Dhruv Patel

Cyber Security Analyst

Web Designer

Freelancer

Photographer

Dhruv Patel

Cyber Security Analyst

Web Designer

Freelancer

Photographer

  • Cards can be classified on the basis of their issuance, usage and payment by the card holder. There are three types of cards

    • Debit cards
    • Credit cards and
    • Prepaid cards

  • It is a plastic card that enables the card holder to access his / her bank account electronically.
    • Uses: Withdraw funds, make
    • It is connected to card holder’s savings or current account and hence known as a Checking
    • Akin to an electronic cheque book, balance is essential to use debit
    • If the withdrawal request or payment request

    cannot be met by bank balance then transaction fails.

    • Most of the banks provide debit cards when bank account is created and does not ask credit
  • Like debit card, credit card is also a plastic card that enables the card holder to access his / her bank account electronically. However, unlike debi t card is not directly linked to bank account but to the bank or
    financial institution which has issued it.
    • Uses: Withdraw funds, make purchase.
    • It creates a revolving account from which cardholder can borrow money for withdrawal and payments.
    • Since it is not directly linked to bank account and works on the principle of credit, it comes with a
    credit limit and the amount of money utilised has to be repaid within stipulated time frame.
    • Like loans, late payment fee is charged with high interest. Thus, credit worthiness is important in obtaining a credit card unlike debit card.
    • The limit of usage depends on the balance in linked account and credit line may increase or decrease. This depends on cardholder’s creditworthiness which is set by
    the card issuer.
  • Parts of a Debit or Credit Card Front Side
  • Front Side
  • Description:
    • Issuer/Bank Logo: This is the financial institution or the bank that has issued the card
    • Smart Chip: Additional feature to the magnetic-stripe which is at the
    • BIN: The first 4 or 6 digits of a payment card number (credit cards, debit cards, etc.) are known as Bank Identification Number (BIN).
    • Card Holder’s Name: Name of the card holder which is the same as the bank account holder’s name to which it is linked
    • Card Number: 16 digit card number linked to bank account. One of the most critical information.
    • Expiration Date: Month of expiry
    • Payment network logo: It is the type of card. The cards commonly used are Maestro, MasterCard, Visa, Rupay and American Express. .
  • Back Side
  • Description:
    • Magnetic Tape: The black strip contains information about user and the card. It can be read by specialized devices known as card readers
    • Hologram: A three-dimensional image which is a security feature and helps merchants identify authenticity of the
    • User Signature: Signature of the card
    • CVV: Card Verification Value or CVV is a security feature and must not be shared with anyone. It is often a three-digit code on the back of the card and is preceded by last four digits of the card
  • Card Skimming: It is a type of credit/debit card theft where criminals use a small device (Skimmer) to illegally copy the information from the magnetic strip in an otherwise legitimate credit or debit card transactions.

    Skimming commonly occurs at retail outlets, bars, restaurants, petrol stations and at ATM’s fitted with a skimming device.

    Criminals also call victims impersonating as bank officials and mention that your card will be blocked and to avoid the same request card number, expiry date, Card Verification Value (CVV) number. They also deceive victims to share One Time Password (OTP) received on phone by mentioning security code, reset code etc. Fearing of blocking of the card, victims reveal card details resulting in losing their money.

  • Awareness:
    • Cover the keypad with you other hand while typing your
    • Change your PIN frequently and avoid using mobile numbers, date of birth etc., as PIN.
    • Look for Hidden Cameras in ATM’s & Check the Keypad for key loggers (keypad overlays).
    • Inspect the ATMs & watch for signs of tampering, such as new scratches, discolored keys, flashing lights and visible
    • Using ATMs located inside / outside bank branches is also safer due to the increased security compared to ATMs on the
    • Report to the bank right away if you notice withdrawals or purchases that you didn’t make.
    • Never share your OTP, PIN, and CVV with
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