How to Ensure Your Online Credit Card Purchases are Safe?

Approximately 0.89 million credit cards were added into circulation between February 2018 and 2019, as per data released by the Reserve Bank of India. Such an increase can be attributed to the digitisation movement of India, which has been in motion since 2015. Such cards are primarily procured to facilitate online transactions and make purchases at POS terminals. An online credit card comes with numerous reward point benefits as well, allowing individuals to enjoy a higher purchasing power with massive savings options.

Nonetheless, many individuals are wary of transacting massive high-value purchases online due to increased chances of fraud resulting in substantial losses. According to reports published by the National Crime Records Bureau (NCRB), 12,213 cases relating to financial fraud were reported in 2017.

To combat such increasing scam rates, several measures have been adopted by financial institutions to improve the safety of such transactions, as well as prevention of leakage of any personal information. Cardholders can also take specific steps to reduce chances of fraud while making credit card payments, to maximise the benefits received.

Precautions for safe online credit card transactions

  • Avail cards having zero liability cover

Renowned financial institutions which offer in-hand security and zero liability cover on their credit cards, minimising the chances of any fraudulent transactions processed through the card.  You can choose the right credit card for yourself by ensuring such facilities are incorporated into the card directly.

Such covers allow individuals to monitor all transactions requested on the card and is only processed once the approval of the cardholder is received. Through such thorough stringent security checks, any unwanted transactions can be immediately detected and solicited.

  • Secure all personal information

Many fraudulent activities take place through tele-phishing, in which details such as the phone number and email ID with which the credit card is linked is exploited for scam transactions. To avoid such circumstances, individuals should never leak any sensitive personal information without verifying the source while processing such credit card payments.

  • Opt for instant alerts

Many financial institutions such as Bajaj Finserv provide instantaneous notifications while processing any transaction through their Bajaj Finserv RBL Bank SuperCard. Such alerts can be received through SMS or directly on the official app of the NBFC. Such facilities diminish the chances of any fraudulent transactions being processed during credit card payments, thereby maximising security on purchases.

  • Save payment confirmation receipts

Digital receipts containing information regarding the purchase through an online credit card is sent immediately to the registered e-mail ID of the cardholder. An SMS containing similar information is also sent if opted for by individuals. Such receipts should be saved to verify the accuracy of credit card statements at a later date. Any inaccurate charges stated can be immediately reported through the 24×7 customer care portal, ensuring no unwanted financial burden on individuals.

After verifying such details on your statement, you can quickly pay credit card bill through net banking.

Secure credit card payments can be processed using the above-mentioned techniques. Such high-end security techniques allow individuals to make more purchases through the credit card, thereby increasing the total savings generated by them annually through reward point earnings.

Also, numerous discounts can be availed by individuals while shopping from partnered retail outlets, reducing their monthly expenses, respectively. Nonetheless, individuals must analyse the security regime of the online credit card carefully to maximise financial protection.