As per government reports, there were more than 50,000 cases of credit card, debit card, and internet banking frauds committed in FY2020.
Even though the responsibility of keeping themselves safe online lies with the end-users, financial institutions are also doing their part to maintain their customers’ security. As such, card issuers like Bajaj Finserv have come up with a few security features that can protect their clients from various unethical activities by identity thieves and fraudsters.
Where some cards incorporate an array of basic security features, products from this NBFC have stood out above the rest. Bajaj Credit Card users need to know what all features their cards provide for better security during transactions.
1. In-hand security
In-hand security is one of the unique features of Bajaj Credit Cards that protects users from cybercrimes during online transactions.
2. Zero fraud liability
Usually, individuals are liable to pay any amount that has been spent with the card, even if the transaction was fraudulent. However, with zero-liability cover, they will not be liable for unauthorised transactions.
If cardholders report a fraud or scam on their account, the entire amount can be reimbursed by the card providers.
Individuals can find these two unique features with credit cards like the Bajaj Finserv RBL Bank SuperCard from.
This NBFC also provides pre-approved offers for a better and faster application process to avail financing. These offers are available on a list of financial products such as business loans, credit cards, personal loans, etc. Individuals can check their pre-approved offers by entering basic details.
Nowadays, financial institutions provide credit cards with an EVM chip on the front side. It generates unique tokens every time individuals use the card for transactions. With this encrypted data, borrowers can keep their card information secure.
When fraudsters use an unauthorised card reader or other skimming devices to steal card information, these machines will not be able to decode the encrypted data. The single-time-use token created by EVM expires and becomes useless. So, irrespective of credit card types, this chip aids all users to maintain their data privacy.
Another generic feature of credit cards is its CVV number that card users can find on the back side. This is a three-digit number provided by card issuers as an authentication system to reduce identity theft over online transactions.
When individuals use their credit cards on digital platforms, they need to provide their card details along with the CVV number for a successful transaction. Entering this number during a transaction verifies that the card is with the user.
However, card users need to keep the CVV discrete. It is one of the ways to protect credit cards from being hacked.
Credit card providers also issue a four-digit PIN that users need to enter when withdrawing cash or offline transactions. Users can change this number as per their preference anytime they wish.
This number is considered as another layer of security as users can keep their card information safe with the help of a PIN.
Several financial institutions use back-end algorithms that assist them in tracking cardholders spending pattern and behaviour. So, if they notice any unusual purchases or numerous transactions at one time, they generally notify borrowers by call, email or text.
Although it is not a fool-proof safety measure, it can help individuals to take the further step in protecting their money.
In the case of unauthorised transactions, credit card providers typically freeze or block the account and reissue a new card.
As much as individuals should understand the security features on their cards, they should also know the types of credit card fraud and how to avoid them. Having such knowledge can help them avoid malicious emails, websites, and other means through which frauds are usually done.