January 7th, 2023 | Updated on January 13th, 2023
Choosing the right credit card as your financial partner is paramount, especially during high inflation times.
This protects you from burning a hole in your pocket, as well as gets you discounts, additional rewards and benefits
From buying fuel and dining to purchasing everyday items, credit cards can help you get the maximum out of your savings.
Some examples include – discounts on Swiggy and BigBasket orders, cashback on online shopping, reward points on shopping, free airport lounge access etc.
Over the last few years, the credit card industry has seen a compound annual growth rate of 20% in India, owing to credit card personalization by credit card providers, attractive discounts and rewards, and multiple other benefits.
This leads to the question – Are these credit cards safe for your everyday usage. What’s new in terms of their safety and security?
Do you feel your credit card is safe for online and offline purchases? Have you noticed any change in the new credit card designs? The answer is yes.
As part of its overall security measures, RBI has mandated all banks in India to gradually phase out magnetic credit cards and switch to EMV chip cards.
What Is An EMV Chip Card?
EMV is an acronym for Europay, Mastercard, and Visa – who jointly developed this technology. These cards are chip-based and equipped with additional safety features designed to prevent skimming and cloning.
The transition from paper money to credit cards is unavoidable in today’s increasingly cashless economy.
Therefore, it is best to be cautious and use EMV credit cards only.
How Do EMV Credit Cards Work?
The old magnetic strip-based credit and debit cards store your data. This makes it easier for fraudsters to copy private financial data when you swipe the card.
With EMV cards, your stored data is secured on a microprocessor-embedded chip in the credit card. Put simply, every time you conduct a transaction using your credit card, fresh data is generated which makes it difficult for fraudsters to clone your information.
Another feature of EMV credit cards is that they require your PIN and the card itself to complete a transaction.
Whenever you tap your credit card at a POS terminal, it generates a unique encrypted code, known as a cryptogram, and it cannot be used another time.
Why Does It Matter?
As per a recent report, bank customers have reported increased phishing, and card skimming attempts.
To avoid siphoning off the money of a cloned credit card, EMV chip credit cards add an extra layer of security to secure customer information. The EMV credit card helps provide protection against counterfeits.
With IndusInd Bank’s stack of EMV-based credit cards, you can be rest assured that they are designed to prevent fraud so that you can spend more, and worry less. So, don’t wait and apply for IndusInd Credit Card today.
Image Source: unsplash.com