Debit and credit cards are commanding toolsfor expenditure. DEBIT CARDAlso known asPlastic cards that are issued by the bank to their account holders, which arelinked to the customer’s account. If the balance is available in the account ofthe holder then these cards help in purchasing with an instant debit from thataccount. Also these cardsallow the person to withdraw money from their account from the ATM machine. Thelimit for the card is per day. There are a many types of debit cards likepremium, platinum, and gold, silver or for senior residents, women or privilegeclients. SECURITYFEATURES OF A DEBIT/CREDIT CARD1. PIN Number:Each card has aPIN i.
e. Personal Identification Number which is used to withdraw the moneyfrom the ATM. 2. CVV Number:It is used totransit money online. It stands for Card Verification Value. 3.
Signature:The card containsa strip on the back where the holder of that card needs to sign. The sign iscross checked with the signature done by the customer. 4. Photograph:Some card may havephotograph as an additional feature. 5. Card Blocking:The card isblocked if someone enters the wrong pin for three time and this can beunblocked only by the bank and if the card is lost the card must be blocked bythe customer automatically.
Back side of cardincludes following features1. Magneticstripe: The black stripe on the back side of the card contains informationabout the customer to which it belongs. These information can be read byspecialised devices known as card reader. At the time of swiping your card atthe store through the card reader, the device reads the magnetic stripe.
Themagnetic stripe contains the name of the person holding it, card number,expiration date and other card details. If the hacker steals the data or anydeceitful wholesaler runs the card through the card skimming device then theduplicate card can be easily made which will contain your card’sinformation. These magneticstripes can be damaged by too much use of the card or if they get too close tothe magnets. 2. Hologram: Theseare the security feature which is a mirror like area which moves as the angleof seeing is changed. These help the traders to recognise the card if it’s realor fake. Sometimes it is on the front side of the card. 3.
Bankinformation: The back side of the card contains information about the bank.This information is so convenient to use. Also write these informationseparately. 4.
Signaturepanel: The card contains a stripe on theback where the holder of that card needs to sign. The sign is cross checkedwith the signature done by the customer. 5. Security codes:Certain security codes are printed on the back side of the card, these includeCVV, CVV2 and CVC etc. When doing online transaction these codes are required.These codes can be three digit as in Visa, MasterCard and Discover cards orfour digit as in American Express cards.
6. Network logos:The logos present at the back of the card helps the person to figure out theATM that the person can use for free. 7.
Secure Code: Todouble secure the transactions done there is a one-time password sent to themobile phone of the person to verify the online dealings. 8. EMV (ChipTechnology): A microchip is housed inside the card which contains all data andalso encrypts every trading data. 9. SMS Alert: AnSMS is send to notify the card holder about the transactions done. 10.
ATM PIN: Eachcard has a PIN i.e. Personal Identification Number which is used to withdrawthe money from the ATM which works with the EMV chip. HOWTO AVOID FRAUDS 1. As soon as youget the card you should sign on its back side. As it will enable a security tothe card.
2. Do not writeyour PIN number on the card or on a paper which can be prone to the thief. KeepATM PIN private. 3.
Keep theHelpline Number nearby. If any lose is done to the card then you must callimmediately. 4. The mobilealerts/SMS alerts should be on so that whenever the card has been used itshould intimate its user.
5. Keep the cardin safe hands. 6. be careful ofphishers. 7. Statementsshould be checked.