How to protect yourself from online Banking Fraud

The Banks are going to introduce significant changes from 30^th September that will provide debit and credit card users better protection against digital frauds by allowing them to exercise greater control over these instruments.

Your bank might have already activated these risk mitigation features. If not, it will do soon. These changes will empower customers and make their cards more secure.

What will be the new features?

Enable features: These rules apply to existing cards, new ones and to those that have been renewed recently. When cards are issued, you will only be able use them at point of sale (POS) and ATMs within India. You will have to manually enable online, international, and contactless transaction. These facilities can be activated via mobile, Internet Banking, ATMs or bank branches. While all this might seem like pointless burden, remember that these new features will enhance security of card transactions.

Further the existing cards that have never been used for online, contactless, or international transaction will be disables for such transactions. For the rest of the card’s banks have been allowed to exercise their discretion on whether to disable them for such transaction based on their risk perception.

Cardholders who require the functionalities of online. Contactless or international transaction can reactivate them through the mobile app, internet banking, by vesting bank branches and ATMs or by contacting the customer care numbers.

Set Limits: You will be able to set and modify transaction limits on your cards for all types of transaction, both domestic and international, including PoS, online transactions and ATM a withdrawal. These limits can be within the one set by the issuer.

On/Off switch: The card holder s will have the option to switch on and off their debit and credit card for any facility like ATM or online transaction.

The incidence of Cyber fraud s has been rising during the pandemic and senior citizen have been impacted most. With these tools at your command, even if you become victim of cyber or TAM fraud, the damage will be zero or low if the usage has been switched off or the limit has been set low.

Imagine the peace of mind you will have when you can switch of the non-requisite facilities temporarily and set a limit for those that you use.

Register your active mobile number and email ID in your Bank account for using all these facilities.

For using the online banking or banking app, your mobile and email Id must be linked to your account and registered for WAP uses.

• Now Download you Bank’s app and follow the steps required for logging in.
• Go to the card section or manage card
• You will get the option of debit card and credit card
• Choose the appropriate card and go to the usage option: international or domestic, choose one
• Next you can disable, set limit, and switch on/off the following options: ATM withdrawal, Online transaction, and PoS.
• You can also set your own spending limits on your debit or credit cards.