Credit Card Fraud is a harsh reality of digital age especially when you carry out transactions on International portals.Though in India, Reserve Bank of India (RBI) has done a commendable job to prevent Credit Card Fraud by forcing Banks to implement two factor authentication and various other such measures so as to ensure that the the probability of Credit Card fraud is negligible, however, this is not the case when you carry out transactions on International portals. Some of the steps taken by RBI on domestic transactions are as follows:
1. Two Step authentication for online transactions. 1st Step is implemented when you enter Credit Card details & CVV and 2nd step authentication is implemented by entering 3D Secure Code (Verified by VISA or Master Card SecureCode) or entering OTP i.e One Time Password.
2. Issuance of EMV Chip & PIN enabled Credit Cards
3. Option to select / set limit for International usage
4. Data Security standards for POS Terminals
5. SMS Alert to customer’s registered mobile no for every Credit Card transaction
6. OTP for IVR based transactions
Now, the best way to prevent fraud while carrying out International Transactions is to avoid carrying out such transactions.But this is not a practical solution if you happen to be a Blogger or someone who needs to carry out such transactions quite frequently for one reason or the other.
Here are 5 important Tips that would help avoid Credit Card fraud while carrying out transactions on International Portals:
1) Avoid storing your Credit Card details on Online portals
As far as possible, do not store your card details on Foreign online portals. In countries like United States, merchants store your card details so as to charge your card automatically on the renewal of subscriptions or products. Now, such facility has its pros and cons and one cannot really comment without going into the details. If you are very sure about the company you are dealing with or it is very much mandatory to store your credit card information, you may store it but very cautiously.
These e-commerce sites claim that they maintain highest data security standards but even Ebay’s 145 mn accounts were compromised recently. So we can conclude that “WEB is not a safe place”.
Some US based companies especially web hosting companies like Hostgator, ask for scan copy of the Credit Card used to make the payment so as to tackle with Credit Card fraud. Always remember that you provide only front side of your card and do not disclose your backside which displays CVV no. In most cases they also ask you to hide all numbers except last 4 digits of your card. This is to ensure that your card details are not compromised.
2) Always check for HTTPS URL in Web Brower
Mostly website’s url starts with “http” but for web portals accepting payments etc, it is mandatory to use “https” protocol so that the data gets submitted to the server in encrypted form. This ensures that your card information is submitted to merchant’s server in a secure manner and hence minimizes the chances of getting hacked by hackers.
It is also very important to ensure that you carry out ransactions only on websites with reputed SSL seals and Trust seals. Some of the reputed SSL seals and Trust seals are given below:
SSL Seals: Norton Security Seal, Thawte, Trustwave, COMODO & GeoTrust
Trust Seals: McAfee Secure, TRUSTe & BBB Accredited.
SSL Seals are more reliable & secure as they suggest Technical Security of Payment whereas Trust Seals are only reputation certification. To avoid credit card fraud rely only on SSL Seals.
3) Avoid Use of Credit Card on Public Computer
Never use public computers or cyber cafes, public Wi-Fi services to transact on e-commerce or web portals. They are most vulnerable for credit card fraud. Always use reputed Anti-Virus, Anti-Spyware, Anti-Malware & Firewall software to enhance security of Desktop and Laptop.
4) Always use International Transactions Enable/Disable Option in your Net Banking
This is a very important feature which many Indians are not aware of. Leading Credit Card issuers like HDFC, Yes Bank have provided an option to Enable or Disable International Transactions on your credit card. By using this option you can disable the facility of your card to be able to carry out International Transactions and only enable it when you need to carry out transaction on International Portal. Simply login to your net banking account and in your ‘Credit Card’ section you should be able to locate this option. This facility is provided by very few banks like HDFC, Yes Bank but it is the best possible solution offered till date to prevent Credit Card Fraud on International Websites.
Also, the change takes place immediately and you do not have to wait for your credit card to be enabled for International Transactions. I would recommend you to disable your Credit Card for International Transactions by default and enable it only when required.
5) Avoid Credit Card payment through Mobile / Mobile Apps
Usage of Mobile Wallets and Mobile Apps accepting payments have increased these days. However, they are vulnerable for Credit Card Fraud as in web portals you can trust on reputed SSL seals but in mobile Apps there isn’t any such security protocol available as of now. It is always better to avoid using Credit Cards for payments through Mobile browser or Mobile Apps.
I hope above mentioned tips will help you transact safely and securely on the internet. As we all know, Prevention is always better than cure and remember Credit Card is alternative of cash and to avoid credit card fraud is the sole responsibility of the Card holder.
