Credit card security tips: How to protect yourself from credit card fraud, know tips related to money security
Credit card fraud is a serious matter as it not only causes you to lose your money but also your peace of mind. Here’s how to protect yourself from fraud.
Credit cards are an excellent means of spending which also provide short and medium term credit options. Like any other financial instrument, it is being targeted by fraudsters and using your personal information has its benefits. Fraudsters may try to steal your card, password, CVV, OTP or credit card number only so that they can do unauthorized transactions.
Credit card fraud is a serious matter as it not only causes you to lose your money but also your peace of mind. Detecting and proving unauthorized transactions can prove to be a complicated task. But there are a number of precautions related to using credit cards that you can use to reduce the chances of fraudulent transactions.
How to protect yourself from credit card fraud
Ensuring the physical security of the credit card
First, and most importantly, when you receive the credit card, make sure that the envelope is not torn. To establish your ownership, you must immediately sign the back of the credit card before using it at the Point of Sale (POS). When you carry the card with you, make sure your wallet or purse is secure. When you hand over the card for a transaction, make sure it is done in front of you. Beware of shoulder surfers – people who peep you over the shoulder when you type your PIN or password.
use a chip credit card
Old cards with magnetic strips are easy to cloning and misuse. RBI has ordered card issuers to replace these cards with EMV cards – basically smart chip cards which are difficult to hack. Make sure you get your cards upgraded with these EMV cards. If not, contact your card issuer immediately. You will also have to set a PIN for the EMV card without which transactions cannot be done. As soon as you receive this card, you set the PIN for security at the same time.
Opening transactions and capping expenses
RBI has mandated banks to provide app and web-based control panels with which you can start and stop domestic, online, international, contactless, and ATM transactions as well as cap your transactions. ) can do. It would be prudent to access this control panel on your credit card’s phone app or website and close the transactions you are no longer using. For example, it would be a good idea to disable international transactions if you are not going abroad as doing so will prevent it from being misused by fraudsters from abroad.
Set strong security codes, update them regularly
Your credit card online transactions are password protected. You should set a strong password on your credit card website. Avoid simple password choices such as your name, date of birth, or other details that can be easily accessed by others. Strong passwords include a mix of both numbers with upper and lower case characters. It is also advised that you keep changing your password regularly. Make sure to memorize your password and avoid writing it on any paper etc. You must also change your card PIN regularly and ensure that no one is around you while you enter the PIN when you are doing POS transactions. Needless to say here that do not share your CVV, PIN, OTP or Password with anyone.
Browsing safely, don’t click on suspicious links
You should be careful while using your credit card online. You pay for online payments only on secure and well-known payment gateways. Always check whether the payment link is secure or not – this can usually be seen with the green padlock in the browser address bar. Do not click on any links that are suspicious, especially links that contain suspicious emails asking you to take immediate action regarding your account. Check the validity of the addresses from where such mails come. Lastly, although large e-commerce platforms are highly secure, avoid storing your credit card information on lesser-known platforms that don’t have verified information security credentials. If such websites are hacked,
beware of skimmers
Whenever you do any POS or ATM transaction, check that there are no strange attachments attached to the card reader header. These attachments could be skimming devices – basically tools that steal your card information the moment you swipe your card. Your stolen information can be used to clone your card to perform unauthorized transactions. If you see an attachment on the machine with a loosely fitted card reader, where the card reader is visible outside the panel, or that has a security pin overlay, do not transact.
Check Your Billing Statement Regularly
Enable email and SMS alerts as well as email statements to alert you about your transactions. You should review your card statements regularly to verify transactions. If you receive an alert about a transaction that you have not performed, you must immediately report the same to the card issuer. This will increase your chances of preventing fraudulent transactions and keep your money safe. Also, you should destroy copies of your statements after a certain period of time, to prevent misuse.
If you lose the card, get it blocked
If your card is lost or stolen, notify your bank immediately and have your card blocked to prevent any fraud or misuse. If you get your card again after blocking, do not use it. Cut it off and throw it away safely.
Credit card fraud can happen where security lapses occur. If you keep your card safe and keep your personal information safe, you will be able to keep your money safe.
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