How to secure CreditCard/DebitCard from fraudulent transactions ?

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ramadesidime

There are many hacking issues like juspay and bigbasket.
However, I am interested in knowing securing CreditCard/DebitCard ideas.

1)Is it time to block all existing CCs/DCs and get newly issued ones? How often, who should do this yearly ?
2)Is it good idea to pause or temporary block the CC/DC using the bank apps and enable only when required?
3)Some use CCs mainly for emergency use. If we pause them, how can we get them enabled during emergency? Any workable solution?
4)How do you manage them to avoid the fraudulent transactions ?

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There was a fraudulent transaction on one of my Citi credit card two years ago, which was quickly blocked by Citi team.
They blocked the transaction since it was done from foreign country without OTP.

The Citi guys called me next day and informed me about blocking the credit card.

Deal Captain Deal Captain
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disable international Transactions on all CC and
DC cards.

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Tech Guru Tech Guru
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1)Is it time to block all existing CCs/DCs and get newly issued ones? How often, who should do this yearly ?

On a lighter note, new one should be requested every time the card is used.

Benevolent Benevolent
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Block all your cards…
Enable do your transaction and again block…peace of mind..😉

Don’t take much tension….all card payments are insured ..you just need to report on time. Plus most transaction anyways go via 2FA RBI mandates…for safer side disable international usage and you should be good.

Deal Subedar Deal Subedar
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Don’t take much tension….all card payments are insured ..you just need to report on time. Plus most transaction anyways go via 2FA RBI mandates…for safer side disable international usage and you should be good.
Even dc one’s? Within how much time should one report a fraudulent dc transaction? And what if it’s a national transaction and not an international one?

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Benevolent Benevolent
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I have Citi and ICICI credit cards and luckily both banks offer mobile apps that can block domestic and international transactions instantly or re-enable them anytime. I keep the cards locked on all occasions and unlock them only when I have to make a transaction.

Deal Cadet Deal Cadet
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Now a days, there is also an option to set limit on your card via netbanking … you can set total spending limit per billing cycle, maximum amount can be used via merchant transaction, per day transaction limit, etc. You can use those options too.

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I have disabled international transactions on all my cards long ago after the Citi incident.

1)Regarding disabling and enabling, Considering the fact that if we start disabling rest of the time except enabling just before the payment, will there be any payment failures?
Has any one done that and paid at online/offline merchant ?

2)How do we follow this kind of process during medical emergency or non-availability of internet to login into the app/website ?

Generous Generous
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1. Dont listen to idiots and fools who says everything is secure .. nothing is 100% secure

2. Dont listen to dalal people who says relax You will get refund if anything bad happens , check news and see reality of how many does .. its your money not theirs

3. Disable the feature you dont need like internatiinal txn , nfc , token payment upi, enable when You need it and the disable it

4. Try to have as many layer as possible for security purpose liek debut card> credit card> wallet>wallet card
That way aby hacker will have hard time dealing with diff security of diff level and if one of them is compromise other will remain

5.for some cc like amex there is otp option for domestic due to rbi but for international there is no otp thing , so better dont share its detail on jnternatiinal site instead do use alternative credit card which have otp for internatiinal txn like sbi

As a amex user in can confirm there is no otp for amex card in international txn and neither is a way for disabling internatiinal txn
Sbi have both disabling international txn option as well as otp for international txn

For other cards ask before danegering your hard earned money

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Agreed.
Regarding the CC > Wallet card, I was using this method during TMW time.
I could not find till today any wallet similar to TMW which can work online and offline.

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Critic Critic
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@demerius2020 You can link your cc with paypal & use paypal for doing international transactions, fraudsters don’t use paypal(of course deceiving sellers/merchants are still there & even these prefer payment methods other than paypal). Amex customer care is also very good(a friend has this card) & in case of fraudulent international transactions you can rest assured that amex will handle it much more better than any other card company. SBi card supports otp for international transactions via paypal(sbi & paypal have an official collaboration) & some other standard payment gateways only I think. nfc/contactless payments cannot be misused by fraudsters because setting up a nfc payment processor & receive money in a bank acc via nfc is a complex process that involves submitting a lot of papers to rbi/bank which no typical fraudster can achieve. If your otp is not leaked then the only way your cc can be misused is either by physical cloning(can only happen if you use chip enabled card in a swiping style card reader) or international transactions which don’t require otp(& even there paypal won’t be used by fraudsters).

Deal Subedar Deal Subedar
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As long as you don’t share transactions OTP, UPI Pin, 3d password, fraud cannot be happened in india without OTPs, /password. Always disable international transaction by app or internet banking. NO OTP/password is required for processing international payment. Enable the same when you needed.

Critic Critic
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For international transactions sbi has a partnership with paypal so if you use sbi card in paypal for making international transactions then otp is asked. of course fraudsters never use paypal for cyber frauds but if someone wants to do an international online transaction then best option is to use your card via paypal.

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Generous Generous
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Rbi needs to put compulsion for otp international txn for all banks like sbi ,

Besides sbi are there is any bank which have otp for internatinal txn ?

Spearhead Spearhead
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For Selling Books doesn’t require gst number

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