We all know that India is fast moving towards becoming a less cash economy and debit card and credit cards are accepted at most places. I personally prefer paying through cards, rather than cash. Now, more than 50% of people in India have a debit card. As people using debit and credit cards increase, frauds associated with them also rise.
You must be aware of the recent incident which took place in Kolkata, where 76 people fell victim to debit card cloning in just eight days. So, it is very important for you to protect your debit card from being hacked. Fraudsters use a number of techniques to steal your hard earned money. In this blog, we will discuss how you can protect your cards from being hacked.
Fraudsters insert a small electronic device called a skimmer in ATM's and POS machines to steal card information. When your card runs through a skimmer, the device captures and stores key information from the magnetic strip of your debit card. This data is then copied to the magnetic strip of a blank card. This information is used by fraudsters to withdraw money from your bank account, or even make purchases using your card details.
Card skimming is very difficult in the new chip-based card. So, it is advisable to replace your magnetic plastic card with the chip-based card. Even the government has mandated that chip-based cards be issued to avoid frauds. If you are making a transaction with your magnetic strip card, keep an eye out for skimmers.
Two-factor authentication is an extra layer of security, which ensures the safety of transactions. In India, all transactions are authenticated in 2 ways. For instance, to conduct a transaction, just the debit card alone is not enough. You need to enter PIN number or CVV and OTP. So, it is advisable to update your phone number and email ID with the bank, so that only you receive the OTP.
Report any suspicious transactions on your card to the bank, immediately. If you do not report within the time frame, you will have to bear the loss. That’s why you need to update your phone number with your bank, so that you receive an SMS, when a fraudulent transaction takes place. Similarly, in case you lose your card or there is a theft, contact the customer care of the bank and block it immediately.
See Also | A brief about Debit Card
Never disclose sensitive information such as card details, expiry date, CVV and OTP to anyone. Many people receive calls from fraudsters, who pretend to be bank officials and try to collect confidential data to conduct fraudulent transactions. Do not fall for these frauds and handle such calls smartly.
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Avoid sharing your birthday on social media as this can lead to identity theft. For instance, your card is stolen by a fraudster and he collects your personal information such as the birth date on social media. He then calls the bank and provides all your confidential information and misuses your bank account. So, make sure you do not share any confidential information on social media.