How Can You Protect Yourself from Credit Card Fraud?

Pile of credit cards on table, closeup
Pile of credit cards on table, closeup

With the changing lifestyle patterns, there is a visibly increasing dependency towards plastic money that also higher the risk of credit card frauds in India, which can lead to a big hole in your pocket for no reason. There is an increased need of awareness towards understanding ways of preventing credit card frauds and following some simple steps can keep your money safe from fraudulent entities.

There are several types of credit card frauds that may take place. It can be account takeover, theft of cards, forging, email/telephone order (MO/TO frauds) and more. Credit card fraud in India is very much prevalent and some basic tips can help you avoid any such instance from happening with you. Credit card fraud prevention is possible by following a few steps that make your data secure from the reach of the hackers.

  1. Keep a track of your online transactions: You can easily know that status of withdrawals through the SMS and email alerts sent on the card holder’s registered number/ID. You can also regularly check your transaction history through Online Banking or SC Mobile. These alerts help in keeping a track of exact time and location the money was withdrawn from your credit card.
  2. Dispose off all paper trails of your credit card number: Credit card billing statements have the credit card number printed on it which can be picked up by anyone who wants to misuse your information. Hence, it is important that you shred of your statement and throw it in the bin, not allowing anyone to have access to it. Also, it is necessary to ensure that your expired or cancelled credit card is also shredded.
  3. Signing a receipt: In several instances your credit card receipt may have blank spaces, it is recommended that you sign at places that are empty in the receipt or add zeros or scratch through the spaces.
  4. Avoid making any credit card information public: Any exchange of credit card information over phone or text messages can be easily breached by scammers through phishing and other illegal activities. Therefore, do not exchange your credit card details over any mode of communication. One common example of credit card fraud is of frauds calling a credit card holder posing as an individual offering lucrative schemes to extract details from an unsuspecting credit card holder. Also, it is necessary that you remember your pin and change it regularly to avoid misuse.
  5. Keep a close check on your online transactions: It may seem unnecessary at the time, but in the longer run will keep you safe from any credit card frauds simply double-checking all your online transactions. Phishing can be easily done through emails links and copied bank logos. Always make sure that any website wherein you share your details must be legitimate by checking that it is  in the address bar of the webpage. Also check that no other website by the same name exists on the net. If there is one, then there are chances that the site you are using may be a dummy site which is a clear indication of fraudulent activity happening on such sites.
  6. Report lost/stolen cards: In case you lose your credit card it is important that you immediately report the same to your credit card provider so that the card can be blocked for any use.
  7. Review your billing statement: It is important that you review your monthly statement and in case there are any unauthorized charges in your bill, this may be an indication of fraud. These charges can be small and generally are neglected. In cases like these, you should immediately report to your card provider.

In the current scenario where, plastic money is the new normal, one needs to be extensively aware of how to secure both your data and money. With schemers and frauds all around, a little extra care/attention can help you from the unneeded trouble.