How Can You Avoid Credit or Debit Card Frauds?

January 13, 2020

Credit Card Frauds — Photo Credit: Flickr

According to the Economic Times, 2.59 Crore credit cards were used for transactions worth Rs.24,341 crore via POS machines and Rs.202 crore through ATMs. Debit cards recorded a higher amount of such transactions considering that there is nearly 7 times more debt than credit cards in the Indian financial market. Alarmingly, according to the National Payments Corporation of India (NPCI), around 641 customers had to bear a loss of around Rs.1.3 crore in fraudulent transactions in the year 2018 only at ATMs.

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Some of the popular most fraudulent cases that are observed in the past few years include cloning, phishing, cyber extortion, loss from IT theft, etc. While these are some of the advanced forms of debit card and credit card frauds, an individual may have faced such fraudulent cases because of their carelessness that includes sharing card PIN or password to third-party individuals or loss or theft of cards, reverting to suspicious and malicious emails, etc.

Consequently, attending to each of these issues will ensure that consumers can safeguard their online credit card payments from such potential threats. Adhering to certain safety measures from the beginning can ensure that candidates keep their cards secured from such potential threats.

Ways to avoid credit card frauds

Do not share card information on a call or anywhere else

Sharing information about credit and debit cards over calls from suspicious numbers or reverting to a similar email can lead to fraudulent transactions on the credit card. Even being careless with the credit card number printed in your bills can lead to potential threats. Make sure to keep all the information regarding your credit cards private.

Use credit cards safely on the internet and swipe only for verified merchants

Online portals that use SSL and secure gateway to process online transactions are safer and hence secured for credit card usage. Individuals relying on online credit card payments or offline payments should ensure that the portal is secure enough to avoid becoming prey to any such potential threats.

Keep an eye on the credit card statement

Candidates using credit cards must check their credit card statements carefully so that they don’t miss out on any unauthorized transactions made by them. They can report fraudulent transactions and don’t need to make payments for the same. However, it is essential for them to know how to check their credit card statements correctly.

Opt for a secure credit card

Choosing a credit card that provides robust security against all such potential threats can be vitally helpful. Opt for leading credit cards such as the Bajaj Finserv RBL Bank SuperCard which comes with in-hand security and zero fraud liability cover to safeguard against such fraudulent transactions.

Any individual adhering to the required safety measures can make sure they don’t become victims of cybercrime. Users following up on such safety measures also should know the types of credit card fraud and how to avoid them.

Consequently, choosing a secure credit card can reduce the chances of potential fraudulent transactions. In addition to these, users should be careful enough not to share their OTP (one-time password sent on registered mobile number, email id), card PIN, password, CVV etc. with any third-party individual under any circumstances.