As a debit card holder of ICICI Bank you might have lately received an SMS saying "Dear customer, to safeguard your card as per RBI guidelines, International transactions on your ICICI Bank debit card XXXXXX will be switched off by 30-Sep-20. You can enable your card for these transactions 24x7 at bit.ly/342UoMm. T&C Apply". This is nothing but one of the risk mitigation tool that the bank has enabled to render your card safer.
Likewise some other important changes shall be implemented from September 30 which will protect credit and debit card holders from banking frauds. The changes will empower card users and help them in exercising extensive control over these financial instruments.
Initially debit/credit cards will be available for only PoS or ATM transactions:
The changes will be applicable for existent cards, new cards as well as those that have been renewed lately. Newly issued cards can be swiped at only PoS or points of sale terminal and ATMs across the country. And for using these debit and credit cards via other modes such as for online, contactless or international transactions for that matter one would have to manually enable these services. This could be done through either mobile or net banking or at ATMs or bank branches.
Functionalities on cards to be offered based on the usage:
In respect of existing cards, the cards that have never been used for online, contactless or international transaction shall be deactivated for such services. But for renewed and newly issued cards, banks can take their own call on whether to enable or disable such functionalities based on their risk-perception.
On and off switch:
This can be understood as say amid the pandemic all you engage these days is in online transactions via your debit/ credit card then it shall be wise to switch off all other functionalities like allowing debit or credit card usage on PoS, ATM and such other facilities. Though, it can be exercised for the time being and later can be switched on if the need be. This way you will be able to safeguard yourself from rising bank frauds.
Specifying limits on card transactions:
Apart from switching on and off feature available for any of the facility, user can also specify the transaction amount limit for all transaction types such as via online mode or at PoS. The limit can however be revised later as be the need. And this limit shall be within the overall limit allowed by the card issuer.
How To Manage or Use Your Debit/Credit Card For Added Safety Against Banking Fraud?
-You need to first log-in into your bank account on mobile or via netbanking.
-Then look for the cards sections, some of the banks may list it out as ‘manage cards'
-Now you will find two options domestic and international, you need to select one
- Now you can switch on and off as well as specify transaction amount limit for usage of cards via different modes say at PoS, ATM and online transactions.
So, the best way to circumvent chances of fraud even if you happen to fall prey will be switching off all such modes of usage on your debit or credit card that you do not need may be in near future and also setting lower transaction amount limit on transactions that you carry out.