Keeping in line with the growth of usage of payment cards in India, the number of credit and debit card frauds are also increasing. According to reports, in FY2020 alone, the number of such cases has crossed 50,000, and the estimated amount is around Rs.230 crore.
However, such incidents can be avoided by practising certain habits and using these payment cards efficiently. Moreover, users can also avail a debit card and credit card insurance plan for extended coverage in case of such unforeseen incidents.
1. Careful online usage
Nowadays, online shopping and bill payments is a common practice. However, not being careful during such usage can lead to scams and data theft. Users should stay away from performing financial transactions on malicious and unknown websites. They should also avoid clicking on random advertisements and offers and purchasing products from such unfamiliar websites.
2. Using secure payment gateways
In case of any online payment, individuals must use a secure payment gateway. Reputed payment gateways have advanced and up-to-date security to protect from data theft.
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3. Stay away from needless apps
Data phishing from mobile apps is a common phenomenon. Thus, it is advisable that individuals should use authorised apps from verified vendors only. These apps maintain a high-security standard and protect consumer data.
4. Be careful during ATM withdrawal
Even though ATMs have their benefits, it has been a centre of numerous scams. Skimmers use various cloning devices to steal customer data. Therefore, it is ideal to use ATMs which have security personnel. Additionally, it is also wise to check the keyboard and card slot as skimmers use these to dupe cardholders.
5. Changing the PIN at a regular interval
It is an essential practice that every debit and credit card user should follow. Changing PIN at a regular interval lowers the risk of such scams and protects them financially.
6. Using two-step verification
A two-step verification ensures better safety for customers; financial institutions emphasise on updating relevant details like email and phone number. A two-step verification includes card details, name of the user, CVV in the first place. After that, individuals receive an OTP on their registered phone number. Once the correct OTP is entered, a transaction is processed.
7. Blocking cards in case of misuse
In case of loss or theft of such cards, individuals must block their cards immediately. Doing so will stop further misuse.
Apart from following these measures, individuals can avail a comprehensive credit card insurance policy like a wallet care plan. Such plans are offered by reputed insurance aggregator Bajaj Finserv under Pocket Insurance & Subscriptions. It provides financial coverage against unauthorised transactions made in case of theft or loss of payment cards. Policyholders can also block all of their credit cards and debit cards with a single phone call, avail travel assistance, receive fraud coverage, etc.
Similar to a wallet protection plan, women can avail a purse care policy. This plan also offers the same benefits and coverage as the former. It is available for a premium of Rs.599 and offers coverage of Rs.2 lakh.
Since chances of misplacing a wallet or a purse are the highest while travelling, customers can also opt for a personal trip liability cover. This plan is available for an annual premium of Rs.149 and a coverage of up to Rs.1 lakh.
To conclude, protecting credit and debits cards is not a difficult task. Following the above-mentioned rules and being aware can save individuals from scams. Additionally, availing a debit card or credit card insurance plan provides the added coverage in case of such unexpected situations.
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