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Question
State three precautions that must be taken while using credit or debit cards.
Answer in Brief
Solution
Following are the three precautions one should take while using credit/debit cards.
- Signature: Debit/credit cards include a space for the cardholder to sign below the magnetic strip on the back. The cardholder must sign at that location.
- CVV: CVV stands for Card Verification Value. The numeric code on the back of the card authenticates electronic fund transactions. Keep this CVV confidential and do not share it with anyone.
- PIN: PIN stands for Personal Identification Number. This is a numeric password used to authenticate ATM withdrawals and electronic transfers. This PIN must be kept confidential and not shared with anybody.
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Electronic Banking (E-Banking) - ATM, Credit and Debit Cards
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