Top 10 credit card security features you need to know about

Posted on Tuesday, November 28th, 2023 | By IndusInd Bank

Today, the financial landscape is fast-paced. Credit cards have become essential for managing expenses and online transactions. However, the convenience that comes with credit cards also needs robust security measures to tackle fraudulent and unauthorised access. This article explores the top ten security features of credit cards, empowering users to make informed choices.

Ensure financial peace with IndusInd Bank Credit Cards

IndusInd Bank credit cards ensure a secure banking experience, offering features like 256-bit SSL technology for online transactions, chip-based contactless payments, and purchase protection. The ‘Total Protect’ program provides insurance coverage against fraud and unauthorized transactions up to the card’s credit limit. In addition to the various benefits offered, the application process is completely digital. These features collectively ensure customers can confidently use IndusInd Bank credit cards.

Top 10 credit card security features that enhance card security

1. EMV chip technology

EMV technology stands for Europay, MasterCard, and Visa. It is a significant leap forward in terms of credit card security. IndusInd credit cards also use this technology. EMV enhances security by providing you protection against fraudulent and unauthorized transactions. The EMV chip is a small yet powerful microprocessor integrated into credit cards.

Unlike its predecessor, the magnetic stripe card, which stores static and unchanging data, the EMV chip generates a dynamic and unique code for each transaction. This unique code is the linchpin of EMV’s security prowess. It acts as a safeguard against one of the most pervasive threats in finance: card counterfeiting. With traditional magnetic stripe cards, it was easy for cybercriminals to copy card data and manufacture counterfeit cards, posing a significant risk to cardholders and financial institutions. However, the EMV chip’s unique code changes with every transaction, making cloned cards useless to fraudsters.

The EMV chip adds a layer of complexity. Even if someone manages to intercept the code from one transaction, it would be worthless for any subsequent unauthorised use. This advanced technology not only protects consumers but also provides a boost to the overall security of the payment ecosystem.

2. Contactless payment

Contactless payments have experienced a surge in popularity. They give you a seamless experience along with robust security measures. IndusInd credit cards also allow contactless payments. This payment method enables a secure connection between your card and the payment terminal via near-field communication (NFC) technology. Encryption protocols ensure the confidentiality of payment details. Since physical card usage is decreased, it also reduces the risk of card theft, providing you with added security. With contactless payments, you can enjoy efficiency and security. IndusInd Bank credit cards also offer these features, making them a preferred choice.

3. PIN (Personal Identification Number)

A Personal Identification Number (PIN) is a vital security feature that enhances the safety of your financial transactions. You are required to choose the PIN for your card which is confidential and exclusive to you. It acts as your digital fingerprint that validates your identity before transactions. Since a PIN cannot be copied easily, it protects your credit card from fraudulent purchases or access to funds. If your card is lost or stolen, the PIN protects it from unauthorised purchases.

4. CVV (Card Verification Value)

The CVV is a three-digit code located at the back of credit cards. It is used primarily for online and phone transactions for verification purposes. You need to have the physical card with you for transactions as the CVV is printed on the card. This way, your card is secure from unauthorised use.

5. Two-factor authentication (2FA)

IndusInd Bank credit cards offer two-factor authentication (2FA) for online transactions. This involves an additional verification step after logging in. As soon as you log in with your user ID and password, you will get a one-time PIN (OTP) on your registered mobile or email. You need to enter this code to finalise the sign-in or transaction. This way the 2FA ensures that the transaction is being done by the accountholder.

6. Transaction alerts

As an IndusInd Bank credit card user, you will receive real-time alerts via text message and email for every transaction on your credit card. These alerts enable you to track and report any unauthorised or suspicious activities, preventing further fraudulent transactions.

7. Transaction preferences

All IndusInd Bank credit cards provide you with the control to manage your transaction preferences. You can choose how you want to use your card. You can enable or disable preferences such as domestic transactions and international transactions. For example, if you do not want to use your credit card for international online transactions, you can disable this simply via SMS or through the IndusMobile App. This feature gives you complete control over how your credit card is used, making transactions more secure. You can also block/unblock your credit card to protect it from unauthorised use.

8. Transaction limits

IndusInd Bank allows you to fix and modify transaction limits on your credit card, through its app/online portal.  You can set limits for online transactions, point-of-sale purchases, contactless transactions, and ATM withdrawals. Setting transaction limits prevents fraudulent transactions, as the transactions get rejected once they exceed the limit set by you. 

9. Virtual Card

Virtual cards are temporary credit cards similar to physical credit cards. They come with a temporary 16-digit number, expiry date and CVV number. What differentiates these cards from physical credit cards is that they can only be used for online transactions.

Virtual cards are safe because:

1. These cards are temporary and become invalid automatically after a certain number of transactions.
2. A few of these cards are single-use virtual credit cards that become invalid in case of a data breach. 
3. You can cancel a virtual credit card easily which prevents fraudulent use of the card.

IndusInd Bank has introduced the ‘Virtual Commercial Card’ in collaboration with Visa and Juspay. This credit card has been designed to transform cross-border transactions for corporations and travel agents. It offers enhanced security features, allowing you to set unique parameters for each transaction and gives you complete control over international expenses. Each virtual card has customised transaction limits and expiry dates. The Virtual Commercial Card allows you to generate virtual cards in foreign currencies, thereby protecting your primary card number and ensuring maximum security.

10. Total Protect

IndusInd Bank offers insurance coverage in cases of unauthorised transactions due to card loss or theft. The bank provides protection starting 48 hours before reporting the loss to the bank. Also, the bank offers insurance against counterfeit fraud, safeguarding customers from misuse of their card or card details. Total Protect covers you for an amount equivalent to the limit on your credit card. This protection is valid for your add-on cards too.

Conclusion

In a world of digital transactions, credit card security is paramount. From EMV chips to biometric authentication, modern technological features offer protection against various cyber threats. With the use of PINs, CVVs, two-factor authentication, and cutting-edge technology, users can rely on their credit cards for secure transactions.

Are you ready to experience secure and convenient financial transactions? Apply now and elevate your shopping experience with an IndusInd Bank credit card.

Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.