Reports shared by RBI in December 2018 stated that around 44.2 Million credit cards were in operation across India in FY 2017-2018. Research also suggests that the number of new credit cards added to the system between December 2017 and December 2018 was counted to be approximately 8.7 Million.
However, with the rising number of credit card users, the number of crimes has also increased by a significant margin. To tackle such a scenario, financial institutions have taken several steps to secure their customers and their finances.
Credit card issuers are improving their security features to prevent cyber thefts, frauds, and misuses of such financial tools. By implementing the need for CVV code for online transactions, OTP based transactions, etc. has fortified the already existing security measures. The right credit card for you should have a robust security system to prevent any unauthorised transaction.
Cardholders should also know about the common security features that their financial tool comes with. You should check the below mentioned security features of your credit card that prevent unauthorised transactions.
- CVV – Card Verification Value or CVV number or CVV code is a security feature provided by major financial institutions and NBFCs to ensure safe transactions. The CVV number can be used not only to make online purchases but also at POS terminals or physical stores.
A CVV is a three-digit numerical code that is printed at the back of your credit card. You are required to enter the CVV number in the specific field while making online transactions. Alternatively, while you swipe your credit card at a POS terminal or a physical store, the magnetic strip present at the back of your card is used as a verification tool to verify your identity confirmed by the CVV.
- PIN – Similar to a CVV code, your credit card PIN is a numerical code that you choose to prevent any unauthorised usage from your card. While you receive your credit card, set a default PIN to operate and never share it with anyone.
Given below are some procedures to change your credit card PIN –
Net banking –
- Login to your net banking account with your credentials and click on ‘Change PIN’ to receive an OTP on your registered phone number.
- Share the OTP and enter the PIN you wish to set. Click on ‘Submit’ to set your new PIN.
- Insert the credit card at your preferred ATM and enter the existing PIN.
- Select or press the button next to the ‘Change PIN’ option to receive an OTP.
- Enter the OTP and chose your 4-digit numeric PIN. Click on ‘Submit’ to complete the process.
However, make sure that your credit card supports ATM withdrawal or transaction to use this facility. For instance, the Bajaj Finserv RBL Bank SuperCard is one such credit card that offers ATM withdrawal facility at 0% interest up to 50 days.
Besides, you also get to enjoy several other credit card benefits such as emergency loan facility of up to 90 days at 0% interest, robust security, instant approval, online account management, etc.
You can also avail pre-approved offers available on other financial products from Bajaj Finserv as well, such as home loans, business loans, personal loans, etc. These pre-approved offers simplify the process of application and also saves you time. You can take a look at your pre-approved offer by sharing minimal details like your name and your phone number.
- OTP facility – One Time Password or OTP is also among the security features of a credit card. While you make online purchases or wish to make credit card payments through net banking, you will receive an OTP on your registered mobile number to ensure that your card details are not accessed by a third party. As and when you confirm the OTP you receive the transaction proceeds.
Additionally, there are other secured credit card benefits or features that ensure the safety of your credit card and your finances such as, zero fraud liability cover and in-hand security features that establish your control over your credit card and prevents cybercrimes.