WATCH THIS to Avoid Credit Card Fraud! #Shorts

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In May this year, a 76-year-old retired government employee of Bhubaneswar lost ₹5 lakh to a cybercriminal. The rising cases of cyber crimes in India may partly be attributed to the fact that almost all e-commerce companies store our credit card details to ensure faster check out. How do we solve this?

➡️ Enter Card Tokenisation.

Card tokenisation is a process where a unique code is generated for every combination of merchant, device and card. Meaning if you're purchasing on Amazon using your iPhone 11 and ICICI credit card, then there would a certain token generated for this combination. It is this token that Amazon would store in its servers. So even if Amazon gets hacked the token would be of no use to the hacker because he/she wouldn't know how to decrypt the token. Only card network companies like Visa, Mastercard and Rupay will be able to do it. This way the risk of leakage is significantly reduced.

Merchants have until Jan 2022 to implement this after which all the existing card details in their servers would be purged.

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