^{Equality through Financial Inclusion} Credit card security features

As digital payments and online shopping become increasingly common, security features became an indispensable part of a Credit card in order to protect against fraud, ensure safe transactions and the safety of your financial information.
Let us learn more about the most common features which are Chip & PIN, 3D Secure, Credit and debit card control and transaction alerts.

Chip & PIN

A smart card payment system which provides an added level of security to card transactions. You will be required to enter a Personal Identification Number (PIN) in order to complete any transaction.

The PIN you create will be your unique 4-digit secret code that is known only to you. This added security feature will reduce chances of fraud on your card. Your PIN should be kept safe at all times and should not be shared with anyone including bank representatives.

3D Secure™

3D Secure™ is a security feature in association with Visa and MasterCard for Credit and debit card transactions that are performed online.

It provides additional protection and confidence while shopping online. You will be required to provide a one-time password (OTP) that is sent to your registered mobile number and email address when you make any online transactions on websites that have the ‘Verified by Visa’ or ‘MasterCard Secure Code’ sign. This additional authorization step ensures that only you as the cardholder will have the password required to complete the transaction.

Card Control

Take complete control of your Credit card with the card control feature which is mostly available through mobile banking app. This feature will put you in-charge of how, where and when your Credit card could be used by managing transaction preferences and transaction limits. In general, the services may include:

Transaction Alerts

Transaction alerts, depending on your Credit card provider, may be in the form of SMS, mobile app notification or email to help you monitor your Credit card for any unauthorized activity.

Enhanced Card Security Feature for Mobile Wallet Registration

To combat rising fraud cases where scammers trick customers into sharing OTPs (One-Time Passwords), and misuse their cards on mobile wallets (such as Apple Pay, Google Pay etc.), a two-step verification process for mobile wallet registrations provides an additional layer of security. This also adds another level of validation for alerting the customer and ensures that only legitimate cardholder can register their card on mobile wallet, significantly reducing fraud incidents.

Credit card security features play a vital role in protecting consumers from fraud and unauthorized transactions. However, while these features enhance security, Credit cardholders must also take personal precautions by safeguarding their card details, using secure payment methods and by being vigilant through regular transaction monitoring to significantly reduce the risk of card fraud and ensure safe financial transactions.

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