Credit Card Precautions that you Can't Afford to Ignore

Yesterday I spoke about the RBI's directive to the banks to provide better security for the cards (Enhanced Security for our Credit and Debit Card Payments). As mentioned therein, along with banks, it is our responsibility too to ensure safe and secured usage of our debit and credit cards.

I had earlier listed the '10 Precautions to take when using your ATM-cum-Debit Card'.

Let us now look at the precautions of utmost importance for the safe and secure usage of our Credit Cards.

*  Ensure that the credit card is ALWAYS swiped in your presence.

*  MASK the 3-digit CVV No. at the back of the card. It should not become known to those swiping your card at merchant establishments. (It is required only for online transactions.)

*  Most banks offer the facility to create a virtual credit card. Use such virtual credit cards only, for online transactions.

*  When transacting online, make sure that the website is a secure one i.e. the URL starts with https:// and not the normal http://

*  Use STRONG passwords

*  No bank will EVER ask for your credit card PIN No. or such other confidential information. So do not share such details with ANYONE, including any bank personnel.

*  Do not respond to any emails or phone calls, unless your are doubly (or rather triply) sure of their authenticity.

*  Verify every charge slip for correct amount.... and SIGN it.

*  Cross-check all entries in your credit card bill... every month... for any unauthorized transactions.

*  Changed your address or contact details? Notify the bank...ASAP. 

*  Do not use your credit card as ID proof.
   
Simple precautions as these will go a long way in ensuring that you and your credit card do not become a victim of any fraud.