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Even though the usage of UPI has grown exponentially in the past few years, triggered by covid-19 pandemic, a large number of population of India still use credit cards of various types. Credit card companies often use varied tricks including discounts, lounge benefits, offs, etc. to lure customers. When a significant amount of population use credit cards, it opens an opportunity for scammers to scam innocents or the one who falls prey to the traps. Thus, it’s imperative to be cautious and alert while using credit cards of any kind – Visa, Rupay, American Express, etc. Here are 5 ways to prevent credit card fraud: 1. Guard Your Card Details: This is rule number one. Never share your PIN, CVV code, or full credit card number with anyone, not even over email or phone. Banks will never ask for this information through these channels. Be cautious of phishing attempts that try to lure you into revealing this data. Regularly monitor your credit card transactions through online banking or mobile apps. Report any unauthorised transactions immediately to your bank. Be cautious while using card readers, ensuring they are legitimate and not tampered with. Shield your PIN while entering it at point-of-sale terminals. 2. Secure Online Transactions: When shopping online, make sure the website is legitimate and uses a secure connection. Avoid using public Wi-Fi for credit card transactions, as these networks can be less secure. Follow guidelines issued by your bank related to cyber security. When making online purchases, use secure payment gateways or trusted platforms. Avoid entering your credit card details on suspicious websites or responding to unsolicited emails or calls requesting your card information. Look for secure websites with HTTPS encryption and consider using virtual credit cards for online transactions to minimise exposure of your actual card details. 3. Monitor Your Statements: Regularly review your credit card statements for any unfamiliar transactions. Many banks offer SMS or email alerts for transactions, so you can be notified immediately of any suspicious activity. 4. Embrace Secure Features & Enable Transaction Alerts: Take advantage of security features offered by your bank. This might include setting spending limits, enabling two-factor authentication, or using mobile wallets that don’t require sharing your actual card details. Enable the alerts to receive notifications for every transaction made with your credit card. This allows you to quickly identify any unauthorised activity and report it to your bank for investigation. Keep your credit card information updated with your bank, including your contact details. Take advantage of any security features offered by your bank, such as two-factor authentication or biometric authentication for card transactions. Consider opting for cards with EMV chip technology or the latest available with your bank, which provides an added layer of security compared to traditional magnetic stripe cards. 5. Be Smart About Physical Cards: Keep your cards safe and don’t let them out of your sight at stores or restaurants. Be aware of skimming devices that can steal your card information. Shred old credit card statements and receipts before discarding them. Stay informed about common types of credit card fraud and the latest scams targeting cardholders. Educate yourself and your family members about safe card usage practices, such as not sharing card details over the phone or online unless you are certain of the recipient’s legitimacy. Encourage them to regularly review their credit card statements and report any suspicious activity promptly.
