Credit Card Fraud Prevention | Debit Card Fraud Protection

I am thankful to my friend for having sent an information which can help save a number of financial frauds in the credit and debit card industry. This post is to enlighten you about Maestro card additional safety feature which can help you to prevent a number of online frauds. We all use credit or Debit card these days. No body wants to carry cash. This is easy & relatively safe. What happens if a credit card is Lost & that comes in hand of someone who rips it off (Like spending in a Hotel, Bar on clothes Jewelry shop buying Gold etc), But your loss will be subject to limit of your credit card which in most cases is maximum of about Rs 75000/-

But happens when a Debit Card is lost. If this comes in hand of someone he can Rip it off to that extent the money in ur bank account which can be many thousand to many lakhs or crores. How Crores? (Simply using it at a jewelers shop).  Most of banks these days provide ATM cum Debit card. That means it can be used to withdraw money at ATM and to use it as a Debit card for any Swiping transaction at outlets which accepts these Debit cards.

To prevent a Debit card holder from such a mishap some banks like Punjab National Bank provide Debit Card that whenever u have to use it u have to enter the Pin.

This needs to be done for making the swiping machine ask for your ATM Pin for a transaction to be processed. But many other banks do not provide this facility although banks have this facility. The reason is unknown. As u all know there are different electronic payment technology firms with which banks have tie up like Visa, MasterCard, Maestro, American Express, Chase, Discover.

MAESTRO Card is one electronic payment company which provide this facility where a Debit card user has to enter the Pin in the swiping machine for a transaction to be successfully processed. Where as Visa and MasterCard based Debit card do not provide this facility. So in case u have a MAESTRO  Debit Card, which is lost u r safe because the user has to enter PIN . BUT NOT MasterCard & Visa based Debit card.

Some banks may have tie up with Mastercard or Visa where this facility might be there. So check with your bank. So if u want additional safety u can ask ur banks to switch u to MAESTRO based Debit card. Many banks like HDFC banks have this provision where customer can ask bank  to change from Master card or Visa based ATM cum debit card to Maestro based Debit Card. For Details u can E-mail or Call customer care of your bank.

Probably this is the reason we like using SBI credit card as it also asks one to punch the pin number before the payment can be authorised.

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http://www.indian-share-tips.com/2010/12/credit-card-fraud-prevention-debit-card.html
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