Tips To Avoid Becoming A Victim of Credit Card Fraud

Even after bank and card issuers take all the necessary steps, credit card fraud is increasing day by day. Most of the time, it’s because of a mistake that is unknowingly done by the credit cardholders, and sometimes it is because of the extra clever minds of the thieves. As a credit card user, you must try not to leave any loose ends on your side and secure your credit card in every possible way. For those who don’t know what credit card fraud is: It is a type of theft in which the criminals steal your card or personal financial information to use your credit card for their purchases or to withdraw cash using it. Credit card fraud needs to be prevented and this article will make you understand how you can do it. Keep reading to know more.

Common Types of Credit Card Fraud

Credit Card Theft

Credit card theft means a credit card being stolen by someone without the knowledge of the cardholder. Such theft can generally occur in public places, such as restaurants, buses, bars, etc. the criminal can cleverly take it from your table in a restaurant or from your pocket in public transport or by any other way. Although no one can use your credit card without knowing your PIN or passwords, contactless technology can still help take some advantage.

Account Takeover

In this case, the thief collects all your personal information and calls your credit card customer care to change your credit card PIN and net banking passwords in order to take control of your account. If they get successful in pretending to be you and give all your personal information like name, contact details, account number, etc, your card issuer may believe them and change your PIN and passwords on their request. However, it is a very rare case as credit card companies have become very aware these days and hence it is hard for fraudsters to take over your account, but it is always better for you to be aware.

How To Prevent Credit Card Fraud?

Check Your Credit Card Statement Regularly

Many people ignore their credit card statement as they find it very boring to go through it. But, checking your credit card statement every month is very important as it can help you know if any unauthorized transactions are being on your credit card. If you see any transactions on your statement that were never made by you, you need to take an action immediately. You should contact your credit card customer care and get your card blocked or change all your passwords and credit card PIN. If you don’t read your card statement, you will never know that some fraudulent transactions are being made on your card and the thief will keep taking your card’s advantage. So, never ignore your credit card statement and read it thoroughly, no matter how long it is.

Keep Your Card Always With You

Another very important thing to prevent credit card fraud is to keep your card always with you safely. Even if you are allowing your family members or friends to use it for their purchases, make sure that you are present whenever the card is being used or take it back as soon as they are done. Never hand over your card to anyone, not even your best friend whom you trust the most. Moreover, you must keep your card safe so that no one can just steal it from your pocket or from your table.

Keep Your Credit Card Related Documents Safe

Your credit card-related documents contain all the information about your card that might be enough for the fraudsters to use your card for their purchases. So, keep your credit card documents safe and make sure that no one can access them and steal your personal financial information. You can even destroy these documents if you feel like they are not of any use. Otherwise, this may become the reason for someone else taking over your credit card account.

Never Share Your Passwords With Anyone

This is the most important thing that you need to keep in mind always. Never share your credit card PIN, net banking passwords, CVV, and OTP with anyone. If you feel like someone watched you while entering your net banking password or PIN, you should change it then and there so that they can not misuse your card. Even if someone pretends to be from the bank and asks you to tell them the OTP  you received on your registered number, you must not do that as banks or authorized financial institutions never ask you to share an OTP on call or a text message. Moreover, it is highly advisable to keep changing your passwords and PIN at regular intervals even if you don’t feel like doing so.

Beware of URL Fraud

Sometimes the fraudsters try to collect your personal information by making you click on an unauthorized link, which can be very similar to the URL of an authorized website. You must follow the below-mentioned tips to avoid yourself from being a victim of such fraud:

• Do not click on suspicious links received from an unknown number ever.
• If you are not sure about a URL, prefer to type it in your browser manually.
• Always look for the padlock symbol or https:// in your search bar as it shows that a website is authorized and not a fraud.
• If you see grammatical errors or spelling mistakes in a URL, do not click on it as it is most probably a fraud.

Report Immediately When You Lose Your Card

If you somehow lose your card or you feel like it has been stolen, call your credit card customer care immediately when you realize the loss. As soon as you report the loss, you are no longer liable for any unauthorized transactions made on the card and the bank will be responsible for it. It is important to report the loss to the bank so that they can take necessary actions and save you from any fraud. You can also get your credit card blocked on your own by sending SMS to customer care or by calling them.

Also learn: How To Block a Credit Card and Apply For Replacement?

Bottom Line

Along with being responsible about credit card usage, you need to be very responsible and careful about securing your credit card from fraud. You should try to keep it with yourself always and don’t let anyone access your personal financial information. Never leave your credit card unattended and make sure that you are following all the steps mentioned above to prevent credit card fraud. Credit cards are precious financial tools and if you have one, you must take care of it.

Have you ever experienced credit card fraud or theft? Let us know in the comment section below.