Tips to Avoid Becoming a Victim of Card Fraud Card Fraud

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The rate of fraud on credit cards continues to increase, despite the fact banks and card issuers have taken all necessary precautions. The majority of the time, it’s because of an oversight that is not made by the cardholders or due to the nimble minds of thieves. Cardholders who use credit cards must make sure that your credit card is secured in all ways. Fraud with credit cards is a form of theft, where thieves steal your card and personal financial information in order to make purchases or to withdraw cash from it. This article can help you prevent fraudulent use of credit cards. Continue reading to find out more.


Common Types of Credit Card Fraud

Credit Card Theft

The theft of credit cards occurs the act of stealing a credit card with no knowledge. It could happen in public areas such as restaurants, bars, busses and bars. the criminal can cleverly take the card from your table at an eatery, or take it out of your pocket on public transport or by any other means. Contactless technology, even though it is impossible to use your credit card without a PIN and passwords, can be utilized to your advantage.

Account Takeover

In this instance the thief steals all your personal information , and then calls your credit card customer care to change your credit card’s PIN as well as your bank’s passwords in order to take control of your account. The card issuer could be able to believe that they have been successful in convincing themselves that you’re them and provide all the personal information you have, such as your name, contact information as well as your account number. But, this is extremely rare, as credit card companies are extremely vigilant these days and hence it is hard for fraudsters to take over your account, however it is always better to be vigilant.

How to Prevent Credit Card Fraud

It is recommended to check your credit card statements on a regular basis

Many people overlook their abilities. Statement for credit cards since they find it boring to look through because they find it boring to go through. It is essential to review your credit card statements each month. This will allow you to check the existence of any unauthorised transactions that are on your credit card. If you notice any transactions in your statement that were never made by you, you must to take an action immediately. Contact your credit card’s customer service and request to have your card blocked or changed the password and PIN for all accounts. If you don’t look over your card statement you won’t be aware that some fraudulent transactions are occurring on your card, and the criminal will keep taking your card’s advantage. Don’t ignore your credit statement. Always read it carefully regardless of the length.

Keep Your Card Always With You

The most important thing you can do to prevent credit card fraud is to ensure that your credit card is at all times with you. Always be present when the card is used regardless of whether your family members or friends allow them to use the card. Never hand over your card to anyone including your closest friend you are most confident. Moreover, you must protect your card so that no one can simply steal it from your wallet or table.

Protect your Credit Card Documents

All the information that is associated with your credit card are available in the credit card documents. This includes all information that might be sufficient for fraudsters to make use of your card for their purchases. Keep your credit card documentation safe and make sure that no one is able to access them. If you don’t feel they’re of any use, you can eliminate them. This could lead to someone else taking control of the credit card account.

Don’t share your passwords with anyone

This is the most important aspect to be aware of at all times. Don’t give your credit card’s PIN, bank account passwords CVV, your PIN, and OTP with anyone. You must immediately change your password and net banking password if you feel there is someone watching you enter your PIN or net bank password. This will stop the card from being misused. Even if someone claims to be at the bank and requests you to provide the OTP you received on your registered number and you are not obliged to divulge this as banks and authorized financial institutions will never ask for the OTP through a phone call or text message. Additionally, it is advised to alter your passwords and PIN regularly, even if it doesn’t want to do so.

Beware of URL Fraud

Criminals can attempt to steal your personal information by asking you to click on an unauthorized link that is very similar to the URL of an official website. It is important to follow the following steps to prevent being the victim of such frauds:

  • Don’t click on any suspicious links received from an unknown source.
  • It is possible to type URLs manually in case you’re not sure.
  • Always be sure to look for the padlock symbol or https http:/when you search for a website as it shows that a site is authentic and not a fraud.
  • If you see grammatical errors or spelling mistakes in a URL, do not click on it as it could be an e-mail scam.

If you are unable to report your card

If you lose your credit card or think it was stolen, call your credit card customer care immediately after you have realized the loss. Once you have reported the loss, you’re no longer responsible for any unauthorized transactions made on the card and the bank will be responsible for it. It is important to notify the bank in order they can take the necessary actions to safeguard your account from fraud. You can also have your credit card blocked by sending SMS to customer service or calling them.

Learn more: Blocking an Credit Card and how to Request a Replacement.

Bottom line

Along with being responsible about using credit cards It is also important to be extremely cautious and responsible about securing your credit card against fraud. Try to keep your card secure at all times and not let anyone access your financial information. Don’t let your credit card go unnoticed and ensure you are following all the above steps to prevent credit card fraud. Credit cards can be valuable financial tools, so make sure you take care of them.

Have you been a victim of credit card theft or fraud? Please let us know in the comment section below.

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