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General Knowledge: Plastic Money and its security features



Plastic Money debit card or credit cards, its security features

The banks always advise its customers to not register 16 digit code with many payment gateways as it is a risk that this digit can be stolen.

When online payments are done, the company asks for CVV number which is located at the back of the card bank knows that the customer is using the card.

The 16 digit code is important as it helps to provide information to the card service provider

The card number also helps to know the issuing bank and identify the unique number, so the banks always advise its customers to not share the 16 digit code with anyone.

The customers’ need to always update the expiry date of the debit and the credit card before expiry as it reduces the case of fraud.

The magnetic stripe is the other security feature, people stole the card number and other details by just swiping the card.

Chip and PIN helps the users for online transaction and POS terminals as a unique code is generated.


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