In January 2020, the Reserve Bank of India or RBI addressed all banks with a notification to enhance the features of security linked to debit and credit card transactions. The notice informed banks to have limitations on the use of these cards effective March 2020. These limitations are in force with regard to domestic as well as international use. With the new rules, users can alter the limits of their transactions within their overall cash limits. These limits are valid for transactions made at ATMs, contactless transactions, online transactions, or point of sale terminals. Available for transactions conducted with contactless, virtual and physical cards, this feature aims to curb fraud that is such a common crime today and has been on the increase over the past few years. The best credit card for online shopping cannot guarantee 100% safety from hackers and scamsters.
New Features for Credit Cards
Credit card users have very real concerns about how cards can be misused. Protection against misuse can be managed by credit card users themselves. It’s possible to disable credit cards for different kinds of transactions now. Customers can turn off international usage, online transactions, etc. For concerns about cash limits on cards, in case the card is stolen, credit card users now have the option of restricting the cash limit by modifying it, making it less, for instance.
Specific Use Safety
Depending on how consumers use their credit cards, users can customize them for certain kinds of transactions only. This puts limits on generalized transactions, and even if a card is stolen or hacked into, the hacker will also have limited use. For instance, if a consumer only uses a card on an e-commerce portal like Amazon, it makes perfect sense to turn off use that is related to other transaction modes, such as ATMs, PoS, and contactless payment. This mandate by RBI is also related to international usage, which is switched off on credit cards now. Only if users travel abroad, and request to have it on, the card-issuing bank enables this function.
Mandatory Safety Precautions
For users with existing cards, transactions that have never been used on cards would be disabled by default. For instance, existing cards which have not been used for ATM transactions would mandatorily be disabled for such transactions. Some bank’s credit cards like HDFC cards have had these safety features in force since the rule of the RBI was put into action.
Safety Tips For Users
When it comes to using your credit card for online shopping, you have to be quite careful, as the downside of technology includes experts who can hack into your transaction history and misuse card details. Here are some general safety tips that you could use:
- It’s wise to keep your card with you. Make sure you swipe the card yourself, as, with new Wi-Fi-enabled cards, anyone may steal it to misuse it.
- Never divulge your PIN. Many fraudulent cases come to light when people claiming to be bank employees request your credit card details. Officials and employees are not meant to request such details, yet users have been known to divulge information freely.
- Know what rules exist. Banks and credit card rules are published for your safety, and these should be known by you so that you are informed about what is permitted and what’s not. How to use credit card reward points, how and what information should be shared with bank employees/portals in certain situations (like if you want to use phone banking services, or pay utility bills, etc.), or what to do if you lose a card is all mentioned.
- You can easily change your PIN regularly, and see that you memorize it.
- Check your credit card bills properly, as well as any SMS alerts you get from the bank/credit card company. You need to make sure that payments were authorized by you.
- It’s not advisable to use credit cards on any dubious portals and websites. It’s important to review apps and websites. While shopping online, links should have HTTPS:// (indicating a secure link) and not just HTTP://. Similarly, don’t click on any links that you are unsure about. In case of any emails or SMS alerts that may ask you to click on links, or request your card details, ignore these or check with your bank.
- Report a lost or stolen card immediately you are aware of it.
Safe Ways to Shop
When you shop with the Bajaj Finserv RBL Bank SuperCard, you not only get an excellent shopping tool but also a secure way to buy what you want. Cybercrime threat is prevented with this card that gives you cover of no-fraud liability, as well as in-hand safety. Using this card will permit you to buy products on EMIs in a safe way, as well as use ATMs for cash withdrawals free of charge for up to 50 days. You can also get loans of up to 90 days at comparatively low interests of only 1.16%.