The advantages of moving towards a digital economy are plenty. That said, one of the things that holds us back is the rampant increase in fraud. We’re mainly speaking of Credit Card fraud.
There are a number of Credit Card frauds that we read about every day. More and more people are being targeted. Hence it’s important to stay alert and know what to do to prevent Credit Card fraud.
One way is to keep your Credit Card locked up in your cupboard. But, is that even practical? Well, not for someone who has bills to pay or is in dire need of money. Isn’t it?
So, here are some ways in which you can be wise and prevent Credit Card fraud.
Complete the transaction
Whenever you use your Credit Card, always ensure that the transaction is completed in front of you and that no details are written down by the merchant. Do not provide photocopies of both sides of the credit card to anyone.
The Card Verification Value (CVV) which is required for online transactions is printed on the reverse of the card. Anyone can use the card for online purchases if the information is available with them.
Don’t share your CVV number
As mentioned in the above point, don’t ever share your CVV number with anyone. Your CVV number is of utmost importance when you’re making a payment. Without providing that number, your payment cannot go through.
Thus, it simply authorises the user to conduct transactions on your Credit Card. And when you share it with someone you don’t know, you give them the opportunity to misuse your card.
Use secure and trusted websites only
Sure you love to shop online. Everyone does, isn’t it? But, beware of shady websites that often trick you into sharing your card details. Always check if the website you’re using is secure and trusted. This can be done by checking whether the site is secured by a reputable net authentication agency like VeriSign.
Do not click on links in an email seeking details of your account; they could be phishing emails from fraudsters. Most reputed companies will ask you to visit their website directly.
Do not give out your Credit Card details on unknown or suspicious websites. Don’t save or share your Credit Card details
Another big mistake that most of us do is that we often save our card details on different websites. We do this since it seems convenient and we don’t have to punch in our Credit Card details each time we buy something from a particular merchant site.
But, just think about this. What if that website gets hacked? Your Credit Card information will then get compromised. So, refrain from saving your card details on any online portals.
Report stolen card immediately
If you think you lost your card or have misplaced it, then, we’d suggest you report this to your bank immediately. You can call up your bank’s 24/7 customer care number and request them to deactivate your card so that it doesn’t get misused.
In the meantime, check your statement to see if there have been any unauthorised transactions. Inform the bank about the transactions you don’t recognise.
Some general tips
On receipt of a new card ensure that it is in a sealed condition and that the seal has not been tampered with.
Sign on the back of your new card as soon as you receive it.
Monitor your account regularly either on the Internet or by calling up the customer care number. Also, subscribe to email and mobile alerts to keep track of card usage.
Memorize your card’s PIN number.
Destroy and dispose of all documents that mention the card number, such as copies of receipts, airline tickets, travel itineraries etc.
Personal account information should never be shared with anyone unless payment for the purchase is being done from that account.
Another important thing is keeping any useful information such as card number, expiry date, CVV number, and pin number etc. of your cards handy. However, that does not mean that you keep the information in places where it is easily accessible. Protect your card information as you would protect your money.
Credit Cards are an easy way to access money if you don’t want to carry too much cash around. That said, they could turn into a liability if not used prudently. Are you ready to take on this responsibility?
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