Credit card fraud has the potential to be extremely devastating, especially as people’s reliance on plastic money develops. When a fraudster uses your credit card number and PIN, or a stolen credit card, to make unauthorised payments from your account, this is referred to as credit card fraud. As technology advanced to make life easier, so did fraudulent credit card methods. Regardless of how secure your wallet is, fraudsters find ways to use your credit cards without your knowledge. This might be because you were formerly irresponsible with your credit card. Before applying for a credit card, be sure you have a good CIBIL score and know how to keep your credit card safe at all times.
Various Ways of Avoiding Credit Card Frauds
There are several precautionary actions you may take to avoid credit card fraud in India. Here are some of the precautionary actions you should take to avoid credit card fraud:
Keep your credit card information private
One of the most prevalent methods for credit card thieves to get personal information from cardholders is to pose as a customer service representative. Use extra caution while providing your credit card number or any other sensitive information over the phone. A bank or financial institution would never call you and ask for this information. Only give your credit card information to bank officials or the helpline number on the back of your card if absolutely necessary.
Safeguarding the Credit Card
The first step in preventing credit card fraud is to keep credit cards in a secure location that others cannot easily access. Keep your credit card in a small wallet to make it more difficult for pickpockets or purse snatchers to access it. Remember to return the card as soon as possible after each purchase, since fraudsters can use smartphone cameras to capture a digital image of the credit card and preserve it. It’s also a good idea to check your credit card in your wallet on a regular basis, even if you haven’t used it in a while.
Prevent Credit Card Number Theft by Monitoring Online Credit Card Transactions Traces of Paper
Banks provide SMS and email alerts, as well as Online Banking, to help you keep track of your credit card transactions. To keep track of your credit card activities, you can receive real-time notifications. Credit card billing statements frequently contain the whole credit card number. When using a credit card, always destroy the statement before discarding it. Credit cards that have expired or been cancelled should also be discarded.
As quickly as possible, report a lost or stolen card
A lost or stolen card should be reported to the service provider as soon as possible. As a consumer, keep in mind that the sooner you notify a lost card, the sooner you can avoid credit card fraud. Keep the customer support number for your credit card company in your phonebook to avoid delays in notifying the service provider in the event of credit card loss or theft. In such circumstances, only early notification can prevent credit card fraud.
Examine your Billing Statement thoroughly
Another important step in preventing credit card fraud is to review your monthly payment statement on a regular basis. Unauthorised charges are one of the signs of credit card fraud. In such cases, the amount of the fraud is unimportant, as even little illegal transactions should be notified to the credit card service provider as soon as feasible.
Any type of credit card fraud might harm your credit score. As a result, it is critical to create a CIBIL score login in order to maintain track of your score and report any frauds. In the event of credit card fraud, the only remedy a user has is if he can show his innocence by demonstrating that the credit card theft occurred as a result of the bank’s or its employees’ ignorance, incompetence, or complicity. In this situation, the bank will compensate the user for any losses incurred as a result of credit card fraud.