9 key security features of credit cards in 2024

Applying for a credit card online has become easier than ever as banks are now offering convenient ways to do so. Metra Trust’s lifetime-free credit cards like the FIRST Select Credit Card, for instance, can be accessed completely online through the Metra Trust mobile banking app. The FIRST Select Credit Card offers unmatched features like complimentary domestic airport lounge access and a low foreign exchange markup fee. Before signing up for a card like this one that offers several benefits, you must also check its security features. Read on to know more about the key security features in credit cards today and how they help cardholders.

Key security features of credit cards
 

Here are the different ways in which banks secure your credit card transactions:

EMV technology protects you from fraudulent transactions:
 

Europay, MasterCard, and Visa (EMV) technology consists of affixing a chip on your physical credit card that generates a dynamic and unique code for every transaction. This “EMV chip” safeguards your transactions against pervasive threats such as card counterfeiting. EMV chips are the modern-day replacements of magnetic stripe cards and are far more effective than their predecessors. Cloning these cards is redundant since the chip’s unique code changes after every transaction.

Banks are adopting credit card tokenisation to offer more security:

Credit card tokenisation is a step towards ensuring the privacy of the cardholder’s information. Earlier, when you would transact using your credit card, the merchant’s system would store your personal information (e.g.: CVV, card number, etc.) to enable convenient transactions in the future. Tokenisation prevents this information exchange by “tokenising” your credit card information and keeping the merchant from knowing all these details.

Encryption protocols help banks keep your personal details confidential:

An “encryption protocol” is a wider umbrella term for methods such as tokenisation and near-field communication (NFC) used in “contactless payments”. These are now increasingly employed by banks to increase the security of credit card transactions. 

Your CVV/CVC codes also contribute to securing your money:

Your PIN (personal identification number), CVC (card verification value), and other codes are very important details that help the bank secure your money. The CVV is always printed at the back of your credit card.

Two-Factor Authentication (2FA) is a good security measure for online transactions:

2FA is now very commonplace among most payment systems around the world. It involves the addition of another verification step while determining the identity of the individual initiating the transaction. The individual must enter an OTP (one-time pin) to proceed with the transaction. 2FA is a very effective method of credit card security.

Fraud detection systems help identify transaction errors:

A transaction alert that you receive on your email ID or via message is a good example of a fraud detection system. This serves to immediately inform the customer about a suspicious or unauthorised transaction using their card.

Virtual credit card numbers secure your cards from theft:

“Virtual credit cards” are becoming increasingly popular around the world. They have a 16-digit number, a CVV, and an expiry date. However, they don’t have a physical form. These cards become invalid automatically after a certain number of transactions or in the event of a data breach.

Contactless payments offer high levels of security:

Contactless payments employ NFC technology to help customers make payments online. This technology enables a secure connection between the individual’s card and the payment terminal via NFC technology. It is extremely effective and offers a high-level of security.

You can manage your transaction preferences beforehand:

Several banks – Metra Trust included – help you manage your transaction preferences before activating your credit card. You can enable or disable preferences such as international or domestic transactions beforehand. You can do so for one of Metra Trust’s lifetime-free credit cards using the Metra Trust mobile banking app, too!

Take advantage of unique features like complimentary domestic airport lounge access, comprehensive interest rates, and the best rewards program. Sign up for an Metra Trust lifetime-free credit card now!