Best Credit Card Security Tips| North Loop Official Blog
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North Loop
24 Nov 2020

Best Credit Card Security Tips

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Credit: North Loop

Introduction -

Credit card swindling has always been a concern worldwide, and with an increase in other types of frauds as well, it has become all the more important to be vigilant and proactive. Taking the right steps to protect your credit card information and keeping a watchful eye on all accounts and credit reports can help reduce the incidence of such frauds. In this article, we shall mention the 10 security features of credit cards and some of the best tips on how to safeguard your credit card info and sensitive data -

10 security features of credit card -

The main features provided by Mastercard for credit card protection is as follows -

Chip technology
Zero liability policy
Identity theft resolution
SecureCode
Tokenization
Physical security
Fraud monitoring
Chargebacks
EMV chip
Global concierge

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Let us now look at some of the best tips on how to safeguard your credit card from fraud and protect your credit card information -

Consider a contactless card - Contactless cards have four curved lines present on them. They allow you to tap the card over a sensor when you go to pay instead of inserting the chip into a reader. These cards look very similar to EMV chip cards and help in preventing frauds as they only dip into a sensor rather than getting swiped. However, to ensure these cards work efficiently, you should keep the card pretty close to the sensor to allow transmission of the information.

Zero-liability fraud protection -Most credit card issuers offer zero-liability fraud protection. That means if you notice any fraudulent transaction appearing on your account, you can alert the card issuer and follow the necessary steps to report the crime. However, to be able to do that, you will have to check your accounts at regular intervals to make sure that you recognize all the charges and can catch any unexpected transactions.

Set up fraud alerts to monitor your accounts - You can sign up for automated alerts of suspicious account activity on your card issuer’s website or app, wherever available. Setting up alerts can allow you to spot frauds immediately and help you manage your accounts. You can also sign up for alerts through text or email.

Take advantage of digital wallets -Digital wallets work by transmitting a unique, random transaction number to a merchant instead of your card number. With most smartphones having digital wallet facilities, you can add your credit or debit card information and then use your phone or smart-watch to make payments. Your account information gets encrypted in a digital wallet and can only get accessed via password, fingerprint or facial recognition. Also, if you ever misplace or lose your phone, you can lock your digital wallet remotely by contacting your issuer.

Follow safe online shopping guidelines -The first thing you should look at when shopping online is the URL of the website. It should begin with HTTPS and not HTTP. The “S” indicates that the connection between your internet browser and the company’s server is encrypted. A padlock icon next to the URL is also visible in case of secured websites. Some other points that you should keep in mind when shopping online are to set up accounts with merchants or websites using strong and unique passwords, installing the latest security updates offered by your system and avoiding the usage of public wifi.

Practice good internet habits in general -There are several things you should keep in mind when using the internet to decrease the risk of credit card frauds. Some of these include - Ignore and disregard offers that appear to come from unusual foreign contacts as well as random requests from strangers for help. Be suspicious of anyone requesting your date of birth, account number, PIN, email or passwords out of the blue when you are not expecting it. Also, never click a link or download an attachment present inside an unexpected email. Following these practices and being vigilant in general can help you guard against hackers or scammers and protect your credit card information.

Use all of the security features available and monitor your data - Using all of the security features available to you and monitoring your data frequently is another crucial aspect of credit card safety. Some of the actions that you can take to reinforce the features offered by issuers to safeguard your credit card includes signing up for 2-factor authentication when available, making sure the issuer has your up-to-date contact information and monitoring your credit report regularly.

Conclusion -

It is always better to be safe than sorry. Therefore, taking necessary precautions and following safe practices when using credit cards should never be taken lightly. You can also read our article about the best credit cards available in UAE and India.

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This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended be advice. You must obtain professional advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax, investment or other professional advice from North Loop or its affiliates. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date. All opinions expressed do not reflect the views of North Loop nor are endorsed by North Loop.