Credit card frauds are becoming prevalent in India, most credit card users may have fallen prey to the vicious needs of the fraudsters at some point in time. In 2017 alone, over 25,800 cases of fraud related to credit cards and internet banking were reported. We all have heard about the instances, where people have lost their savings/money to credit card fraud. Such incidences are sharply increasing, proving the fact that people are blindly chasing money and getting easily enticed by scammers or fraudsters.
An identity theft is a way to commit a credit card fraud where someone obtains your personal information(solicited or unsolicited), such as data, card history and uses it against you to commit fraud or any other illegal activity. While sometimes, we unknowingly fall prey to such thefts, most of the times it’s our very own negligence that wounds us. In response to the concerns over credit card identity theft protection, several corporations and financial institutions are pacing to take safety measures. Like monitoring the credit activity of the person, reimbursing for the loss and maintaining the secrecy of transactions.
Related: Secured and Unsecured Credit Cards
Reserve Bank of India has also come in-play to swore protections against such credit card frauds. According to the revised guidelines, a customer will not be considered liable with respect to any fraudulent activity if there is a contributory fraud or negligence in part of the financial institution. In case of third party breach also, if a customer informs the bank regarding the communication received for an unauthorized transaction within 3 working days then the customer won’t be liable for the losses.
While both financial institutions and the government are doing their parts, we too have to follow certain things to protect ourselves from falling into the traps of credit card frauds. We have listed out some things that you can do for credit card fraud protection.
Protecting the information online
Most of us must have bought something online, in the light of getting something at cheaper rates. We might have used our credit card to get an additional discount or reward on our purchase. With all those account numbers and passwords floating around in a huge void bubble, it becomes rather elementary to steal our personal information. To save yourself from being a victim of a credit card fraud and to ensure the protection of personal information from scammers you need to do some tasks listed below-
-Clear out all the login id and password details if you’re using an alien computer. You need to be extra cautious if you made a credit card purchase from a foreign computer, as it may save your card information. Remember to delete all the information and refresh the landing page after making the transaction.
-Look for privacy concern threats from Google. Google filters out the malicious websites and gives you a warning message before you enter. Refrain from making any transaction through such websites.
-Be alert of scams like phishing. It might come in as a popup or a window of a legitimate bank, encouraging you to make a transaction or give in your personal details. Always verify the website with references from Google.
Keep a regular check on your credit card statements
This may sound like a no-brainer but still, most of us seem to ignore this simple thing. It’s of pivotal importance to monitor the credit statements, so you know when something is awry or fishy. You will be well-informed about the purchases you did or didn’t make. It’s one of the most simple yet effective measures for online credit card identity theft protection.
Stop using public wifi
Public wifi, an add-on privilege provided to us as a complimentary service on our purchase. But this complimentary service can sometimes prove to be fatal. Avoid using or making any credit card payments while on a public wifi. By connecting through an unknown server, you’re consciously providing the hacker with your personal information.
Related: How Many Credit Cards Should You Carry?
Pro tip- Use a VPN to log in to an anonymous server. This way your IP address won’t be traced by an attacking agent, making it impossible to hack.
Report lost or stolen card immediately
What’s worse than a thief with your credit card in his hand? A stolen credit card can be used with ease and misused for several purposes. All it takes is a little technical skill with a pinch of your personal information and your card becomes vulnerable. Contacting your respective bank and reporting the loss is the right step to do in such case. It’s important to report because if any payments or charges are made with your credit card. You won’t be liable to pay that. Avoid canceling the card, as it may affect your credit score.
Bottom Line
If you detect any suspicious activity on your credit card, notify your financial institution without any further delay. It’s better to take an evasive action rather than just sitting ideal throughout the process. Also, keep a strict check on your credit statements. Hope these few tricks would help you in credit card identity theft protection.
