Tips to keep credit card details secure in the digital age

Suvam was checking his credit card bill and was surprised to discover an online transaction he never did. When he called the bank to check the credit card details, the truth emerged – Suvam was a victim of credit card fraud.

Suvam is not the lone victim. Data reveals that 3596 credit card and online fraud cases were reported in the financial year 2021-22. The aggregate value was Rs 155 crores.

Digitisation and increasing cybercrime
 

Digitisation has taken the world by storm, especially when it comes to online transactions. Per the Internet and Mobile Association of India's report, about 346 million Indians do online transactions. In the third quarter of the financial year 2023, digital transactions worth Rs 38.3 lakh crores were logged. Of these, credit cards contributed to about 7% of the transaction volume.

As credit cards become popular in digital transactions, securing their details is important. Therefore, you must practice precautionary measures to protect your credit card information and avoid fraud and scams.

How do you do that?

By practising simple habits, you can protect your credit card information.

Let's have a look at such practices.

Practices to secure credit card details
 

·     Choose reputable websites
 

The brand name is important, especially when maintaining the authenticity of online transactions. Choose reputed websites and mobile applications to transact using your credit card. You can check the website URL to ensure its security. If the URL has 'https,' it is secure because the 's' in the URL stands for secured.

You can also see a lock sign on secured URLs or online websites. These things foster trust. If the website or portal has these safety measures, you can transact without worrying about security.

·     Use two-factor authentication
 

Two-factor authentication, or 2FA as it is popularly called, is a process in which your identity is verified in two steps using two methods.

Most credit card transactions follow the 2FA method of verification for security. You must enter your CVV (Card Verification Value) when you transact and follow it up with an OTP (One-Time Password) sent to your registered mobile number. The CVV and the OTP serve as a 2FA and complete a secured transaction.

·     Choose strong and unique passwords
 

The password for your online accounts and credit card (CC) details should be unique. This makes guessing the password difficult, and your account remains protected.

You can try alphanumeric passwords with special characters. Here are some suggestions -

·     Use a letter in uppercase

·     Use some letters in lowercase

·     Use special symbols like $, @, *, #, etc.

·     Use numbers like 1,2,3,0, etc. 

You can also create long-tail passwords which are difficult to guess. Avoid using common dates or numbers. It is best to review and change the password after a few months.

·     Be wary of phishing scams
 

How often have you received an email or an SMS stating that you have won a jackpot? Or you might have received a call stating that your card is being blocked.

These are ways fraudsters target vulnerable individuals and trick them into revealing confidential CC details. 

Beware of such calls, texts, and emails. Do not fall for fake promises of a jackpot, lottery, prize, or threatening information about your account getting blocked. Do not trust anyone except your bank or credit card company issuing any notice.

Remember, genuine financial institutions would never ask for your personal and financial details. Those who do are fraudsters, and it's better to avoid them.

·     Use a virtual credit card
 

Nowadays, the concept of virtual credit cards is gaining traction. It is an e-version of a card. You don't get the card physically, however, you get the credit card number, CVV, and other relevant details. You can use these credit card details and complete a transaction.

Virtual credit cards protect against skimming and cloning. Fraudsters can copy or clone a physical credit card using advanced machines. This threat is minimised with a virtual card.

·     Avoid public Wi-Fi
 

Public Wi-Fi is available at many public places like airports, railway stations, shopping complexes, etc. However, they are prone to viruses and unscrupulous activities.

Avoid public Wi-Fi even when you get free access. Fraudsters can use the network to hack your credit card details and steal your password.

·     Install an antivirus or anti-malware software
 

While an antivirus is important for your computer/laptop, install it on your tablets and smartphones for complete protection.

Antivirus or anti-malware software protects your online accounts from cyber threats. They detect and prevent suspected virus attacks for a safe browsing and transacting experience.

·     Pick encrypted payment gateways
 

Encrypted payment gateways are secured gateways that prevent the possibility of data theft or cyber crime when you transact. These gateways keep your credit card details safe so that you can transact stress-free.

Look for websites that offer such payment gateways. Usually, when you go to the payment page, the security encryption is highlighted. You might see the following security options –

·     PCI DSS (Payment Card Industry Data Security Standard) (used across major credit cards)

·     SLL (Secured Socket Layer)

·     SET (Secured Electronic Transaction), etc.

These options show that the gateway is secured and you can transact safely.

For instance, IDFC FIRST Bank Credit Cards offer secured payment gateways for safe transactions.

·     Tokenisation
 

Tokenisation is a new concept introduced in recent times to prevent unauthorised usage. Under tokenisation, your credit card number is converted into a random token number. The token contains your credit card details to facilitate the transaction. You can use the token to complete the transaction.

Tokenisation protects your credit card details since your actual number is not revealed. Moreover, the token is valid only for one transaction. After you use it, it becomes invalid for future use. This increases the security of your credit card information.

IDFC FIRST Bank Credit Cards come with the facility of tokenisation. You can secure your credit card details on merchant platforms with random and unique tokens for complete security.

​​The bottom line

Banks and financial institutions have been promoting safety measures to protect your credit card details. It all boils down to you.

Be vigilant and stay safe against possible cyberattacks or crimes. Follow the practices above and keep your credit card information secured. Your CC details are meant for you and should be kept confidential. So, avoid sharing them with anyone. Conduct safe online transactions and enjoy the rewards and benefits that credit cards bring without worrying about fraud.

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.