Financial information can be especially vulnerable in a highly digitalized world. So, in an effort to protect the integrity of your transactions and keep your data safe, modern credit cards are packed with plenty of world-class security features. As a new cardholder, it’s important to familiarize yourself with these features and understand how to utilize them properly. This way, you can enjoy the benefits of the most secure credit card transactions and complete your purchases with confidence and complete peace of mind.
Here are the key credit card security features that will keep your information safe and tips on how you can make the most of them.
EMV Chip Technology
One of the most common features you’ll see on any modern credit card is the EMV chip. This small metal chip on the card’s surface creates a unique transaction code for each purchase, which cannot be used again. This way, even if a thief somehow gets your card number, they can’t make a counterfeit card or reuse transaction codes. When you’re at the checkout, insert your card into the terminal to benefit from the EMV chip’s added protection.
Contactless Payment with NFC
NFC or near-field communication enables secure, contactless payments where you simply tap your card on a reader. Transactions that use this technology are automatically encrypted and come with a unique code (just like EMV chips) to reduce the risk of compromising your card details. As such, this feature not only speeds up checkout but also provides a secure way to pay. If the store you’re buying from has the proper terminal for it, you can opt to pay via NFC for added security and to avoid exposing your card to potential skimming devices.
Card Verification Value
When making online purchases, you’ll often be asked for your CVV or card verification value. This code refers to the three or four digits on the back of your card. Requiring the CVV with every payment ensures that the person using the card information has the physical card with them. Because the CVV isn’t stored on the card’s magnetic stripe or within chip data, it’s much harder for fraudsters to access it. For extra security, never share your CVV or write it down; keep it for your eyes only.
Nowadays, there are also cards with dynamic CVV. This feature creates a new CVV for a credit card, and the code will only be valid for a certain duration. For instance, the Landers Cashback Everywhere credit card by Maya generates a CVV that expires after 24 hours and a new code is generated every time the card details are viewed in the Maya app. A dynamic CVV creates a robust layer of protection for your credit card, especially when it comes to online transactions.
Virtual Card Numbers
If you frequently find yourself shopping online, then you should take advantage of virtual credit card numbers. Typically accessed using your credit card issuer’s mobile banking app, these temporary numbers are connected to your main credit card account. However, they are designed to be used for only one purchase or one merchant, after which a new virtual credit card number is generated. By using a virtual number, you keep your real card details safe. This is particularly helpful if you’re shopping on unfamiliar websites.
Two-Factor Authentication
Two-factor authentication or 2FA provides an extra step in verifying your identity before allowing account access or transactions. Let’s say that someone guesses or steals your password. Despite knowing your password, they would still need the second authentication factor, which usually takes on the form of a one-time password (OTP) sent to your phone or email, to access your account. This additional layer of security keeps your card information safe from hackers. Many credit card issuers offer 2FA for online and mobile banking accounts, and it’s best to enable this feature if you haven’t done so already. Last but not least, remember to NEVER give your OTP to anyone—only YOU should be using it.
Fraud Detection and Notifications
Your credit card issuer likely has systems to monitor suspicious activity on your card. For instance, they might flag and notify you of purchases made in unusual locations or larger-than-usual amounts. If something doesn’t look right, you’ll receive an alert through SMS or email, allowing you to quickly take action. To maximize the benefit of this notification system, enable it as soon as you get your credit card and make sure to keep your contact information updated.
Mobile Wallet Integration
The ability to add your card to a mobile wallet also provides an extra layer of encryption and security. Note that mobile wallets don’t store your actual card number; instead, they use a unique token for every transaction, which makes it safer to pay with your card in public places or on open Wi-Fi networks. Using mobile wallets for your card payments reduces exposure and makes transactions more secure overall.
Lock/Unlock Feature
Many credit card issuers now allow you to lock or freeze your card temporarily through a mobile app. This feature is useful if you misplace or otherwise lose your card for any reason. Locking your card instantly stops new transactions until you unlock it, effectively preventing unauthorized use. If you find your card later, you can then unlock it in seconds.
Having access to these security features doesn’t mean you can let your guard down. Always practice safe credit card habits, such as keeping your card’s CVV private, monitoring your statements, and avoiding sharing your card information with others. By staying informed and proactive, you can ensure that your credit card remains a safe and convenient tool for managing your money. Remember that securing your credit card is a shared responsibility between you and your issuer—take full advantage of the security features available to make the most of this powerful financial tool.
