Nowadays, Credit cards have become a precious thing for all of us. This helps us to complete our transactions efficiently. However, we should know to use a Credit card safely and adequately. If it is not, we have to face many problems, especially from hackers.
These days, many cases are being reported about Credit card information misuse and hacking around the world. Due to unsafe online transactions, There lot of Credit card frauds are happening these days. Hackers can always steal your Credit card details without you even knowing it. Therefore, you should always ensure the security of your Credit card in every online transaction.
There is a high risk of misuse of your Credit card information by hackers using methods like Card cloning, Phishing, BIN attack, Skimming, etc. By using these methods, hackers can take complete control of your account and make unauthorized transactions. The USA has the most number of Credit card frauds case, according to “The Nilson” report. It is an estimated loss of more than $12 billion by the year 2020.
Security features of a Credit card.
Typically every Credit card comes with the following security features to make your transactions are more safe and secure. So it is essential to know these features as a cardholder to be aware of scammers.
- Signature Panel
After issue your credit card, as soon as you must sign on the signature panel according to your terms and conditions. If your signature box is empty, merchants can decline your credit card at their shops.
- Chip card
This chip card encrypts the information about each transaction done by the cardholder using the confirmed pin or signature of the cardholder. These chip cards help to reduce credit card fraud in the world.
Every credit card has used a hologram on the credit card to give additional security against spammers. Also, the holograph is a unique thing according to the card network.
- Monitoring usage
Most credit cards have an automated usage monitoring system that, in the case of a high-value transaction, allows the user to check the transaction details or mark up to prevent unauthorized use and verify the purchase.
- Photo cards
This is another method that is used to confirm the information of the cardholder. However, increasing the popularity of online shopping guarantees that photo cards are not given as much security to our credit cards as we expected.
- Virtual cards
Some credit card issuers provide virtual credit card numbers. This is simply the digital version of your physical credit card. By using these types of virtual cards, we can be prevented from credit card fraud. Also, you have a chance to delete and get a new virtual card if anything happens to your card.
- Temporary transaction number
Credit card providers like Citi and Bank of America allow you to generate single-use card numbers for online transactions. This feature helps to restrict fraud. However, If your card number is compromised, it does not matter as it will never be used again.
CVV is a three-digit code that needs to make an online transaction. We can’t complete any online transaction without using this CVV code. So this is a thing that we should not be shared with others.
9 Methods to improve Credit card security.
As a Credit cardholder, you need to be careful about the security of your card. Otherwise, your credit card may misuse by fraudsters. Therefore always keep your information and personal data safe. Scammers are trying to trick you in every possible way. So the following list will help you to keep your credit card safe.
- Make a solid and unique password:
Always make a solid password that is hard to hack. Also, use password recovery questions that can’t guess easily by anyone. It’s always good to store these passwords on your mind, or you can use password managers like 1Password or LastPass to generate and manage passwords.
- Alter password regularly:
Also, you could change your password on a regular time basis because it helps you to prevent any kind of fraud.
- Avoid autofill:
Your web browser can store your credit card details. Then you can auto-fill your credit card details with the help of stored data n bowser. You could think of this as a good idea, but this is not ideal. You must disable this feature on your browser and clearing browser history and cache can get rid of this.
- Report the loss or stolen cards immediately:
If your credit card is lost or stolen, you should immediately inform the incident to your card provider. Then they will block your card and prevent it from being misused.
- Logout after each transaction:
In addition, you should always log out from the device after you have finished any transaction. Mainly, you must do this if others are using your devices.
- Avoid getting out Credit card information:
Never give out your credit card information, even if someone pretends to be an officer of a bank or credit card provider. Also, do not share anything that has your credit card details on it. Because if it finds by someone, they can quickly get fraud.
- Make sure of “https” :
When dealing online, ensure the website address has “https://.” and not just“https://.” The “s” stands for secure. So the information you shared with the webpage is secured and encrypted if it is “https://.”
- Use additional protection options:
There are some credit card providers additional protections for online shoppers. For example, you can sign up for your credit card secure cord, which will ask you for a six-digit code when making an online transaction. This program includes Visa Secure, Mastercard Secure, and Amex SafeKey, available for additional protection. However, you can also use payment gateways, like PayPal or Apple Pay, to provide an extra barrier between yourself and online merchants.
- Track your transaction:
Do not wait until your monthly bill is generated; monitor your transactions online. This will help you to check for any fraudulent activity that may occur in the meantime.
5 Essential Credit card – don’ts.
Even if your security features are loaded on your credit card, you can never be careful with them. So here are five essential tips to keep your card safe.
- Do not use public networks for online transactions.
Nowadays, public wifi networks are a prevalent thing that we can find in every public place. However, do not use these types of open networks to make online transactions. Because these available networks are generally not encrypted, and your data can be hacked. If you do this, your credit card details can be risky and vulnerable to identity theft.
- Don’t share your card details with unverified representatives:
Do not share your card details with an unconfirmed caller for any reason. No matter how he tells you about him, do not give any information without confirmation. Identity thieves often use this method to gain knowledge from you and hack into your account. If you want to check if the call is legitimate, contact your card provider or bank security system and provide the unconfirmed number to them and verify its authenticity.
- Don’t share your card number in Email:
Sometimes criminals may send you emails asking for your credit card details. Ignore these types of emails and contact your card provider or bank and report them about the incident. This hacking method is known as “Phishing.” Also, don’t disclose your card details while sending an email. Hackers could misuse it.
- Don’t upload photos of your Credit card on social media:
Do not share pictures of your Credit card on social media for any reason. That is not a good idea at all. Because Enterprising Hackers are smart enough to get into your account only using your credit card picture. Also, they can steal all the money in the report without knowing you. So, don’t share your card pictures anywhere.
- Don’t share your card details were audible to others:
Sometimes you need to provide your credit card details and other personal information verbally to fulfill a transaction. In this case, do not provide any information in public places. Because someone else can get that information by hearing your voice. So, be more careful when you share your essential details.
However, Scammers are always finding new methods to credit card fraud also with new advancing technology. Therefore, by always being aware of this and being constantly vigilant, we can prevent identity theft.