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Tips to guard your credit card
By: Vidyalaxmi, ET Bureau
Nine times out of 10, retailers accept credit card paymentswithout a second glance at the signature. Given the longqueues at the billing counters, many merchants overlook signature verification despite the gravity of this issue.“Signature is just for the validation process. It does not prevent misuse of the card,” saysSubrat Pani, Business Head — Cards, Kotak Mahindra Bank.However, the liability always lies with the merchant if he processes a fraudulenttransaction. Hence, always keep a photocopy of your credit card (along with thesignature) to help you in case of disputed transactions which has to be reported within 60days. If the signature on the charge slip mismatches with yours then the merchant has to bear the liability and you get your money back. Most card issuers have dispute formseither online or in their branches.Erase the CVV E-commerce has opened up a new avenue for fraudsters. Online transactions require onlythe card number, validity date and the 3-digit CVV number printed on the reverse of thecard. This three-digit number has to be kept confidential to prevent card misuse. Sincecardholders often part with their cards during payments, the CVV number should bescratched off or masked with ink to prevent misuse.However, a CVV can’t be regenerated like a PIN, so ensure you remember it or else youhave to apply for a new card altogether. Most e-commerce websites have a Verified byVISA programme or a MasterCard Secure Code programme. This is a two-levelauthentication process which validates an online transaction.After keying the card number and the CVV number, the website asks for a net pin, which banks offer on request. Although you can complete the transaction by merely filling your birth date, it is recommended that you obtain a separate net pin to ensure a securedtransaction.Virtual card for online transactions Banks such as HDFC, Kotak Mahindra and Axis offer a virtual card which can be usedfor online shopping. You have to fill some personal details along with the card number onthe bank’s home page and you will be given a card number along with the CVV number for a one-time use.
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