New Delhi: Rising fraud with debit or credit has become a matter of concern for card payment regulators. However, in the meantime, some changes have been made to prevent payment fraud from these cards, which may cause some trouble on this issue. Let us know what these changes are and to what extent such card users will be able to avoid fraud. Banks and financial institutions have made these changes keeping in mind the safety of the card user. Let us know what these are and how these changes can strengthen the security of your digital transactions.
This feature will make the card transaction more secure
Changes to security rules apply to all cards, whether new or old. When the cards are issued, you will be able to use them only at the point of sale and at ATMs in India. You must allow online, international and contactless transactions. These features can be initiated through mobile phones, internet banking, ATMs or bank branches. These features will make the transactions made through the card more secure.
Existing feature will be closed if you do not use it
If you have not used the card you have in online, contactless or international transactions, then such transactions will be closed. Banks are empowered in the case of the remaining cards. They will see that there is a possibility of risk in the card and accordingly they will decide whether to continue these features or not. Cardholders who need online, contactless or international transactions can restart it using a mobile application, internet bank or by visiting a branch or ATM. This feature can also be started by calling the customer service phone number.
Now the limit can be set on the card
Under the new rules, you will be able to set limits on your card. Whether the transaction is in the country or abroad, by point of sale, online or by ATM withdrawal, you can set all the limits. Cardholders will now also have the option to turn on or off a feature such as an ATM withdrawal or online transaction. Just think of the features that are not needed, they should be turned off for a while and the limit of what is needed is set, then how light you will be.