How to secure CreditCard/DebitCard from fraudulent transactions ?

Deal Subedar
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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Deal Subedar Deal Subedar
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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.

Analyst Analyst
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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.

Deal Captain Deal Captain
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ramadesidime wrote:

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.

disable international Transactions on all CC and
DC cards.

Deal Subedar Deal Subedar
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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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Sudarshan61 wrote:

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.

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?

Deal Subedar Deal Subedar
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billubakra wrote:

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?

Yes even DC is covered. and yes it covers National transaction

Everything is covered here
https://www.rbi.org.in/scripts/NotificationUser...

Deal Subedar Deal Subedar
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Sudarshan61 wrote:

Yes even DC is covered. and yes it covers National transaction

Everything is covered here
https://www.rbi.org.in/scripts/NotificationUser...

Thanks. Can you help me with the link of the list of banks kept under RBI’s preventive measures policy, not able to find it. It has banks like co-operative banks, IDBI etc.

Deal Cadet Deal Cadet
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billubakra wrote:

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?

all Indian transactions can’t go without 2FA(RBI rule) except tap and pay
yes, even on DC if you complain within 24 hours bank will refund 100% (mail them, written proof best for reference)

Deal Captain Deal Captain
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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.

Critic Critic
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nikhil9702 wrote:

all Indian transactions can’t go without 2FA(RBI rule) except tap and pay
yes, even on DC if you complain within 24 hours bank will refund 100% (mail them, written proof best for reference)

Completely false. Forget 24 hours, you would be lucky to get the refund even in 24 days. My friend lost money in cloned card scam of cash withdrawal from an atm & it took nearly 2 months & for this he had to file a police report & submit it which is standard in such cases & filing the report itself takes anywhere from a few days to 1-2 weeks depending on your city.
@billubakra

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Sudarshan61 wrote:

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.

Chargeback on credit cards is much better & smoother process compared to debit cards because in case of credit card frauds it is bank’s own money which is involved & in case of debit card fraud it is your personal money which is involved so no need to guess which one banks take more seriously. Also, in case of credit cards the transaction is not settled immediately unlike debit cards & takes around 2-3 days at least(during bbd sale flipkart took almost 7 days to settle the transaction) during which if you dispute a transaction/raise fraud complaint then chances of getting refund within a few days may even be possible.
@billubakra

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.

Deal Subedar Deal Subedar
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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 ?

Deal Cadet Deal Cadet
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guest_999 wrote:

Completely false. Forget 24 hours, you would be lucky to get the refund even in 24 days. My friend lost money in cloned card scam of cash withdrawal from an atm & it took nearly 2 months & for this he had to file a police report & submit it which is standard in such cases & filing the report itself takes anywhere from a few days to 1-2 weeks depending on your city.
@billubakra

i never said you will get refund within 24 hours
i was saying you must raise the issue within 24 hours of fraud
then all responsibility will be of bank
@billubakra

Talk-Of-The-Town Talk-Of-The-Town
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shubhamgarg19 wrote:

How

I can find this for my icici card in imobile app and sbi debit card in yono lite app

Deal Cadet Deal Cadet
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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

Deal Subedar Deal Subedar
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demerius2020 wrote:

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

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.

Deal Cadet Deal Cadet
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ramadesidime wrote:

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.

Sloanpay bhi tha

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 Cadet Deal Cadet
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guest_999 wrote:

Completely false. Forget 24 hours, you would be lucky to get the refund even in 24 days. My friend lost money in cloned card scam of cash withdrawal from an atm & it took nearly 2 months & for this he had to file a police report & submit it which is standard in such cases & filing the report itself takes anywhere from a few days to 1-2 weeks depending on your city.
@billubakra

Cash withdrawn using ATM/DC ?

Cahs withdrawal and Credit Card online transaction works different way.
In case of Credit card transaction, the opposite party gets payment after 24-48hour.
before that if you block transaction by calling Customer care, i think you are safe.

Critic Critic
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Par_ wrote:

Cash withdrawn using ATM/DC ?

Cahs withdrawal and Credit Card online transaction works different way.
In case of Credit card transaction, the opposite party gets payment after 24-48hour.
before that if you block transaction by calling Customer care, i think you are safe.

Yes, cloned card used to withdraw cash from atm.

I know about transactions getting settled after 2-3 days & that’s why i use & recommend others to prefer credit cards but there are some cases where this also does not work. There were some cases of standard chartered bank customers whose cards were used for international online transactions in the middle of the night when they were sleeping & in the morning when they woke up & read the transaction sms they immediately notified the bank & yet transaction was settled after 2 days.
https://cardinfo.in/ordeal-of-standard-chartere...

Deal Cadet Deal Cadet
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guest_999 wrote:

Yes, cloned card used to withdraw cash from atm.

I know about transactions getting settled after 2-3 days & that’s why i use & recommend others to prefer credit cards but there are some cases where this also does not work. There were some cases of standard chartered bank customers whose cards were used for international online transactions in the middle of the night when they were sleeping & in the morning when they woke up & read the transaction sms they immediately notified the bank & yet transaction was settled after 2 days.
https://cardinfo.in/ordeal-of-standard-chartere...

This is exactly why I was asking for the feature where you can switch off atm usage altogether. But I think if the card is cloned, it would by default have international transactions and atm usage turned on

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schumacher wrote:

This is exactly why I was asking for the feature where you can switch off atm usage altogether. But I think if the card is cloned, it would by default have international transactions and atm usage turned on

Cloned card will also follow whatever limit is set on original card by the system or in other words , you.

Deal Subedar Deal Subedar
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guest_999 wrote:

Cloned card will also follow whatever limit is set on original card by the system or in other words , you.

HDFC add-on cards have same CC number/CVV etc.
When we swipe the add-on card offline, some how it get registered with the add-on card.

Similar way, Can we consider that the cloned CC also should have some identification number ?
How difficult is to clone a CC?

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ramadesidime wrote:

HDFC add-on cards have same CC number/CVV etc.
When we swipe the add-on card offline, some how it get registered with the add-on card.

Similar way, Can we consider that the cloned CC also should have some identification number ?
How difficult is to clone a CC?

Even if addon card has same cc number/cvv etc the technical details inside the magnetic stripe & chip are different. Cloning the magnetic stripe of a card is very easy, you just need a card cloning machine available on sites like aliexpress & blank magnetic stripe/old magnetic stripe cards to write the cloned data to so the copied card becomes exact duplicate of original card. This is why even chip cards can be cloned if they are used in old style swiping type card reader machines still used in many places in India.

Deal Subedar Deal Subedar
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guest_999 wrote:

Even if addon card has same cc number/cvv etc the technical details inside the magnetic stripe & chip are different. Cloning the magnetic stripe of a card is very easy, you just need a card cloning machine available on sites like aliexpress & blank magnetic stripe/old magnetic stripe cards to write the cloned data to so the copied card becomes exact duplicate of original card. This is why even chip cards can be cloned if they are used in old style swiping type card reader machines still used in many places in India.

So the culprit is magnetic strip.
I presume that ‘as long as we use chip card with dip mode (for not magnetic swiping)’ , our cards are safe.

Is there any procedure to disable magnetic strip on chip cards?

Missing