Outlook Money
New credit card users, typically youngsters, need to handle financial products, such as credit cards, with prudence.
A credit card can be misused and land you in a severe financial crisis. Here’s how to safely use them and prevent unauthorised use of your credit card.
A credit card is similar to a signed blank cheque and should be used only by the cardholder. Sharing it with others risks financial security. Transactions are protected by the Indian banking system using a secure PIN. Ensure that no one else is aware of this number.
Protect your passwords, card details, and CVV from others. These pieces of information can be misused easily. So, avoid entering financial details on public computers or networks. Change your credit card PIN and online passwords every 3-6 months.
Most credit card companies provide the facility to set the transaction limit on your credit card through their app or online platform. These security features can cut down the chances of fraud.
Review your credit card statement on a frequent basis to detect any unauthorised charges. Your card company allows you to report these transactions so you can fight against the unauthorised charges. You need to check your credit score report right away.
Tokenisation protects credit card information through a replacement system which assigns unique codes to secure data from unauthorised access. Online transactions stay secure through tokenisation because merchants never store the original card information.
Inform your card issuer immediately if your card details are compromised or fraudulent transactions occur so they can block it. You can also block your credit card using the mobile app, online platform, or by calling on the card issuer’s customer care number.