The number of credit card user is increasing day by day. The card holders prefer to make payments through credit card. In fact they find it more convenient to payment through card. Most of the retailers, even the small grocery shopkeepers have installed swap machines. This is for all the retailers and shopkeepers that they should verify the signature. Due to long queues at the billing counters most of the merchants overlook signature verification while accepting credit card payments in spite of the significance of this issue.
For the fake transaction process the merchant is liable. If the signature on the charge slip does not match with yours then the merchant is at the loss and you get your money back. It is better to keep a photocopy of your credit card having Cvv shop your signature it will be helpful for you in case of disputed transactions for which banks have fixed 60 days time period. Most of the cards issuing banks have placed disputed forms either online or in the branches.
Most of the people do online transactions which require only the card number, validity date and 3-digit CVV number printed on the reverses of the card. This 3- digit CVV number should be kept confidential to prevent card misuse. Now a day’s most of the websites have taken security measures like they have installed a Verified by VISA program or a MasterCard Secure Code program. This is a two-level authentication process which validates an online transaction.
Even when we give credit card to the merchants for payments a care should be taken. It is better the CVV number should be scratched off or masked with ink to prevent misuse. But remember a CVV cannot be regenerated like a PIN, so ensure you remember it or else you have to apply for a new card altogether.
During online transaction after entering the card number and the CVV number, the website asks for a net pin, which is provide by the banks on request. However you can complete the transaction by merely filling your birth date, it is better you should request for a separate pin to ensure a secured transaction.
Some of the banks such as HDFC, Kotak Mahindra and Axis are offering a virtual card which meant for online shopping. In this you have to fill some personal details along with the card number on the bank’s home page, in turn you will be given a card number along with the CVV number for a one-time use. Then you have to enter these details which are exclusive to that transaction. In a virtual card transaction amount has to be specified, so the virtual card will be loaded with the required credit limit. Banks charge for this virtual card and payment can be done through your credit or debit card.
All the card issuers offer mobile alerts facility in the form of an SMS confirmation. You should sign up for this facility as this help in checking frauds for credit card transactions. Moreover call centers of the banks immediately call the customers if the bank notices an unusual transaction.
In case of lose of a credit card; it is the liability of the card holder to inform the bank about the loss of the card. Otherwise for any fraudulent transaction bank is not responsible unless you have covered this risk by signing up for an insurance cover. At present Standard Chartered Bank and HDFC Bank are offering this insurance cover but most of the banks do not have any such options.