How to make credit card usage safe and secure?

credit card Jun 11, 2019

Every bank is always sending you to not share your CVV or any other information often. Even if you are not worried about these messages and the news you hear make you worried about using the card. So how can we make our card usage safe?

Tips to use your card safe and secure

All banks send messages regarding not to share your card number, expiry date and CVV. That is because some cards like Visa Debit or Credit Card can access your amount without OTP. So bank doesn’t want you to come and complain that you have lost your money. So take the message seriously and also share it with your friends.

Now let us move for some knowledge with some tips.

  • You might have already heard about the device called skimmer. It’s actually a device that is used specifically to capture your card information and store that card information somewhere so that the criminals can use that afterwards.
    • But skimmers cannot store the CVV and the Expiry Informations. So without that, they cannot use it for any online transactions.
    • But still, there are ATMs that do not use EMV chip-based verification. So for that kind of usage, they don’t need any of that information to make a withdrawal. But this can be possible only if they know your PIN. So its always very important to safeguard your PIN.
    • At any circumstances, if you are under a problem that you are worried about your card being stolen and also the PIN got exposed , then please inform the bank immediately to block the card.
    • Additional: If you are using an EMV chip-based card. Then your card is safer than the normal magnetic strip card. This is because the EMV chip always generates a unique key to enable a transaction. This is unique and cannot be used for another transaction. So the skimmed cards cannot be used in any POS machines in stores and also ATMs are now getting converted from magnetic strip transactions to Chip-based. So its good news.

Everyone knows customer care always sucks. So always install your bank applications in your smartphone. I am pretty sure that most of the apps now have the options to block and replace your card in the app itself. This helps you in a lot of ways.

  • The next biggest problem is scammers. It feels bad to say that these scammers around the world are mostly from our country.
    • These guys call any random number and will explain that your card is blocked or you have won a prize draw so please share your bank and card information to proceed further.
    • You have to always remember that you might have not participated in any competition but how did you get the prize. But when we hear about the prize sometimes we are not aware of it and some people will share their OTP and all other information.
    • This is how the scammers get your card details and how you lose your money.
    • So Please never support such kind of calls and also instead of just ignoring please also report that number to the cyber crime department.

Any transaction that is done with you bank will do informed to you by email and SMS. So please be aware of whatever emails you get and if you find something fishy kindly contact your branch or customer care before anything bad just happens.

  • Now let us talk about International transactions. Are you aware of the transactions that can be done without using OTP? Yes, International transactions don’t require your OTP information. The can make transactions right away with just card number, expiry information, and CVV. (Not sure about what is CVV -> Card Verification Value)
  • So how can we escape from this kind of problems? Very simple, DO NOT share the card information to anyone. Always use the card with much-recognized sites only.
  • Please check for the secure symbol in the browser you use. And finally, do not install any software that you never known about.
card usage safe
  • Last but not least- Visa Paywave. Have you heard about this?. This technology allows you to make payments without even inserting the card or entering the card or PIN details. Just a single tap make the payment.
    • Actually, it’s a great technology but sometimes yes this can be also used in the wrong way. So how can we avoid this?
    • Ok by default Visa Paywave transactions comes with the limit of Rupees 2000. So any transactions about that cannot be done with that.
    • Visa Paywave also uses EMV chip to make transactions so making the copy of that card using Skimmer is actually impossible.
    • Finally, there is fake news that these transactions can be done without knowing you by just tapping the POS machine at your back where your purse is located. This is also impossible because this uses a technology called NFC (Near Field Communications). These cards can process the information only if there are in contact with 4-5 cms. So now you know the distance between your card and the terminal.
    • But if you lose your card then you know what is the case now. So be safe with that now.

My greatest recommendations. Always set your card usage limit per day using the app or by contacting the branch. If the branch says that they cannot do or if your financial partner customer care is being the worst or if the app they have created has nothing in it rather than just making transactions then, don’t think of anything just change your bank. Because this is your hard earned money. Don’t be so lazy about changing your bank.

Any questions you can ask in comments.


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