With the modernization, the increase in online banking services and credit-debit card transactions have gained immense popularity. People use these digital cards frequently to pay online or at shops. This post will give you tips to secure credit-debit cards.
On a daily basis, people use net banking so as to manage financial transactions. Also, they use cards for budgeting and managing expenses. Javelin Strategy and Research in February 2013 released Identity Fraud Report and according to that reports, activities of identity fraud corresponded was over $21 billion.
However, the present statistics say that every 3 seconds, identity fraud incidents take place. In October 2012, a report produced by ACI PaymentSystems stated that 42 percent of people are the victim of fraud by credit, debit, and prepaid cards for 5 years.
Effect of Urbanization on Digital Cards
Urbanization is rapidly increasing, the laziness of people is also becoming prominent. Credit cards have become a convenient mode of payment. Credit cards provide the facility of cash withdrawal, use them for flight bookings and also to buying groceries. When using credit cards, people should be vigilant while sharing their personal financial credentials. Nowadays, many frauds are increasing related to credit cards such as card trapping, phishing, shoulder surfing, etc.
Various ways to Secure Credit-Debit cards Transactions
- Users must use official apps for online net banking.
- People should not save their account credentials and passwords of credit cards, debit cards, and other online payment wallets.
- One should not use debit cards for payment on e-commerce sites. Nevertheless, they can use credit cards for the same purpose
- People should use virtual cards in case they are not a frequent shopper. Therefore, these cards protect credentials from reaching merchants.
- Emails containing links for certain banks are a fraud and one should not click them.
- Furthermore, one must run the computer virus software on your computer.
- Compulsory use of ad-blocking software program and a spyware detection program.
- One should keep track and record of all transactions being made by cards and report in case of any discrepancies immediately.
- People should also check bank statements monthly.
- People should not use public Wi-Fi for purchase, pay bills, or access your bank or credit card. Moreover, one should shop from home and make sure the Internet connection secured.
- Once the transaction is completed. Hence, the user should always log out of the bank, credit card, and merchant sites.