Pro Tips to Ensure Your Credit Card Online Transactions Are Safe - Kotak Bank
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28 APRIL, 2022

Technology has simplified our lives to a great extent. It has also helped to improve our standard of living by providing convenient alternatives. The proliferation of e-commerce has also been fuelled by digital empowerment. This has given a major boost to the online payment infrastructure. More people are now relying on online transactions to purchase goods and services. Most merchants also offer a credit card payment option for online transactions.

 

People prefer using a credit card for making online payments as it offers lucrative discounts and rewards. Although the digital payment infrastructure has been strengthened in the last few years, one needs to follow the best practices to ensure safety when it comes to online transactions. Read on to learn about some effective tips to ensure a safe online transaction experience.

 

Tips to ensure a safe online transaction experience

 

Cyber theft and digital crimes are on the rise in the contemporary scenario. Since the digital infrastructure is relatively new, some loopholes are exploited by unethical hackers to cheat users. However, the good news is that you can follow the best practices to ensure that your online credit card payment experience is safe. Following the below-mentioned best practices will help you avoid any fraudulent activities on your credit card.

 

1. Always purchase from a trustworthy website

 

Most of us have become accustomed to ordering goods online, especially after the global COVID-19 pandemic. Online shopping can be great as you don’t have to spend too much time ordering a product. However, you should only order from trusted websites if you are making an online payment using your credit card. There have been reports where hackers have created websites to lure in customers and capture their card data. Some common signs of untrustworthy websites include malware, improper URL, etc. You should refrain from paying online for these orders. If you are doubtful about its legitimacy, do check their reviews online before ordering.

 

2. Password security is important

 

Creating a strong password for conducting online transactions is the first thing you should do to ensure a safe payment experience. You will be amazed to learn that over 81% of stolen passwords and credit card accounts are because of poor password security. Don’t create passwords just using your name and DOB. In addition to this, you should also add multi-step authentication for improving credit card security. The multi-step authentication factors add an extra security layer using a one-time passcode or a security question. Regularly updating your password is also a great way to ensure safety.

 

3. Refrain from saving your credit card details on online portals

If you want to stay safe at all times, you must not save your card details online. We often find it convenient to save payment-related details on an online portal for purchasing recurring services. This can compromise the safety of your confidential information. There have been reports of data breaches at big banking institutions and merchant houses. Your data is more prone to cyber theft if it is saved at multiple online locations. You should not keep your card information even on frequently visited sites.

 

4. Keep a tab on your accounts

 

You must make it a habit to keep a tab on your financial activities. Always check your account balance and track your monthly spending. If you find any discrepancies of fraudulent activities on the same, report it to the customer care team as soon as possible. Most credit card companies offer 60 days to report fraud after the billing statement has been generated. However, you must not wait for long and report the irregularities as soon as possible.

 

5. Always hide your CVV code

 

The CVV code is a 3-digit security number that is present on the back of your debit and credit cards. As a measure of safety, you can remove this 3-digit code at the back of your card. It will help you avoid any misuse of this data. It is required at the time of online credit card payments to ensure that users have a safe payment experience. You must not share your CVV code with anyone. You should also report calls where you are asked to provide your CVV details. No trustworthy financial institution will ask their customer for the same on call.

 

6. Avoid transactions on public WIFI

 

Most people are unaware of this practice to ensure safety when it comes to online payments. You should always avoid transactions on public WIFIs or computers. This is because these networks have a weak security system and your data is more prone to cyber thefts. You must always prefer your mobile data when outside for making online transactions using your credit cards. Alternatively, in case of a poor signal, you should use other payment methods, such as cash.

 

7. Don’t fall for phishing scams

 

Phishing is one of the most common internet frauds that can result in data and identity theft. You must never click on phishing emails. The hackers can position themselves as advisors or sales reps from reputed organizations. They can send you an email or text message containing a link. You must avoid clicking on these links and providing any payment-related information on the same. If you think it is genuine, you can contact the customer support department of the respective organization and double-check the information provided in the email or text.

 

8. Inform your credit card issuers immediately in case of loss or theft

 

You must make it a habit to check your credit cards in the wallet and ensure that they are in place. If you somehow lose your card or if it’s stolen, immediately contact the issuer and report the issue. You must block your card as soon as possible to avoid any fraudulent activities.

 

9. Keep a tab on your computer’s security settings

 

Another important tip to ensure a safe online transaction experience is to keep a tab on your security settings. We use different types of devices connected to the internet and it is important to check the security settings of each device to ensure safety. A strong security setting will help you avoid hackers and data theft.

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Disclaimer: This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein. Tax laws are subject to amendment from time to time. The above information is for general understanding and reference. This is not legal advice or tax advice, and users are advised to consult their tax advisors before making any decision or taking any action.