Credit cards let you transact with ease. You don’t have to depend on cash for making payments and credit cards can also be used to pay online or at POS terminals. Besides the ease of making payments, credit cards also allow rewards and benefits and are, therefore, the preferred means of transactions for many. However, credit cards are also prone to fraud. Unauthorized transactions, identity theft, data theft, etc. are some of the credit card frauds which occur quite regularly. In the face of these frauds, how can you protect your credit card offers transaction?
You can prevent possible credit card fraud if you are careful. Here are some tips which should be followed when you use credit cards –
• Keep your card details private
Your card details are your property and this property should be safeguarded at all costs. You should never share your credit card number, expiry date, password, CVV and card PIN with any individual including your family. The card number, PIN and CVV should be memorized and used by you at all times. The CVV or PIN, when shared with anyone, can result in fraudulent transactions and so they should be kept private at all costs.
• Be careful when transacting
When you are using your credit card for making an online payment, ensure that the website is reputed and secure. Check whether the payment gateway is encrypted and safe before proceeding with the payment. Avoid visiting or transacting on websites that do not have a secured URL. Complete the two-factor authentication to approve payment using the card so that no fraudulent payment is done.
When paying offline at POS terminals, keep your card in sight at all times. Ensure that you reclaim the card after the transaction is completed. Moreover, enter the card PIN securely so that no one can see it.
• Change your card’s passwords frequently
The password and PIN number of your credit card should be changed periodically. When you continue using an old password, someone else might learn it and use it fraudulently for making a transaction. However, frequent password and PIN changes would avoid such fraudulent transactions as fraudsters would find it difficult to know the changed details of the card.
• Report the stolen card immediately
If your card is stolen or lost, the loss or theft of the card should be reported to the credit card issuer immediately. Banks and non-banking financial companies have a 24*7 helpline number which can be called to hotlist or blacklist the missing card. Once the card is reported missing, the card is blocked by the issuer and any fraudulent transaction done subsequently would not be approved.
• Track the spending on your card
Every month, as you get the credit card statement, check the statement thoroughly to see whether the transactions listed therein were conducted by you or not. If you find any unauthorized transaction, you can inform your issuer about the same so that proper action can be taken and you don’t become a victim of fraud.
Modern-day credit cards are being offered with the facility of EVM chips and PIN identification which help in lowering the possibility of fraud. Even then, the tips mentioned above should be followed so that you can stay away from any possibility of credit card fraud.