International Transactions on Credit Card: 2 simple ways to Disable it

In today’s interconnected world, credit cards and digital transactions have become an essential part of our financial lives. They offer convenience, security, and flexibility. However, with the increasing prevalence of online transactions and global travel, it’s crucial to understand the risks associated with international credit card usage. In this article, we’ll delve into why international transactions pose a higher risk and explore steps to safeguard your finances by disabling them.

Why Is the Risk Higher on International Transactions?

1. Lack of 2-Factor Authentication (2FA):

   • In India, domestic credit card transactions require 2-factor authentication (2FA). This means that both a PIN (for point-of-sale transactions) and an OTP (for online transactions) are necessary for added security.
   • However, international transactions don’t always follow the same rules. Many countries allow transactions using only the card number, CVV, and expiry date. This lack of 2FA makes international transactions more vulnerable to fraud.
   • When someone gains access to your card details (card number, CVV, and expiry date), they can misuse them abroad without needing an additional layer of authentication.

2. Embossed Data on Cards:

   • The data required for international transactions is embossed on the card itself. Unlike India, where EMV Chip and Pin-based cards are prevalent, some countries still rely on magnetic stripe cards.
   • EMV (Europay, Mastercard, and Visa) chip cards generate dynamic data for each transaction, making it extremely difficult for fraudsters to clone or duplicate your card.
   • However, if your card details fall into the wrong hands, international transactions become a potential risk.

Steps to Disable International Transactions

1. Contact Your Card Issuer’s Customer Care:

   • To be on the safer side, consider disabling international transactions entirely, especially if you don’t plan to travel abroad soon.
   • Call your credit card issuer’s customer care helpline and request them to disable international transactions on your card.
   • They will guide you through the process and ensure that your card can only be used within India.

2. Online Method:

   • Log in to your net banking account associated with the credit card.
   • Navigate to the “Cards” section and look for the option to disable international transactions.
   • Follow the instructions provided, and upon completion, you’ll receive a text message or email notification confirming the change in settings.

Additional Tips for Secure Credit Card Usage

1. Use EMV Chip Cards:

   • If you haven’t already, request your bank to replace your magnetic stripe card with an EMV chip card.
   • EMV cards provide an additional layer of security by generating unique transaction data for each purchase.

2. Monitor Transactions Regularly:

   • Keep a close eye on your credit card statements.
   • Report any suspicious or unauthorized transactions promptly to your bank.

3. Insist on Card Swiping:

   • When making in-person transactions, always insist that the merchant swipe your card in front of you.
   • Avoid handing over your card to anyone unless necessary.

Remember, disabling international transactions doesn’t mean you can’t enable them later when needed. It’s a proactive step to protect your finances from potential risks. Stay informed, stay secure! 🛡️

For more information, you can refer to the original article on The Economic Times.

I hope you find this article helpful! If you have any further questions or need additional assistance, feel free to ask.

Also Read: Axis Bank Credit Card Fraud: 5 Actions to Take Immediately