Ways to prevent Credit Card fraud

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Credit card usage has become a part and parcel of our lives, and has undoubtedly made our lifestyle simpler, enabling us to make our day-to-day financial transactions, without cash, facilitating them on credit. However, it has also made the credit card users vulnerable to frauds. There has been a growing incidence of credit card frauds in the recent times. Government is taking measures to prevent the same. Reserve Bank of India (RBI), from time to time has been issuing guidelines to banks to enhance security for credit card operations. Despite measures by the government, fraudulent transactions are taking place. Thus some precautions and measures need to be taken at the personal level to protect oneself from such frauds. Following are some of the measures, that may be adopted for the same:-

Ensure your Credit Card safety: As a general measure of precaution, as far as possible carry your credit cards, in a purse or wallet, close to your body. In this way, they cannot be flicked easily. Also be careful, when going to crowded shopping zones, and carry a small purse under such circumstances. For those, who possess many credit cards, it is advisable to carry only a couple of credit cards, which may be used during the day. Also soon after making a purchase, after your card is swiped, take it back into your possession, and also make sure not to leave it behind anywhere.

Do not provide photocopies of both sides of your credit card: Refrain from providing photocopies of both the sides of your credit card to anyone. The reverse side of your credit card bears the card verification value (CVV) needed for online transactions. It can be easily misused by anyone for making online purchases.

Dispose of anything bearing your Credit Card number: In lieu, of disposing your credit card statement, directly into trash, make sure to tear it properly, to avoid your credit card number, getting into the hands of someone. Also make sure to tear your expired credit card, into several pieces, before disposing into trash, to avoid it being misused by clever thieves.

Avoid parting with credit card info: Give your credit card number only to customer service people of your credit card company, and not any other anonymous callers. Thieves have been reported to pose, as credit card issuers and other businesses, to entice you to give out your credit card number.

Report loss of any credit card immediately: The earlier you report the loss of your credit card, the lesser likely you are to incur fraudulent charges made on your credit card. Make a note of your credit card company`s customer service number, and keep it handy, so that you can report the loss immediately, with the least amount of delay.

Online Transactions: Avoid clicking on links in email asking for your account details. They could be phishing emails from fraudsters. The reputed websites will insist you to visit their websites directly. Also for making online transactions via your credit card, make sure the website is secure, as the CVV is also needed.

Examine your credit card statement regularly: Make sure to read your credit card statements, as and when you receive them from your credit card company. Intimate them if you have not received the same. Any unauthorized charges made on your credit card are indicative of fraud. Report the wrong charge immediately; else you may have to pay for it. Your credit card company may advise you to close the account to prevent fraud.

If we keep the above tips in mind, while using our credit card, we can indeed protect ourselves from such frauds. All the best to all the credit card users!