How to ensure that you are banking 'safe'?

Kusal Roy
“Innovation is serendipity, so you don’t know what people will make,” said Tim Berners-Lee, inventor of the World Wide Web. Prescient thinking, if you look at where the internet is today. Banks, across the world, probably thought along similar lines at the time of the launch of plastic payment cards. However, as digitization-led contactless payments takes over our life, it is important to remember that with convenience comes responsibility. If you stay alert, banking can be a ride on the wave.

To begin with, it is helpful to follow some rules while making payments using plastic money. Never share confidential details like Card Number, Expiry Date, CVV no, Grid Value, Date of Birth, ATM PIN, 3D Secure PIN or One Time Passwords over a phone call or email. Considering that you would not hand over your house-keys to strangers, it is advisable to exercise similar restraint with your card, which is the ‘key’ to your bank account or credit limit. The bank will never call you to ask for these details. If you do get a call asking for your card details, you must report the number and the name of the individual to your bank immediately. It always helps to stay alert and not part with information that others need not know.

Keep your bank informed of your latest contact details so that it is easier for them to keep you updated on your account activities. It is useful to not just monitor your card usage but also alert you in the case of unauthorised account usage. Similarly, a quick analysis of your card usage pattern can help you intimate your bank to set your transaction limit as per your convenience. For e.g., while travelling abroad, you can reduce your domestic usage limit so that you are protected against any fraudulent usage.

It is advisable to access your account regularly and maintain a check on your bank account/credit card statement. If you notice any unauthorized transaction, please report immediately to your bank and raise chargeback. Chargeback is a process by which you can dispute the transaction with your bank/merchant.

To make transactions on plastic cards more secure, an increasing number of banks are moving to EMV cards. Chip cards are extremely secure as every time a chip card is used in store, a unique one-time code is generated, which is used for approving the transaction. This provides an additional layer of security for your transactions on card. This feature also makes it virtually impossible to duplicate the card in the form of a counterfeit card.

While swiping your card at merchant outlets, never share your ATM PIN with the store keeper or the retailer while transacting at merchant outlets (Point of Sale Terminal) in case they ask you for the same. It is advisable to enter the PIN yourselves in a way that it is not visible to others. While transacting at merchant outlets, ensure that your card is in view so that no one has a chance to copy the card credentials. Do not write the ATM PIN or any card-related information on envelopes, diaries or in your mobile phone. Ensure that the ATM PIN is changed every six months. Ensure that you draw a line through blank spaces on charge slips above the bill amount to prevent any additional charges levied by the merchant. Remember, this space is to add tips, so in case you don’t want to pay a tip, then ensure you cross the space by drawing a line.

As for online/e-commerce, the use of a good antivirus software can go a long way in securing payments. This will ensure that your bank credentials are not compromised. Always transact on reputed and known online merchants. Also, before you purchase anything from a site, ensure that the merchant has encrypted his payment page i.e. the payment page address begins with “https: ” instead of “ http: “. This technology ensures that the payment information flowing from your computer to the merchant site is in an encrypted format. Ensure that you have strong passwords and avoid using Date of Birth, PIN Code etc as your 3D Secure PIN. Don’t fall for lucrative offers sent on emails, often in the name of a foreign lottery or RBI. Do additional research about the vendor before buying or sharing payment information.

While travelling abroad, choose a card that you will transact with, reduce the transaction limits on other cards, to protect yourself from fraud. Share your updated contact details with the bank, so that the bank can send you alerts.

In essence, as the world gets closer and hackers more so, it is useful to keep your cards and PINs secured. After all, one can never be too careful with money.

Author is head - payments and unsecured loans at ICICI Bank
Source : moneycontrol.com