Credit Card Frauds

David Miller
David Miller

Credit card fraud has the potential to be exceedingly destructive, especially as people’s reliance on plastic money grows. When a fraudster uses your credit card number and PIN, or a stolen credit card, to make payments from your account without your permission, this is known as credit card fraud. As technology improved, so did fraudulent ways for defrauding credit card holders.

No matter how secure your wallet is, fraudsters will find a method to use your best credit cards in India without your knowing. This could be due to a time when you were not diligent with your credit card. Before you apply for a credit card, double-check that you understand how to keep your credit card secure at all times.

Preventive measures

Here are some of the preventive measures that a user should consider in order to avoid credit card frauds.

1. Do not give Credit Card information to Others

Posing as a customer service representative and obtaining personal information from the cardholder is one of the most common strategies utilized by credit card scammers. Giving up your credit card number or any other personal information over the phone should be avoided at all costs. You will never be contacted by a bank or financial institution asking for this information. Only reveal your credit card details if it is absolutely necessary on calls you’ve started to bank authorities or the helpline number on the back of your card.

2. Keep Credit Card Safe

The first step in combating credit card fraud is to put credit cards in a safe, out-of-reach area. To make it difficult for snatchers or pickpockets to steal your credit card, keep it in a small wallet. Remember to put the card back as quickly as possible after each purchase because thieves can use smartphone cameras to obtain a digital image of the credit card and keep it. Even if you haven’t used your credit card in a while, it’s a good idea to check it in your wallet every now and then.

3. Monitor online credit card transactions

Banks provide SMS and email alerts, as well as Online Banking, to keep track of your credit card activity. You can get real-time alerts so you can keep track of your credit card spending. On credit card billing statements, the entire credit card number is frequently printed. It’s crucial to remember to rip your credit card statement before throwing it away when you use it. Expiring or cancelled credit cards should be discarded as well.

4. Reporting a Stolen Card Immediately

A lost or stolen card should be reported as soon as possible to the service provider. Keep in mind that the sooner you report a missing card, the less likely you are to be a victim of credit card fraud. Keep your credit card company’s customer care number in your phonebook to avoid delays in alerting the service provider if your card is lost or stolen. Only early notification can prevent credit card fraud in such situations.

5. Review the billing statement

Verifying your monthly payment statement on a regular basis is another vital step in preventing credit card theft. Unauthorized charges are a sign that your credit card has been used fraudulently. The scale of the fraud is unimportant in these situations, as even a little fraudulent charge should be reported to the credit card service provider right away.

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