Know Smart Ways to Protect your Debit and Credit Cards: While debit card protection and credit card protection have significantly eased financial transactions for all, they have also exposed individuals to several risks.
According to data presented by the Reserve Bank of India, there were a total of 921 cases of credit and debit card frauds. In this scenario of an alarming rise in frauds, it is upon individuals to adopt measures that can secure their finances effectively.
One of the smartest and most efficient ways to stave off the risks from such incidents is to avail a credit and debit card insurance policy. With this insurance cover and a few other protective measures in place, individuals can significantly reduce the risks of credit/debit card frauds.
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Ways to protect your debit and credit cards
how to protect your atm card
The best way to protect debit and credit cards from fraudulent activities is to avail a Wallet Care from Bajaj Finserv, a reputed financial institution in India. This Pocket Insurance & Subscriptions cover offers several benefits that can aid in securing one’s finances in case of theft or loss of debit and credit cards.
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Following are the benefits and features of this insurance policy that can help minimise the financial liabilities that arise, in case one loses their wallet and cards –
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Card blocking
These debit and credit card insurance policy provides 24×7 card blocking services worldwide. Subsequently, individuals can block their credit/debit cards via a single call to their service provider, in case of lost or stolen cards.
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Fraud protection
With a credit and debit card insurance policy, individuals can enjoy add-on facilities through which they can avail a financial coverage of up to Rs. 2 Lakh against card frauds. These types of fraudulent activities include – phishing, fraud based on card PINs, tele-phishing, etc. if the cards are stolen or lost.
Apart from the features and benefits mentioned above, such card protection plans further offer the following benefits that safeguard the interests of an insured individual –
- Emergency financial assistance during travelling if the cards are lost or stolen.
- Reimbursement of the cost incurred to replace lost/stolen PAN card.
These features available with this Card Protection Plan, Bajaj Finserv aims to reduce the financial burden that can arise with the misuse of credit or debit card information. Furthermore, they also provide all-round protection in the circumstances mentioned above.
In this respect, having an ATM Assault Insurance Cover in place can also help protect an individual’s finances if they are robbed while withdrawing cash from their ATM using their cards.
Therefore, a credit and debit card protection plan can aid in preventing misuse of your financial information. Additionally, it is also crucial to take note of the following measures to secure your finances effectively –
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Enable two-step authentication
It is best to opt for the two-step authentication process to ensure that your debit and credit card information is protected adequately. These two steps of authentication include verifying information during online transactions through.
- The information present on the cards (account details, CVV, etc.) and then
- OTP received on the registered mobile number or email ID.
This process allows one to protect the information on their cards effectively.
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Avoid fraudulent calls
One of the best ways to protect your cards, apart from credit and debit card insurance cover is avoiding calls from dubious numbers. Phishing is one of the rising crimes where individuals impersonating financial institution executives ask for card information from users. It is, thus, crucial to ensure that one’s credit/debit card information remains private.
Therefore, adopting these measures along with having a comprehensive Purse Care plan can help in safeguarding you against financial losses. Nevertheless, before availing any of these policies, individuals should learn all the terms related to the same to ensure that they make a well-informed decision.