Saturday, April 5, 2008

Safety First

Saturday, April 5, 2008
      Hi friends I read this interesting and useful article in outlook money so wanted
to share it with u all, with the rising problems in credit cards these few tips might come handy while shopping online.

       First, only shop on a site where the URL begins with https:// and not http://. The‘s’ indicates a secure server. When you key in details like the CVV number check that the number is masked, that is, it shows as dots or asterisks.
       If you have an HDFC debit/credit card, shop through NetSafe. You create a virtual card (NetSafe Card) only for the amount that you have to pay to buy the product. You can fill those details of the card, on the merchant’s page, which will be valid only for 48 hours.
       If the amount is not used in this time, it will be credited back to your card. Since the virtual card is dynamic, its details will be different the next time you shop online. This protects the card details from phishing. Axis Bank, too, has a similar virtual credit card (eShop Card).
       Further, sign up for the Verified feature by VISA and/or MasterCard Secure Code programm.These give an Internet transaction PIN, which is used to validate an online transaction. Last, but not the least, don’t make online transactions from a cyber café.
       Another thing you can do is to write down the CVV number and keep it with you. Then block the CVV number on the card with ink, so that nobody is able to read it. Mobile alerts help you track your transactions This way you can call up the bank if you get an alert for a transaction that you have not done.
       To further minimize the chance of your card being misused, use the preset limit option. For example, if the credit limit is Rs 50,000 and you have pre-set the limit at Rs 5,000, any transaction to be successful beyond this amount will require bank authentication, this way the hit that you may get exposed to will be minimized.
       You can also opt for safer products like ‘Visa Platinum Credit Card’ launched by Axis Bank, which is based on the Europay MasterCard VISA Standard. The card has an embedded chip, which stores cardholder’s information in an encrypted format, thereby securing the cardholder against possible misuse in the form of counterfeiting and skimming.
       Under the US federal law, the maximum hit that you can be exposed to, if your card is misused, is $50 per card. However, in India there is no such limit. So, as soon as you realize that you have either lost your card or its details have been misused, contact the call centre and block the card.
       As it is always said prevention is better than cure in this case better than loss so have a safe and happy shopping ahead

3 comments:

-edz- said...

wow. i'm glad you put up an entry about this. such information is definitely helpful especially considering all these fraud transactions existing nowadays. it's so scary.

Tey said...

Thanks for the tips.. I'll keep this on mind. Hi passing by.. It's been a while

JOY said...

Hi..It's been a while since I visited here. How are you friend?