Monday, March 22, 2021

PREVENT CREDIT CARD HACKING.

 PREVENT CREDIT CARD HACKING.

Friday morning I was surprised to see a SMS.

It was about the credit card transaction happened in the middle of the night.

My credit card was used to transact at a US destination. Fortunately the transaction was declined due to wrong entry of CVV !

Immediately I called the customer care and blocked the card.

Then I was wondering how this is possible?

 Few days back, I had used my credit card to pay for application fee of my daughter’s MS program. The payment goes through as soon as the card number and CVV are typed; There was no OTP to authenticate!

This is very dangerous. Anyone can get access to our credit card number as it is being used for many online transactions and then someone can guess or even retrieve the CVV from the database!

Hope RBI and credit card issuers look into this issue and make it compulsory to have an OTP based authentication for every transaction.

Tip: we can minimise the losses in the eventuality of hacking by choosing the limit of transaction amount fixed at a low value. It can be enhanced only when it is required.

Also turn off international payments soon after the transaction.  

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