card number and CVV number on the website. However, never save this data online, as hackers and cybercriminals can access your records easily. 

What is CVV in a credit card?

CVV stands for Card Verification Value. It is an additional security system for the card to prevent online fraudulent cases. You can find the three-digit or four-digit CVV number on the backside of your card. Never disclose this number to anyone including family and friends.

If you ever suspect a leak of your credit card information, get in touch with the issuer immediately and report the same. The company often replaces such cards and offers a new one in its place. You can even follow a simple procedure to change your credit card pin number.

Bajaj Finserv provides pre-approved offers to make availing loans simpler and quicker. These offers are available for unsecured loans, like credit cards, personal loans and business loans, and secured credit, such as home loans. You can check your pre-approved offer by providing your name and phone number.

Credit cards are generally a more secure mode of online payment than debit cards because even in case of frauds, you do not lose your savings when using a credit card. However, you must still be careful while transacting on the internet.